Walmart Inc. (Form: 8-K, Received: 06/26/2018 17:18:26)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 or 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): June 20, 2018

Walmart Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-06991

71-0415188

(State or other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

702 Southwest 8th Street

Bentonville, Arkansas 72716-0215

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (479) 273-4000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01.

Other Events.

Walmart Inc., a Delaware corporation (the “Company”), and Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, HSBC Securities (USA) Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC, acting for themselves and as representatives of the other several underwriters named in Schedule I to the Pricing Agreement (as defined below) (collectively, the “Underwriters”), have entered into a Pricing Agreement, dated June 20, 2018 (the “Pricing Agreement”), pursuant to which, subject to the satisfaction of the conditions set forth therein, the Company has agreed to sell to the Underwriters, and the Underwriters have agreed to purchase from the Company, $750,000,000 aggregate principal amount of the Company’s Floating Rate Notes Due 2020 (the “2020 Floating Rate Notes”), $750,000,000 aggregate principal amount of the Company’s Floating Rate Notes Due 2021 (the “2021 Floating Rate Notes”), $1,250,000,000 aggregate principal amount of the Company’s 2.850% Notes Due 2020 (the “2020 Fixed Rate Notes”), $1,750,000,000 aggregate principal amount of the Company’s 3.125% Notes Due 2021 (the “2021 Fixed Rate Notes”), $2,750,000,000 aggregate principal amount of the Company’s 3.400% Notes Due 2023 (the “2023 Notes”), $1,500,000,000 aggregate principal amount of the Company’s 3.550% Notes Due 2025 (the “2025 Notes”), $2,750,000,000 aggregate principal amount of the Company’s 3.700% Notes Due 2028 (the “2028 Notes”), $1,500,000,000 aggregate principal amount of the Company’s 3.950% Notes Due 2038 (the “2038 Notes”) and $3,000,000,000 aggregate principal amount of the Company’s 4.050% Notes Due 2048 (the “2048 Notes” and, together with the 2020 Floating Rate Notes, the 2021 Floating Rate Notes, the 2020 Fixed Rate Notes, the 2021 Fixed Rate Notes, the 2023 Notes, the 2025 Notes, the 2028 Notes and the 2038 Notes, the “Notes”). The Pricing Agreement incorporates by reference the terms and conditions of an Underwriting Agreement, dated June 20, 2018 (the “Underwriting Agreement”), between the Company and the Underwriters. The Company and the Underwriters expect to consummate the sale and purchase of the Notes pursuant to the Pricing Agreement on June 27, 2018.

The 2020 Floating Rate Notes will be sold to the public at a price equal to 100.000% of the aggregate principal amount of the 2020 Floating Rate Notes ($750,000,000 of proceeds before the underwriting discount and transaction expenses). The net proceeds to the Company from the sale of the 2020 Floating Rate Notes, after the underwriting discount, but before transaction expenses allocable to the sale of the 2020 Floating Rate Notes, will be $748,500,000.

The 2021 Floating Rate Notes will be sold to the public at a price equal to 100.000% of the aggregate principal amount of the 2021 Floating Rate Notes ($750,000,000 of proceeds before the underwriting discount and transaction expenses). The net proceeds to the Company from the sale of the 2021 Floating Rate Notes, after the underwriting discount, but before transaction expenses allocable to the sale of the 2021 Floating Rate Notes, will be $748,125,000.

The 2020 Fixed Rate Notes will be sold to the public at a price equal to 99.969% of the aggregate principal amount of the 2020 Fixed Rate Notes ($1,249,612,500 of proceeds before the underwriting discount and transaction expenses). The net proceeds to the Company from the sale of the 2020 Fixed Rate Notes, after the underwriting discount, but before transaction expenses allocable to the sale of the 2020 Fixed Rate Notes, will be $1,247,112,500.

The 2021 Fixed Rate Notes will be sold to the public at a price equal to 99.995% of the aggregate principal amount of the 2021 Fixed Rate Notes ($1,749,912,500 of proceeds before the underwriting discount and transaction expenses). The net proceeds to the Company from the sale of the 2021 Fixed Rate Notes, after the underwriting discount, but before transaction expenses allocable to the sale of the 2021 Fixed Rate Notes, will be $1,745,537,500.

The 2023 Notes will be sold to the public at a price equal to 99.973% of the aggregate principal amount of the 2023 Notes ($2,749,257,500 of proceeds before the underwriting discount and transaction expenses). The net proceeds to the Company from the sale of the 2023 Notes, after the underwriting discount, but before transaction expenses allocable to the sale of the 2023 Notes, will be $2,739,632,500.

The 2025 Notes will be sold to the public at a price equal to 99.712% of the aggregate principal amount of the 2025 Notes ($1,495,680,000 of proceeds before the underwriting discount and transaction expenses). The net proceeds to the Company from the sale of the 2025 Notes, after the underwriting discount, but before transaction expenses allocable to the sale of the 2025 Notes, will be $1,489,680,000.

The 2028 Notes will be sold to the public at a price equal to 99.694% of the aggregate principal amount of the 2028 Notes ($2,741,585,000 of proceeds before the underwriting discount and transaction expenses). The net proceeds to the Company from the sale of the 2028 Notes, after the underwriting discount, but before transaction expenses allocable to the sale of the 2028 Notes, will be $2,729,210,000.

The 2038 Notes will be sold to the public at a price equal to 98.963% of the aggregate principal amount of the 2038 Notes ($1,484,445,000 of proceeds before the underwriting discount and transaction expenses). The net proceeds to the Company from the sale of the 2038 Notes, after the underwriting discount, but before transaction expenses allocable to the sale of the 2038 Notes, will be $1,473,195,000.

The 2048 Notes will be sold to the public at a price equal to 98.699% of the aggregate principal amount of the 2048 Notes ($2,960,970,000 of proceeds before the underwriting discount and transaction expenses). The net proceeds to the Company from the sale of the 2048 Notes, after the underwriting discount, but before transaction expenses allocable to the sale of the 2048 Notes, will be $2,934,720,000.

The Notes will be sold to the public at an aggregate price of $15,931,462,500 before the underwriting discounts and transaction expenses. The aggregate net proceeds to the Company from the sale of the Notes, after the underwriting discount, but before the transaction expenses of the sale of the Notes, will be $15,855,712,500.

The 2020 Floating Rate Notes will constitute part of the Company’s newly created series of Floating Rate Notes Due 2020 (the “2020 Floating Rate Series”), the 2021 Floating Rate Notes will constitute part of the Company’s newly created series of Floating Rate Notes Due 2021 (the “2021 Floating Rate Series”), the 2020 Fixed Rate Notes will constitute part of the Company’s newly created series of 2.850% Notes Due 2020 (the “2020 Fixed Rate Series”), the 2021 Fixed Rate Notes will constitute part of the Company’s newly created series of 3.125% Notes Due 2021 (the “2021 Fixed Rate Series”), the 2023 Notes will constitute part of the Company’s newly created series of 3.400% Notes Due 2023 (the “2023 Series”), the 2025 Notes will constitute part of the Company’s newly created series of 3.550% Notes Due 2025 (the “2025 Series”), the 2028 Notes will constitute part of the Company’s newly created series of 3.700% Notes Due 2028 (the “2028 Series”), the 2038 Notes will constitute part of the Company’s newly created series of 3.950% Notes Due 2038 (the “2038 Series”) and the 2048 Notes will constitute part of the Company’s newly created series of 4.050% Notes Due 2048 (the “2048 Series” and, together with the 2020 Floating Rate Series, the 2021 Floating Rate Series, the 2020 Fixed Rate Series, the 2021 Fixed Rate Series, the 2023 Series, the 2025 Series, the 2028 Series and the 2038 Series, the “New Series”). The Notes of each of the New Series will be senior, unsecured debt securities of the Company and will rank equally with the Notes of each of the other New Series and all of the other senior, unsecured debt obligations of the Company. The New Series were created and established, and the terms and conditions of each New Series were established, by action of the Company and an authorized officer of the Company pursuant to, and in accordance with, the terms of the Indenture, dated as of July 19, 2005, as supplemented and amended (the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), and the Indenture and the related series term certificates pursuant to the Indenture will govern the Notes of each New Series. The respective terms of the 2020 Floating Rate Notes, the 2021 Floating Rate Notes, the 2020 Fixed Rate Notes, the 2021 Fixed Rate Notes, the 2023 Notes, the 2025 Notes, the 2028 Notes, the 2038 Notes and the 2048 Notes are as set forth in the Indenture and in the forms of the Global Notes (referred to below) that will represent the Notes of each New Series to be sold pursuant to the Pricing Agreement. On June 26, 2018, the Company and the Trustee entered into a Third Supplemental Indenture (the “Third Supplemental Indenture”) to amend the Indenture in order to give effect to the Company’s corporate name change effective as of February 1, 2018.

The material terms of the Notes are described in the Company’s prospectus supplement dated June 20, 2018, which relates to the offer and sale of the Notes (the “Prospectus Supplement”), and the Company’s prospectus dated December 7, 2017, which relates to the offer and sale from time to time of an indeterminate amount of the Company’s debt securities, including the Notes (the “Prospectus”). The Prospectus Supplement, together with the Prospectus, was filed by the Company with the Securities and Exchange Commission (the “Commission”) on June 21, 2018 pursuant to Rule 424(b)(5) under the Securities Act of 1933, as amended (the “Securities Act”), in connection with the offer and sale of the Notes. A Final Term Sheet, dated June 20, 2018, relating to, and setting forth certain terms of, the Notes was filed with and accepted by the Commission pursuant to Rule 433 under the Securities Act on June 20, 2018 pursuant to Rule 433 under the Securities Act (with and given a filing date of June 21, 2018).

The Notes of each New Series will be initially issued and delivered in book-entry form only and will be represented by one or more global notes, which will be in definitive, fully registered form without interest coupons. The 2020 Floating Rate Notes will be represented by two global notes, one of which will be in the principal amount of $500,000,000 and one of which will be in the principal amount of $250,000,000 (the “2020 Floating Rate Global Notes”). The 2021 Floating Rate Notes will be represented by two global notes, one of which will be in the principal amount of $500,000,000 and one of which will be in the principal amount of $250,000,000 (the “2021 Floating Rate Global Notes”). The 2020 Fixed Rate Notes will be represented by three global notes, two of which will be in the principal amount of $500,000,000 each and one of which will be in the principal amount of $250,000,000 (the “2020 Fixed Rate Global Notes”). The 2021 Fixed Rate Notes will be represented by four global notes, three of which will be in the principal amount of $500,000,000 and one of which will be in the principal amount of $250,000,000 (the “2021 Fixed Rate Global Notes”). The 2023 Notes will be represented by six global notes, five of which will be in the principal amount of $500,000,000 each and one of which will be in the principal amount of $250,000,000 (the “2023 Global Notes”). The 2025 Notes will be represented by three global notes, each in the principal amount of $500,000,000 (the “2025 Global Notes”). The 2028 Notes will be represented by six global notes, five of which will be in the principal amount of $500,000,000 each and one of which will be in the principal amount of $250,000,000 (the “2028 Global Notes”). The 2038 Notes will be represented by three global notes, each in the principal amount of $500,000,000 (the “2038 Global Notes”). The 2048 Notes will be represented by six global notes, each in the principal amount of $500,000,000 (the “2048 Global Notes” and, together with the 2020 Floating Rate Global Notes, the 2021 Floating Rate Global Notes, the 2020 Fixed Rate Global Notes, the 2021 Fixed Rate Global Notes, the 2023 Global Notes, the 2025 Global Notes, the 2028 Global Notes and the 2038 Global Notes, the “Global Notes”). Each Global Note will be payable to Cede & Co., a New York corporation, as nominee of The Depository Trust Company. The Global Notes will be executed by the Company and authenticated by the Trustee in accordance with the Indenture.

Filed as exhibits to this Current Report on Form 8-K are: (i) the Pricing Agreement; (ii) the Underwriting Agreement; (iii) the Series Terms Certificate Pursuant to the Indenture Relating to Floating Rate Notes Due 2020, which was executed in accordance with the Indenture and which evidences the establishment of the terms and conditions of the 2020 Floating Rate Series in accordance with the Indenture; (iv) the Series Terms Certificate Pursuant to the Indenture Relating to Floating Rate Notes Due 2021, which was executed in accordance with the Indenture and which evidences the establishment of the terms and conditions of the 2021 Floating Rate Series in accordance with the Indenture; (v) the Series Terms Certificate Pursuant to the Indenture Relating to 2.850% Notes Due 2020, which was executed in accordance with the Indenture and which evidences the establishment of the terms and conditions of the 2020 Fixed Rate Series in accordance with the Indenture; (vi) the Series Terms Certificate Pursuant to the Indenture Relating 3.125% Notes Due 2021, which was executed in accordance with the Indenture and which evidences the establishment of the terms and conditions of the 2021 Fixed Rate Series in accordance with the Indenture; (vii) the Series Terms Certificate Pursuant to the Indenture Relating to 3.400% Notes Due 2023, which was executed in accordance with the Indenture and which evidences the establishment of the terms and conditions of the 2023 Series in accordance with the Indenture; (viii) the Series Terms Certificate Pursuant to the Indenture Relating to 3.550% Notes Due 2025, which was executed in accordance with the Indenture and which evidences the establishment of the terms and conditions of the 2025 Series in accordance with the Indenture; (ix) the Series Terms Certificate Pursuant to the Indenture Relating to 3.700% Notes Due 2028, which was executed in accordance with the Indenture and which evidences the establishment of the terms and conditions of the 2028 Series in accordance with the Indenture; (x) the Series Terms Certificate Pursuant to the Indenture Relating to 3.950% Notes Due 2038, which was executed in accordance with the Indenture and which evidences the establishment of the terms and conditions of the 2038 Series in accordance with the Indenture; (xi) the Series Terms Certificate Pursuant to the Indenture Relating to 4.050% Notes Due 2048, which was executed in accordance with the Indenture and which evidences the establishment of the terms and conditions of the 2048 Series in accordance with the Indenture; (xii) the form of 2020 Floating Rate Global Note; (xiii) the form of 2021 Floating Rate Global Note; (xiv) the form of 2020 Fixed Rate Global Note; (xv) the form of 2021 Fixed Rate Global Note; (xvi) the form of 2023 Global Note; (xvii) the form of 2025 Global Note; (xviii) the form of 2028 Global Note; (xix) the form of 2038 Global Note; (xx) the form of 2048 Global Note; (xxi) the Third Supplemental Indenture and (xxii) the opinion of Hunton Andrews Kurth LLP, counsel to the Company, regarding the legality of the Notes. The descriptions of such exhibits in this Current Report on Form 8-K are qualified in their entirety by reference to the full copies of such exhibits filed hereto, which are incorporated herein by reference.

The Company is offering and selling the Notes under the Company’s Registration Statement on Form S-3ASR (File No. 333-221941) (the “Registration Statement”), which registration statement relates to the offer and sale on a delayed basis from time to time of an indeterminate amount of the Company’s debt securities. This Current Report on Form 8-K is being filed in connection with the offer and sale of the Notes as described herein and to file with the Commission, in connection with the Registration Statement, the documents and instruments attached hereto as exhibits.

Item 9.01.

Financial Statements and Exhibits.

(d)

Exhibits

The following documents are filed as exhibits to this Current Report on Form 8-K:



1(a)		Pricing Agreement, dated June 20, 2018, between the Company and the Underwriters, together with the Underwriting Agreement, dated June 20, 2018, between the Company and the Underwriters

4(a)		Series Terms Certificate Pursuant to the Indenture Relating to Floating Rate Notes Due 2020 of the Company

4(b)		Series Terms Certificate Pursuant to the Indenture Relating to Floating Rate Notes Due 2021 of the Company

4(c)		Series Terms Certificate Pursuant to the Indenture Relating to 2.850% Notes Due 2020 of the Company

4(d)		Series Terms Certificate Pursuant to the Indenture Relating to 3.125% Notes Due 2021 of the Company

4(e)		Series Terms Certificate Pursuant to the Indenture Relating to 3.400% Notes Due 2023 of the Company

4(f)		Series Terms Certificate Pursuant to the Indenture Relating to 3.550% Notes Due 2025 of the Company

4(g)		Series Terms Certificate Pursuant to the Indenture Relating to 3.700% Notes Due 2028 of the Company

4(h)		Series Terms Certificate Pursuant to the Indenture Relating to 3.950% Notes Due 2038 of the Company

4(i)		Series Terms Certificate Pursuant to the Indenture Relating to 4.050% Notes Due 2048 of the Company

4(j)		Form of Global Note to represent the Floating Rate Notes Due 2020 of the Company

4(k)		Form of Global Note to represent the Floating Rate Notes Due 2021 of the Company

4(l)		Form of Global Note to represent the 2.850% Notes Due 2020 of the Company

4(m)		Form of Global Note to represent the 3.125% Notes Due 2021 of the Company

4(n)		Form of Global Note to represent the 3.400% Notes Due 2023 of the Company

4(o)		Form of Global Note to represent the 3.550% Notes Due 2025 of the Company

4(p)		Form of Global Note to represent the 3.700% Notes Due 2028 of the Company

4(q)		Form of Global Note to represent the 3.950% Notes Due 2038 of the Company

4(r)		Form of Global Note to represent the 4.050% Notes Due 2048 of the Company

4(s)		Third Supplemental Indenture, dated as of June 26, 2018, between the Company and the Trustee

5		Legality Opinion of Hunton Andrews Kurth LLP, counsel to the Company, dated June 26, 2018

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: June 26, 2018


WALMART INC.

By:		/s/ Gordon Y. Allison
		Name: Gordon Y. Allison
		Title: Vice President and General
		Counsel, Corporate

Exhibit 1(a)

EXECUTION VERSION

PRICING AGREEMENT

June 20, 2018

Barclays Capital Inc.

Citigroup Global Markets Inc.

J.P. Morgan Securities LLC

HSBC Securities (USA) Inc.

Merrill Lynch, Pierce, Fenner & Smith

Incorporated

Wells Fargo Securities, LLC

As Representatives of the

several Underwriters named

in Schedule I hereto

c/o Barclays Capital Inc.

745 Seventh Avenue

New York, New York 10019

Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

J.P. Morgan Securities LLC

383 Madison Avenue

New York, New York 10179

HSBC Securities (USA) Inc.

452 Fifth Avenue

New York, New York 10018

Merrill Lynch, Pierce, Fenner & Smith

Incorporated

One Bryant Park

New York, New York 10036

Wells Fargo Securities, LLC

550 South Tryon Street

Charlotte, North Carolina 28202

Ladies and Gentlemen:

WALMART INC., a Delaware corporation (the “Company” or “Walmart”), proposes, subject to the terms and conditions stated herein and in the Underwriting Agreement, dated June 20, 2018 (the “Underwriting Agreement”), between the Company, on the one hand, and you, as parties which are signatories or deemed to be signatories to the Underwriting Agreement, on the other hand, to issue and sell to the Underwriters named in Schedule I hereto (the “Underwriters”) the Securities specified in Schedule II hereto (the “Designated Securities”).

Each of the provisions of the Underwriting Agreement is incorporated herein by reference in its entirety, and shall be deemed to be a part of this Pricing Agreement to the same extent as if such provisions were set forth in full herein; and each of the representations and warranties set forth therein shall be deemed to have been made at and as of the date of this Pricing Agreement (it being understood that each representation and warranty in Section 2 of the Underwriting Agreement that refers to the Pricing Prospectus or the Prospectus shall be deemed to be a representation or warranty as of the date of this Pricing Agreement in relation to the Pricing Prospectus or the Prospectus relating to the Designated Securities). Each reference to the Representatives herein and in the provisions of the Underwriting Agreement so incorporated by reference shall be deemed to refer to the Representatives named in Schedule II hereto (the “Representatives”). Unless otherwise defined herein, terms defined in the Underwriting Agreement are used herein as therein defined.

The Prospectus (including, for the avoidance of doubt, a prospectus supplement relating to the Designated Securities), in all material respects in the form heretofore delivered to you, is now proposed to be filed with the Commission.

Subject to the terms and conditions set forth herein and in the Underwriting Agreement incorporated herein by reference, the Company agrees to issue and sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company, at the time and place and at the purchase price to the Underwriters set forth in Schedule II hereto, the principal amounts of Designated Securities set forth opposite the name of such Underwriter in Schedule I hereto.

[Remainder of page intentionally left blank.]

If the foregoing is in accordance with your understanding, please sign and return to us counterparts hereof, and upon acceptance hereof by you, on behalf of each of the Underwriters, this letter and such acceptance hereof, including the provisions of the Underwriting Agreement incorporated herein by reference, shall constitute a binding agreement between each of the Underwriters and the Company.


Very truly yours,

WALMART INC.

By:		/s/ Matthew Allen
		Name: Matthew Allen
		Title: Vice President – Finance & Assistant Treasurer

[ Signature Page to the Pricing Agreement ]

Accepted as of the date hereof:

BARCLAYS CAPITAL INC.


By:		/s/ Barbara Mariniello
		Name: Barbara Mariniello
		Title: Managing Director

For itself and as a Representative of the several

Underwriters named in Schedule I hereto

[ Signature Page to the Pricing Agreement ]

Accepted as of the date hereof:

CITIGROUP GLOBAL MARKETS INC.


By:		/s/ Adam Bordner
		Name: Adam D. Bordner
		Title: Director

For itself and as a Representative of the several

Underwriters named in Schedule I hereto

[ Signature Page to the Pricing Agreement ]

Accepted as of the date hereof:

J.P. MORGAN SECURITIES LLC


By:		/s/ Stephen Sheiner
		Name: Stephen L. Sheiner
		Title: Executive Director

For itself and as a Representative of the several

Underwriters named in Schedule I hereto

[ Signature Page to the Pricing Agreement ]

Accepted as of the date hereof:

HSBC SECURITIES (USA) INC.


By:		/s/ Luiz Lanfredi
		Name: Luiz Lanfredi
		Title: Vice President

For itself and as a Representative of the several

Underwriters named in Schedule I hereto

[ Signature Page to the Pricing Agreement ]

Accepted as of the date hereof:

MERRILL LYNCH, PIERCE, FENNER & SMITH

INCORPORATED


By:		/s/ Andrew Karp
		Name: Andrew Karp
		Title: Managing Director

For itself and as a Representative of the several

Underwriters named in Schedule I hereto

[ Signature Page to the Pricing Agreement ]

Accepted as of the date hereof:

WELLS FARGO SECURITIES, LLC


By:		/s/ Carolyn Hurley
		Name: Carolyn Hurley
		Title: Director

For itself and as a Representative of the several

Underwriters named in Schedule I hereto

[ Signature Page to the Pricing Agreement ]

SCHEDULE I


Underwriters	Principal Amount of Floating Rate Notes Due 2020 to be Purchased		Principal Amount of Floating Rate Notes Due 2021 to be Purchased		Principal Amount of 2.850% Notes Due 2020 to be Purchased		Principal Amount of 3.125% Notes Due 2021 to be Purchased		Principal Amount of 3.400% Notes Due 2023 to be Purchased		Principal Amount of 3.550% Notes Due 2025 to be Purchased		Principal Amount of 3.700% Notes Due 2028 to be Purchased		Principal Amount of 3.950% Notes Due 2038 to be Purchased		Principal Amount of 4.050% Notes Due 2048 to be Purchased
Barclays Capital Inc.	$	112,500,000	$	112,500,000	$	187,500,000	$	262,500,000	$	412,500,000	$	225,000,000	$	412,500,000	$	225,000,000	$	450,000,000
J.P. Morgan Securities LLC.		112,500,000		112,500,000		187,500,000		262,500,000		412,500,000		225,000,000		412,500,000		225,000,000		450,000,000
Citigroup Global Markets Inc.		75,000,000		75,000,000		125,000,000		175,000,000		275,000,000		150,000,000		275,000,000		150,000,000		300,000,000
HSBC Securities (USA) Inc.		62,250,000		62,250,000		103,750,000		145,250,000		228,250,000		124,500,000		228,250,000		124,500,000		249,000,000
Merrill Lynch, Pierce, Fenner & Smith Incorporated		62,250,000		62,250,000		103,750,000		145,250,000		228,250,000		124,500,000		228,250,000		124,500,000		249,000,000
Wells Fargo Securities, LLC		62,250,000		62,250,000		103,750,000		145,250,000		228,250,000		124,500,000		228,250,000		124,500,000		249,000,000
BNP Paribas Securities Corp.		29,063,000		29,063,000		48,438,000		67,813,000		106,563,000		58,125,000		106,563,000		58,125,000		116,250,000
Credit Suisse Securities (USA) LLC		29,063,000		29,063,000		48,438,000		67,813,000		106,563,000		58,125,000		106,563,000		58,125,000		116,250,000
Goldman Sachs & Co. LLC		29,063,000		29,063,000		48,438,000		67,813,000		106,563,000		58,125,000		106,563,000		58,125,000		116,250,000
Mizuho Securities USA LLC		29,063,000		29,063,000		48,438,000		67,813,000		106,563,000		58,125,000		106,563,000		58,125,000		116,250,000
Morgan Stanley & Co. LLC		29,063,000		29,063,000		48,438,000		67,813,000		106,563,000		58,125,000		106,563,000		58,125,000		116,250,000
NatWest Markets Securities Inc.		29,063,000		29,063,000		48,438,000		67,813,000		106,563,000		58,125,000		106,563,000		58,125,000		116,250,000
BBVA Securities Inc.		12,750,000		12,750,000		21,250,000		29,750,000		46,750,000		25,500,000		46,750,000		25,500,000		51,000,000
Santander Investment Securities Inc.		12,750,000		12,750,000		21,250,000		29,750,000		46,750,000		25,500,000		46,750,000		25,500,000		51,000,000
Scotia Capital (USA) Inc.		12,750,000		12,750,000		21,250,000		29,750,000		46,750,000		25,500,000		46,750,000		25,500,000		51,000,000
Standard Chartered Bank		12,750,000		12,750,000		21,250,000		29,750,000		46,750,000		25,500,000		46,750,000		25,500,000		51,000,000
TD Securities (USA) LLC		12,750,000		12,750,000		21,250,000		29,750,000		46,750,000		25,500,000		46,750,000		25,500,000		51,000,000
U.S. Bancorp Investments, Inc.		12,750,000		12,750,000		21,250,000		29,750,000		46,750,000		25,500,000		46,750,000		25,500,000		51,000,000
ICBC Standard Bank Plc		2,475,000		2,475,000		4,125,000		5,775,000		9,075,000		4,950,000		9,075,000		4,950,000		9,900,000
SMBC Nikko Securities America, Inc.		2,475,000		2,475,000		4,125,000		5,775,000		9,075,000		4,950,000		9,075,000		4,950,000		9,900,000
Lloyds Securities Inc.		2,025,000		2,025,000		3,375,000		4,725,000		7,425,000		4,050,000		7,425,000		4,050,000		8,100,000
Loop Capital Markets LLC.		2,025,000		2,025,000		3,375,000		4,725,000		7,425,000		4,050,000		7,425,000		4,050,000		8,100,000
Academy Securities, Inc.		422,000		422,000		703,000		984,000		1,546,000		844,000		1,546,000		844,000		1,687,000
Blaylock Van, LLC		421,000		421,000		702,000		984,000		1,547,000		844,000		1,547,000		844,000		1,688,000
CastleOak Securities, L.P.		421,000		421,000		703,000		984,000		1,547,000		844,000		1,547,000		843,000		1,688,000
C.L. King & Associates, Inc.		421,000		421,000		703,000		984,000		1,547,000		843,000		1,547,000		844,000		1,688,000
Samuel A. Ramirez & Company, Inc.		422,000		422,000		703,000		984,000		1,546,000		844,000		1,546,000		844,000		1,687,000
Siebert Cisneros Shank & Co., L.L.C.		422,000		422,000		703,000		984,000		1,546,000		844,000		1,546,000		844,000		1,687,000
Stephens Inc.		422,000		422,000		702,000		984,000		1,546,000		844,000		1,546,000		844,000		1,687,000
The Williams Capital Group, L.P.		421,000		421,000		703,000		984,000		1,547,000		843,000		1,547,000		843,000		1,688,000
TOTAL	$	750,000,000	$	750,000,000	$	1,250,000,000	$	1,750,000,000	$	2,750,000,000	$	1,500,000,000	$	2,750,000,000	$	1,500,000,000	$	3,000,000,000

SCHEDULE I

SCHEDULE II

TITLE OF DESIGNATED SECURITIES:

Floating Rate Notes Due 2020 (the “2020 FRN Notes”);

Floating Rate Notes Due 2021 (the “2021 FRN Notes” and, together with the 2020 FRN Notes, the “Floating Rate Notes”);

2.850% Notes Due 2020 (the “2020 Fixed Rate Notes”);

3.125% Notes Due 2021 (the “2021 Fixed Rate Notes”);

3.400% Notes Due 2023 (the “2023 Notes”);

3.550% Notes Due 2025 (the “2025 Notes”);

3.700% Notes Due 2028 (the “2028 Notes”);

3.950% Notes Due 2038 (the “2038 Notes”); and

4.050% Notes Due 2048 (the “2048 Notes” and, together with the 2020 Fixed Rate Notes, the 2021 Fixed Rate Notes, the 2023 Notes, the 2025 Notes, the 2028 Notes and the 2038 Notes, the “Fixed Rate Notes” and the Fixed Rate Notes, together with the Floating Rate Notes, the “Designated Securities”).

AGGREGATE PRINCIPAL AMOUNT:

In the case of the 2020 FRN Notes, $750,000,000;

In the case of the 2021 FRN Notes, $750,000,000;

In the case of the 2020 Fixed Rate Notes, $1,250,000,000;

In the case of the 2021 Fixed Rate Notes, $1,750,000,000;

In the case of the 2023 Notes, $2,750,000,000;

In the case of the 2025 Notes, $1,500,000,000;

In the case of the 2028 Notes, $2,750,000,000;

In the case of the 2038 Notes, $1,500,000,000; and

In the case of the 2048 Notes, $3,000,000,000.

SCHEDULE II - Page 1

PRICE TO PUBLIC:

In the case of the 2020 FRN Notes, 100.000% of the principal amount of the 2020 FRN Notes;

In the case of the 2021 FRN Notes, 100.000% of the principal amount of the 2021 FRN Notes;

In the case of the 2020 Fixed Rate Notes, 99.969% of the principal amount of the 2020 Fixed Rate Notes;

In the case of the 2021 Fixed Rate Notes, 99.995% of the principal amount of the 2021 Fixed Rate Notes;

In the case of the 2023 Notes, 99.973% of the principal amount of the 2023 Notes;

In the case of the 2025 Notes, 99.712% of the principal amount of the 2025 Notes;

In the case of the 2028 Notes, 99.694% of the principal amount of the 2028 Notes;

In the case of the 2038 Notes, 98.963% of the principal amount of the 2038 Notes; and

In the case of the 2048 Notes, 98.699% of the principal amount of the 2048 Notes;

in each case, plus accrued interest, if any, from June 27, 2018.

PURCHASE PRICE TO UNDERWRITERS:

In the case of the 2020 FRN Notes, 99.800% of the principal amount of the 2020 FRN Notes, plus accrued interest, if any, from June 27, 2018; and the selling concession shall be 0.100% and the reallowance concession shall be 0.050%, in each case, of the principal amount of the 2020 FRN Notes;

In the case of the 2021 FRN Notes, 99.750% of the principal amount of the 2021 FRN Notes, plus accrued interest, if any, from June 27, 2018; and the selling concession shall be 0.150% and the reallowance concession shall be 0.050%, in each case, of the principal amount of the 2021 FRN Notes;

In the case of the 2020 Fixed Rate Notes, 99.769% of the principal amount of the 2020 Fixed Rate Notes, plus accrued interest, if any, from June 27, 2018; and the selling concession shall be 0.100% and the reallowance concession shall be 0.050%, in each case, of the principal amount of the 2020 Fixed Rate Notes;

In the case of the 2021 Fixed Rate Notes, 99.745% of the principal amount of the 2021 Fixed Rate Notes, plus accrued interest, if any, from June 27, 2018; and the selling concession shall be 0.150% and the reallowance concession shall be 0.050%, in each case, of the principal amount of the 2021 Fixed Rate Notes;

SCHEDULE II - Page 2

In the case of the 2023 Notes, 99.623% of the principal amount of the 2023 Notes, plus accrued interest, if any, from June 27, 2018; and the selling concession shall be 0.200% and the reallowance concession shall be 0.100%, in each case, of the principal amount of the 2023 Notes;

In the case of the 2025 Notes, 99.312% of the principal amount of the 2025 Notes, plus accrued interest, if any, from June 27, 2018; and the selling concession shall be 0.200% and the reallowance concession shall be 0.150%, in each case, of the principal amount of the 2025 Notes;

In the case of the 2028 Notes, 99.244% of the principal amount of the 2028 Notes, plus accrued interest, if any, from June 27, 2018; and the selling concession shall be 0.250% and the reallowance concession shall be 0.200%, in each case, of the principal amount of the 2028 Notes;

In the case of the 2038 Notes, 98.213% of the principal amount of the 2038 Notes, plus accrued interest, if any, from June 27, 2018; and the selling concession shall be 0.450% and the reallowance concession shall be 0.250%, in each case, of the principal amount of the 2038 Notes; and

In the case of the 2048 Notes, 97.824% of the principal amount of the 2048 Notes, plus accrued interest, if any, from June 27, 2018; and the selling concession shall be 0.550% and the reallowance concession shall be 0.300%, in each case, of the principal amount of the 2048 Notes.

INDENTURE:

Indenture, dated as of July 19, 2005, as supplemented by the First Supplemental Indenture, dated as of December 1, 2006, the Second Supplemental Indenture, dated as of December 19, 2014, and the Third Supplemental Indenture to be entered into prior to the Time of Delivery, each between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee.

MATURITY:

In the case of the 2020 FRN Notes, June 23, 2020;

In the case of the 2021 FRN Notes, June 23, 2021;

In the case of the 2020 Fixed Rate Notes, June 23, 2020;

In the case of the 2021 Fixed Rate Notes, June 23, 2021;

In the case of the 2023 Notes, June 26, 2023;

In the case of the 2025 Notes, June 26, 2025;

In the case of the 2028 Notes, June 26, 2028;

SCHEDULE II - Page 3

In the case of the 2038 Notes, June 28, 2038; and

In the case of the 2048 Notes, June 29, 2048.

INTEREST RATE:

In the case of the 2020 FRN Notes, 3 Month LIBOR (Reuters LIBOR01) plus 4 basis points, payable on a quarterly basis in arrears and calculated on the basis of the actual number of days during the relevant interest period and a 360-day year with interest accruing from and including June 27, 2018;

In the case of the 2021 FRN Notes, 3 Month LIBOR (Reuters LIBOR01) plus 23 basis points, payable on a quarterly basis in arrears and calculated on the basis of the actual number of days during the relevant interest period and a 360-day year with interest accruing from and including June 27, 2018;

In the case of the 2020 Fixed Rate Notes, 2.850% from and including June 27, 2018, payable on a semi-annual basis in arrears and calculated assuming a 360-day year consisting of twelve 30-day months;

In the case of the 2021 Fixed Rate Notes, 3.125% from and including June 27, 2018, payable on a semi-annual basis in arrears and calculated assuming a 360-day year consisting of twelve 30-day months;

In the case of the 2023 Notes, 3.400% from and including June 27, 2018, payable on a semi-annual basis in arrears and calculated assuming a 360-day year consisting of twelve 30-day months;

In the case of the 2025 Notes, 3.550% from and including June 27, 2018, payable on a semi-annual basis in arrears and calculated assuming a 360-day year consisting of twelve 30-day months;

In the case of the 2028 Notes, 3.700% from and including June 27, 2018, payable on a semi-annual basis and calculated assuming a 360-day year consisting of twelve 30-day months;

In the case of the 2038 Notes, 3.950% from and including June 27, 2018, payable on a semi-annual basis in arrears and calculated assuming a 360-day year consisting of twelve 30-day months; and

In the case of the 2048 Notes, 4.050% from and including June 27, 2018, payable on a semi-annual basis in arrears and calculated assuming a 360-day year consisting of twelve 30-day months.

INTEREST PAYMENT DATES:

In the case of the 2020 FRN Notes, March 23, June 23, September 23 and December 23 of each year, beginning on September 23, 2018;

SCHEDULE II - Page 4

In the case of the 2021 FRN Notes, March 23, June 23, September 23 and December 23 of each year, beginning on September 23, 2018;

In the case of the 2020 Fixed Rate Notes, June 23 and December 23 of each year, beginning on December 23, 2018;

In the case of the 2021 Fixed Rate Notes, June 23 and December 23 of each year, beginning on December 23, 2018;

In the case of the 2023 Fixed Rate Notes, June 26 and December 26 of each year, beginning on December 26, 2018;

In the case of the 2025 Fixed Rate Notes, June 26 and December 26 of each year, beginning on December 26, 2018;

In the case of the 2028 Fixed Rate Notes, June 26 and December 26 of each year, beginning on December 26, 2018;

In the case of the 2038 Fixed Rate Notes, June 28 and December 28 of each year, beginning on December 28, 2018; and

In the case of the 2048 Fixed Rate Notes, June 29 and December 29 of each year, beginning on December 29, 2018.

INTEREST PAYMENT RECORD DATES:

In the case of the 2020 FRN Notes, March 8, June 8, September 8 and December 8 of each year;

In the case of the 2021 FRN Notes, March 8, June 8, September 8 and December 8 of each year;

In the case of the 2020 Fixed Rate Notes, June 8 and December 8 of each year;

In the case of the 2021 Fixed Rate Notes, June 8 and December 8 of each year;

In the case of the 2023 Fixed Rate Notes, June 11 and December 11 of each year;

In the case of the 2025 Fixed Rate Notes, June 11 and December 11 of each year;

In the case of the 2028 Fixed Rate Notes, June 11 and December 11 of each year;

In the case of the 2038 Fixed Rate Notes, June 13 and December 13 of each year; and

In the case of the 2048 Fixed Rate Notes, June 14 and December 14 of each year.

SCHEDULE II - Page 5

INTEREST DETERMINATION DATES:

In the case of the Floating Rate Notes, quarterly, on the second London business day prior to each Interest Payment Date, except that the initial Interest Determination Date will be June 25, 2018; and

In the case of the Fixed Rate Notes, not applicable.

OPTIONAL REDEMPTION PROVISIONS:

There are no optional redemption provisions applicable to the Floating Rate Notes.

Walmart may redeem the 2020 Fixed Rate Notes at any time prior to the maturity date of the 2020 Fixed Rate Notes, the 2021 Fixed Rate Notes at any time prior to the maturity date of the 2021 Fixed Rate Notes, the 2023 Notes at any time prior to May 26, 2023, the 2025 Notes at any time prior to April 26, 2025, the 2028 Notes at any time prior to March 26, 2028, the 2038 Notes at any time prior to December 28, 2037, and the 2048 Notes at any time prior to December 29, 2047, in each case, at Walmart’s option, as a whole or in part, at a redemption price equal to the greater of:

•

100% of the principal amount of the Fixed Rate Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date, and

•

the sum of the present values of the Remaining Scheduled Payments, plus any accrued and unpaid interest to, but excluding, the redemption date.

In determining the present value of the Remaining Scheduled Payments, Walmart will discount such payments to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Applicable Treasury Rate plus, in the case of the 2020 Fixed Rate Notes, 5 basis points, in the case of the 2021 Fixed Rate Notes, 10 basis points, in the case of the 2023 Notes, 10 basis points, in the case of the 2025 Notes, 12.5 basis points, in the case of the 2028 Notes, 12.5 basis points, in the case of the 2038 Notes, 15 basis points, and, in the case of the 2048 Notes, 20 basis points.

The term “Applicable Treasury Rate” means with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue. In determining this rate, Walmart will assume a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

The term “Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Fixed Rate Notes of a series to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing a new issue of corporate debt securities of comparable maturity to the remaining term of the Fixed Rate Notes of such series.

SCHEDULE II - Page 6

The term “Independent Investment Banker” means each of Barclays Capital Inc., Citigroup Global Markets Inc., and J.P. Morgan Securities LLC and their respective successors as may be appointed from time to time by Walmart; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer (a “Primary Treasury Dealer”), Walmart will substitute another Primary Treasury Dealer for such firm.

The term “Comparable Treasury Price” means, with respect to any redemption date, the arithmetic average, as determined by the Independent Investment Banker, of the Reference Treasury Dealer Quotations for such redemption date.

The term “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the arithmetic average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer by 5:00 p.m., New York City time, on the third business day preceding such redemption date.

The term “Reference Treasury Dealer” means each of Barclays Capital Inc., Citigroup Global Markets Inc., and J.P. Morgan Securities LLC and their respective successors; provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, Walmart will substitute another Primary Treasury Dealer for such firm.

The term “Remaining Scheduled Payments” means, with respect to any Fixed Rate Note, the remaining scheduled payments of the principal thereof to be redeemed and interest thereon that would be due after the related redemption date but for such redemption; provided, however, that, if such redemption date is not an interest payment date with respect to such Note, the amount of the next scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to such redemption date.

The 2023 Notes will also be redeemable, as a whole or in part, at the option of the Company at any time on or after May 26, 2023, at a redemption price equal to 100% of the principal amount of the 2023 Notes being redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date.

The 2025 Notes will also be redeemable, as a whole or in part, at the option of the Company at any time on or after April 26, 2025, at a redemption price equal to 100% of the principal amount of the 2025 Notes being redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date.

The 2028 Notes will also be redeemable, as a whole or in part, at the option of the Company at any time on or after March 26, 2028, at a redemption price equal to 100% of the principal amount of the 2028 Notes being redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date.

The 2038 Notes will also be redeemable, as a whole or in part, at the option of the Company at any time on or after December 28, 2037, at a redemption price equal to 100% of the principal amount of the 2038 Notes being redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date.

SCHEDULE II - Page 7

The 2048 Notes will also be redeemable, as a whole or in part, at the option of the Company at any time on or after December 29, 2047, at a redemption price equal to 100% of the principal amount of the 2048 Notes being redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date.

Any notice of optional redemption must be mailed to each registered holder of the Fixed Rate Notes being redeemed not less than 10 days but not more than 60 days prior to the redemption date.

SPECIAL MANDATORY REDEMPTION PROVISIONS:

If (i) Walmart’s acquisition (the “Flipkart Acquisition”) of preference shares and ordinary shares in Flipkart Private Limited (“Flipkart”) pursuant to the Share Issuance and Acquisition Agreement with Flipkart and the Share Purchase Agreement with certain shareholders of Flipkart (together, the “Flipkart Agreements”) has not been consummated on or prior to June 7, 2019 (the “Outside Date”), (ii) the Flipkart Agreements are terminated on or prior to the Outside Date, or (iii) Walmart otherwise publicly announces on or prior to the Outside Date that the Flipkart Acquisition will not be consummated, then Walmart will be required to redeem all outstanding 2021 Floating Rate Notes, 2021 Fixed Rate Notes, 2023 Notes, 2028 Notes and 2038 Notes (such Notes collectively, the “Special Mandatory Redemption Notes”) on the special mandatory redemption date at a special mandatory redemption price equal to 101% of the aggregate principal amount of the Special Mandatory Redemption Notes of each series, plus accrued and unpaid interest, if any, to, but excluding, the special mandatory redemption date.

The “special mandatory redemption date” means the 20th day (or if such day is not a business day, the first business day thereafter) after the earliest to occur of (i) the Outside Date, if the Flipkart Acquisition has not been consummated on or prior to the Outside Date, (ii) the date of termination of the Flipkart Agreements, or (iii) the date of public announcement by Flipkart that the Flipkart Acquisition will not be consummated.

Notwithstanding the foregoing, installments of interest on the Special Mandatory Redemption Notes that are due and payable on interest payment dates falling on or prior to the special mandatory redemption date will be payable on such interest payment dates to the registered holders as of the close of business on the relevant record dates in accordance with the terms of the Special Mandatory Redemption Notes and the indenture.

We will cause the notice of special mandatory redemption to be transmitted, with a copy to the trustee, within five business days after the occurrence of the event triggering the special mandatory redemption to each holder at its registered address. If funds sufficient to pay the special mandatory redemption price of the outstanding Special Mandatory Redemption Notes to be redeemed on the special mandatory redemption date (plus accrued and unpaid interest, if any, to, but excluding, such date) are deposited with the trustee or a paying agent on or before such special mandatory redemption date, and certain other conditions are satisfied, on and after such special mandatory redemption date, the outstanding Special Mandatory Redemption Notes will cease to bear interest.

SCHEDULE II - Page 8

SINKING FUND PROVISIONS:

None.

PAYMENT OF ADDITIONAL AMOUNTS:

Not applicable.

OTHER PROVISIONS:

As to be set forth in the Prospectus.

TIME OF DELIVERY:

10:00 a.m. (New York City time) on June 27, 2018, in the case of all of the Designated Securities.

CLOSING LOCATION:

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

NAMES AND ADDRESSES OF REPRESENTATIVES:

Barclays Capital Inc.

745 Seventh Avenue

New York, New York 10019

Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

J.P. Morgan Securities LLC

383 Madison Avenue

New York, New York 10179

HSBC Securities (USA) Inc.

452 Fifth Avenue

New York, New York 10018

Merrill Lynch, Pierce, Fenner & Smith

Incorporated

One Bryant Park

New York, New York 10036

Wells Fargo Securities, LLC

550 South Tryon Street

Charlotte, North Carolina 28202

SCHEDULE II - Page 9

ADDRESSES FOR NOTICES:

Barclays Capital Inc.

745 Seventh Avenue

New York, New York 10019

Attention: Syndicate Registration

Fax: (646) 834-8133

Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

Attention: General Counsel

Fax: (646) 291-1469

J.P. Morgan Securities LLC

383 Madison Avenue

New York, New York 10179

Attention: Investment Grade Syndicate Desk

Fax: (212) 834-6081

HSBC Securities (USA) Inc.

452 Fifth Avenue – Tower 3

New York, New York 10018

Attention: DCM Transaction Management

Fax: (212) 525-0238

Merrill Lynch, Pierce, Fenner & Smith

Incorporated

50 Rockefeller Plaza

NY1-050-12-01

New York, New York 10020

Attention: High Grade Debt Capital Markets Transaction Management/Legal

Fax: (212) 901-7881

Wells Fargo Securities, LLC

550 South Tryon Street

Charlotte, North Carolina 28202

Attention: Transaction Management

Fax: (704) 410-0326

APPLICABLE TIME

(For purposes of Sections 2(a), 2(d) and 8(c) of the Underwriting Agreement):

5:30 p.m. (New York City time) on June 20, 2018, in the case of all the Designated Securities.

SCHEDULE II - Page 10

LIST OF FREE WRITING PROSPECTUSES

(Pursuant to Section 2(f) of Underwriting Agreement):

Final Term Sheet, dated June 20, 2018, in the form agreed between the Company and the Representatives.

OTHER MATTERS:

(A)

Each Underwriter hereby represents and agrees that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Designated Securities to any retail investor in the European Economic Area. For the purposes of this provision:

the expression “retail investor” means a person who is one (or more) of the following:

a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or

ii.

a customer within the meaning of Directive 2002/92/EC (as amended, the “Insurance Mediation Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or

iii.

not a qualified investor as defined in Directive 2003/71/EC (as amended, the “Prospectus Directive”); and

the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Designated Securities to be offered so as to enable an investor to decide to purchase or subscribe to the Designated Securities.

(B)

Each Underwriter hereby represents and agrees that: (a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000, as amended (the “FSMA”)) received by it in connection with the issue or sale of the Designated Securities in circumstances in which Section 21(1) of the FSMA would not apply to the Company; and (b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Designated Securities in, from or otherwise involving the United Kingdom.

SCHEDULE II - Page 11

(C)

Each Underwriter hereby represents and agrees that it has not offered or sold, and will not offer or sell, any Designated Securities in Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32, Laws of Hong Kong), or (ii) to “professional investors” within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a “prospectus” within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32, Laws of Hong Kong), and no advertisement, invitation or document relating to the Designated Securities may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to Designated Securities which are or are intended to be disposed of only to persons outside Hong Kong or only to “professional investors” within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder.

(D)

The Designated Securities have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (the “Financial Instruments and Exchange Law”) and each Underwriter hereby represents and agrees that (i) it will not offer or sell any Designated Securities, directly or indirectly, in Japan or to, or for the benefit of, any “resident” of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the benefit of, a resident of Japan, except through a solicitation constituting a “solicitation targeting QIIs”, as defined in Article 23-13, Paragraph 1 of the Financial Instruments and Exchange Law, which will be exempt from the registration requirements of the Financial Instruments and Exchange Law, and otherwise in compliance with the Financial Instrument and Exchange Law and any other applicable laws, regulations and ministerial guidelines of Japan in effect at the relevant time; and (ii) it will cause a copy of the Prospectus Supplement (or other forms of notice as agreed between the Company and the Underwriters, which states that the Designated Securities may not be transferred to any other person unless such person is a “qualified institutional investor” as defined in the Cabinet Ordinance Concerning Definitions under Article 2 of the Financial Instruments and Exchange Law of Japan (Ordinance No. 14 of 1993 of the Ministry of Finance of Japan, as amended)), to be furnished to each person acquiring the Designated Securities.

(E)

Each Underwriter hereby represents and agrees that the Prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, each Underwriter has not offered or sold any Designated Securities or caused such Designated Securities to be made the subject of an invitation for subscription or purchase and will not offer or sell such Designated Securities or cause such Designated Securities to be made the subject of an invitation for subscription or purchase, and has not circulated or distributed, nor will it circulate or distribute, the Prospectus or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of such Designated Securities, whether

SCHEDULE II - Page 12

directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”), (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions, specified in Section 275 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. Where the Designated Securities are subscribed or purchased under Section 275 of the SFA by a relevant person which is: (a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or (b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Designated Securities pursuant to an offer made under Section 275 of the SFA, except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), or any person arising from an offer referred to in Section 275(1A), or Section 276(4)(i)(B) of the SFA; (2) where no consideration is or will be given for the transfer; (3) where the transfer is by operation of law; (4) as specified in Section 276(7) of the SFA; or (5) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore.

(F)

The Designated Securities may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations . Any resale of the Designated Securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws. Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if the Prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser’s province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser’s province or territory for particulars of these rights or consult with a legal advisor. Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the Underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering .

SCHEDULE II - Page 13

(G)

The Designated Securities may not be publicly offered, sold or advertised, directly or indirectly, in or from Switzerland, and will not be listed on the SIX Swiss Exchange Ltd or any other exchange or regulated trading venue in Switzerland. Neither the Prospectus, nor any other offering or marketing material relating to the Designated Securities constitutes a prospectus as such term is understood pursuant to article 652a or article 1156 of the Swiss Federal Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX Swiss Exchange Ltd or any other exchange or regulated trading venue in Switzerland, and neither the Prospectus nor any other offering or marketing material relating to the Designated Securities may be publicly distributed or otherwise made publicly available in Switzerland .

(H)

Each Underwriter hereby represents and agrees that it has not offered, sold or delivered and will not offer, sell or deliver any of the Designated Securities directly or indirectly or distribute the Pricing Prospectus, the Prospectus or any other offering material relating to the Designated Securities in or from any jurisdiction except under circumstances that will result in compliance with the applicable laws and regulations thereof and that will not impose any obligations on the Company except as set forth in the Underwriting Agreement and the Pricing Agreement.

(I)

The Underwriters hereby severally confirm, and the Company hereby acknowledges, that the sole information furnished in writing to the Company by, or on behalf of, the Underwriters specifically for inclusion in the Prospectus Supplement is as follows:

(1)

the names of the Underwriters on the front and back cover pages of the Prospectus Supplement;

(2)

the third paragraph of text under the caption “Underwriting” in the Prospectus Supplement concerning certain terms of the offering by the Underwriters;

(3)

the seventh paragraph of text under the caption “Underwriting” in the Prospectus Supplement concerning stabilization, overallotment and related activities by the Underwriters;

(4)

the final sentence of the eighth paragraph of text under the caption “Underwriting” in the Prospectus Supplement concerning stabilization, overallotment and related activities by the Underwriters;

(5)

third sentence of the ninth paragraph of text under the caption “Underwriting” in the Prospectus Supplement relating to market-making activities by the Underwriters; and

(6)

with respect to each Underwriter that is not an SEC-registered broker-dealer, as to itself, the thirteenth paragraph of text under the caption “Underwriting” in the Prospectus Supplement relating to certain sales through SEC-registered broker-dealers.

SCHEDULE II - Page 14

(J)

Clause 8(d) of the Underwriting Agreement is hereby deleted and the following text is substituted therefor:

(d)

On the date of the Pricing Agreement relating to the Designated Securities and on the Time of Delivery for the Designated Securities, Ernst & Young LLP shall have furnished to the Representatives “comfort” letters dated the respective dates of delivery thereof as to such matters as the Representatives may reasonably request and in form and substance satisfactory to the Representatives.

(K)

The Underwriting Agreement is hereby amended by adding the following text after Section 2(p):

(q)

In accordance with applicable requirements of the Securities Act, including, without limitation, Regulation S-X, the acquisition of Flipkart Group by the Company and its Subsidiaries, the combination of J Sainsbury and Asda Group Limited and the divestiture of Walmart Brazil to Advent International, in each case as described in Item 2 of the Company’s Quarterly Report on Form 10-Q for the period ended April 30, 2018, do not, individually or in the aggregate, require the inclusion of pro forma financial information in the Pricing Prospectus or the Prospectus relating to the offering of the Designated Securities.

(L)

The Underwriting Agreement is hereby amended by adding the following text after Section 21:

(22)

Contractual Recognition of Bail-In . Notwithstanding any other term of this Underwriting Agreement or any other agreements, arrangements or understanding between the Underwriters that are subject to Bail-in Legislation (as defined below) (together, the “Covered EU Banks”) and the Company, the Company acknowledges, accepts and agrees to be bound by: (i) the effect of the exercise of Write-down and Conversion powers as defined in relation to the relevant Bail-in Legislation (as defined below) (“Bail-in Powers”) by the resolution authority with the ability to exercise any Bail-in Powers in relation to the Covered EU Banks (the “Relevant Resolution Authority”) in relation to any liability as defined under the applicable Bail-in Legislation (a “BRRD Liability”) of such Covered EU Banks to the Company under this Underwriting Agreement, that (without limitation) may include and result in any of the following, or some combination thereof: (a) the reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon; (b) the conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of the Covered EU Banks or another person (and the issue to or conferral on the Company of such shares, securities or obligations); (c) the cancellation of the BRRD Liability; or (d) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including by suspending payment for a temporary period; and (ii) the variation of the terms of this Agreement, as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of Bail-in Powers by the Relevant

SCHEDULE II - Page 15

Resolution Authority. For purposes of this Section 2(q), “Bail-in Legislation” means in relation to a member state of the European Economic Area which has implemented, or which at any time implements, Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule from time to time. “EU Bail-in Legislation Schedule” means the document described as such, then in effect, and published by the Loan Market Association (or any successor person) from time to time at http://www.lma.eu.com/.

(M)

ICBC Standard Bank Plc will provide to the Company a letter confirming the accuracy of the statement in the Prospectus Supplement under the caption “Underwriting” that ICBC Standard Bank Plc is restricted in its U.S. securities dealings under the United States Bank Holding Company Act of 1956, as amended, and may not underwrite, subscribe, agree to purchase or procure purchasers to purchase notes that are offered or sold in the United States, and that, accordingly, ICBC Standard Bank Plc shall not be obligated to, and shall not, underwrite, subscribe, agree to purchase or procure purchasers to purchase notes that may be offered or sold by other underwriters in the United States, and that ICBC Standard Bank Plc will offer and sell the Designated Securities constituting its allotment solely outside the United States.

SCHEDULE II - Page 16

WALMART INC.

DEBT SECURITIES

UNDERWRITING AGREEMENT

June 20, 2018

The Underwriters Listed on Schedule I

to the applicable Pricing Agreement (as defined herein)

Ladies and Gentlemen:

From time to time WALMART INC., a Delaware corporation (the “Company”), proposes to enter into one or more Pricing Agreements (each, a “Pricing Agreement”) in the form of Annex I hereto, with such additions and deletions as the parties thereto may determine, and, subject to the terms and conditions stated herein and therein, to issue and sell to the firms named in Schedule I to the applicable Pricing Agreement (such firms constituting the “Underwriters” with respect to such Pricing Agreement and the securities specified therein) certain of its debt securities (the “Securities”) specified in Schedule II to such Pricing Agreement (with respect to such Pricing Agreement, the “Designated Securities”).

The terms of any particular issuance of Designated Securities and the rights of the holders of such Designated Securities shall be as specified in the applicable Pricing Agreement and in or pursuant to the indenture (the “Indenture”) identified in such Pricing Agreement. References in this Agreement to “the Pricing Agreement” are to the applicable Pricing Agreement relating to the particular issuance and sale of Designated Securities specified therein.

1. Introduction . Particular sales of Designated Securities may be made from time to time to the Underwriters of such Designated Securities, for whom the firms designated as representatives of the Underwriters of such Designated Securities in the Pricing Agreement will act as representatives (the “Representatives”). The term “Representatives” also refers to a single firm acting as sole representative of the Underwriters and to Underwriters who act without any firm being designated as their representative. This Underwriting Agreement shall not be construed as an obligation of the Company to sell any of the Securities or as an obligation of any Underwriter to purchase any of the Securities. The obligation of the Company to issue and sell any of the Securities shall be evidenced by the Pricing Agreement with respect to the Designated Securities specified therein. The Pricing Agreement shall specify, with respect to the purchase and sale of the Designated Securities pursuant thereto, (a) in Schedule I thereto (i) the names of the Underwriters of the Designated Securities and (ii) the principal amount of Designated Securities to be purchased by each Underwriter at the Time of Delivery (as defined in Section 4 hereof) and (b) in Schedule II thereto (i) the title or titles of the Designated Securities, (ii) the aggregate principal amount or amounts of the Designated Securities, (iii) the price or prices of the Designated Securities to the public, (iv) the purchase price or prices of the Designated Securities to the Underwriters, and, to the extent applicable, any selling concession or concessions and reallowance concession or concessions applicable to the Underwriters and dealers, as the case may be, (v) specified funds, if not immediately available funds, for payment of the purchase price for the Designated Securities, (vi) the title of the Indenture under which the

Designated Securities are being issued, (vii) the maturity or maturities of the Designated Securities, (viii) the interest rate or rates of the Designated Securities or the manner in which the interest rate or rates are to be determined, (ix) the interest payment dates of the Designated Securities, (x) the record dates for the payment of interest on the Designated Securities, (xi) the redemption provisions, if any, of the Designated Securities, (xii) the sinking fund provisions, if any, of the Designated Securities, (xiii) the Time of Delivery, (xiv) the closing location with respect to the closing of the sale of the Designated Securities pursuant to this Agreement and the Pricing Agreement, (xv) the name or names and address or addresses of the Representatives of the Underwriters, (xvi) such other terms, conditions and other provisions of the Designated Securities as are established in accordance with the Indenture and (xvii) such other terms, conditions and other provisions that supplement, amend or modify this Agreement with respect to the Designated Securities or the Indenture. The Pricing Agreement shall be in the form of an executed writing (which may be in counterparts), and may be evidenced by an exchange of telegraphic communications or any other rapid transmission device designed to produce a written record of communications transmitted. The obligations of the Underwriters under this Agreement and the Pricing Agreement shall be several and not joint.

2. Representations, Warranties and Agreements of the Company . The Company represents and warrants to, and agrees with, each of the Underwriters that:

(a) An “automatic shelf registration statement” (as defined in Rule 405 under the Securities Act of 1933, as amended (the “Securities Act”)) in respect of the Securities (File No. 333-221941) has been filed on Form S-3 with the Securities and Exchange Commission (the “Commission”); such registration statement and any post-effective amendment thereto, each in the form heretofore delivered or to be delivered to the Representatives and, excluding exhibits to such registration statement but including all documents incorporated by reference in each prospectus contained therein, delivered to the Representatives for each of the other Underwriters, became effective under the Securities Act upon filing with the Commission; no other document with respect to such registration statement or any such document incorporated by reference therein has heretofore been filed or transmitted for filing with the Commission except for (i) any prospectuses, preliminary prospectus supplements, prospectus supplements, documents incorporated by reference therein and final term sheets constituting issuer free writing prospectuses for purposes of Rule 433 under the Securities Act previously filed in connection with the offer and sale of Securities (other than the Designated Securities) pursuant to such registration statement, (ii) any prospectus and preliminary prospectus supplement relating to the Designated Securities and (iii) any other documents identified in the Pricing Agreement with respect to the Designated Securities; no stop order suspending the effectiveness of such registration statement or any post-effective amendment thereto has been issued, no proceeding for that purpose has been initiated or threatened by the Commission, and no notice of objection of the Commission to the use of such registration statement or any post-effective amendment thereto for the registration of the offer and sale of the Securities by the Company pursuant to Rule 401(g)(2) under the Securities Act has been received by the Company (the base prospectus filed as part of such registration statement, in the form in which it has most recently been filed with the Commission prior to or on the date of the Pricing Agreement relating to the Designated Securities, being hereinafter called the “Base Prospectus”; any preliminary prospectus

(including any preliminary prospectus supplement) relating to the Designated Securities filed with the Commission pursuant to Rule 424(b) under the Securities Act, being hereinafter called a “Preliminary Prospectus”; the various parts of such registration statement, including all exhibits thereto (other than the Form T-1 of The Bank of New York Mellon Trust Company, N.A.) and any prospectus supplement relating to the Designated Securities that is filed with the Commission and deemed by Rule 430B under the Securities Act to be part of such registration statement, each at the time such part of such registration statement became effective, being hereinafter called the “Registration Statement”; the Base Prospectus, as amended or as supplemented with respect to the Designated Securities immediately prior to the Applicable Time (as defined in Section 2(d) hereof), including, without limitation, any Preliminary Prospectus, being hereinafter called the “Pricing Prospectus”; the form of the final prospectus (including the final prospectus supplement) relating to the Designated Securities filed with the Commission pursuant to Rule 424(b) under the Securities Act in accordance with Section 5(a) hereof being hereinafter called the “Prospectus”; any reference herein to the Base Prospectus, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the Securities Act, as of the date of such prospectus; any reference to any amendment or supplement to the Base Prospectus, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus shall be deemed to refer to and include any documents filed after the date of such prospectus under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and incorporated by reference in such prospectus; any reference to any amendment to the Registration Statement shall be deemed to refer to and include any annual report on Form 10-K of the Company filed pursuant to Section 13(a) or 15(d) of the Exchange Act after the applicable effective date of the Registration Statement and that is incorporated by reference in the Registration Statement; and any “issuer free writing prospectus” (as defined in Rule 433(h) under the Securities Act) relating to the Designated Securities being hereinafter referred to as an “Issuer Free Writing Prospectus”);

(b) The documents incorporated by reference in the Pricing Prospectus and the Prospectus or any amendment or supplement thereto, when they became effective or were filed with the Commission, as the case may be, conformed in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder, and none of such documents contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and any further documents so filed and incorporated by reference in the Prospectus or any further amendment or supplement thereto, when such documents become effective or are filed with the Commission, as the case may be, will conform in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however , that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by an Underwriter of Designated Securities through the Representatives expressly for use therein;

(c) The Registration Statement and the Pricing Prospectus conform, and the Prospectus and any further post-effective amendments to the Registration Statement and the Prospectus will conform, as of the date on which they become effective or are filed with the Commission, as the case may be, in all material respects to the requirements of the Securities Act and the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), and the rules and regulations of the Commission thereunder, and do not and will not, as of the applicable effective dates as to the Registration Statement and any post-effective amendments thereto, as of the applicable filing date as to the Pricing Prospectus and as of the applicable filing date and the Time of Delivery as to the Prospectus and any amendment or supplement thereto, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however , that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by an Underwriter of Designated Securities through the Representatives expressly for use therein;

(d) The Pricing Prospectus, together with the pricing terms for the offering of the Designated Securities and the terms and conditions of the Designated Securities specified in the Final Term Sheet (as defined in Section 5(a) hereof) prepared and filed pursuant to Section 5(a) hereof, did not, as of the time and date designated in the Pricing Agreement as the “Applicable Time” (which the Company and the Representatives have agreed is, as to the issue and sale of the Designated Securities, immediately prior to the time when sales of the Designated Securities to the public are to be first confirmed orally or in writing), contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however , that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by an Underwriter of Designated Securities through the Representatives expressly for use therein;

(e) The Company has been, since the initial filing of the Registration Statement, and continues to be a “well-known seasoned issuer” and has not been, since such filing of the Registration Statement, and continues not to be an “ineligible issuer” (as such terms are defined in Rule 405 under the Securities Act); and the Company is not the subject of a pending proceeding under Section 8A of the Securities Act;

(f) The Company has not made (other than, if applicable, as listed on Schedule II to the Pricing Agreement), and will not make (other than the Final Term Sheet prepared and filed pursuant to Section 5(a) hereof with respect to the Designated Securities), any offer relating to the Designated Securities that would constitute a “free writing prospectus” (as defined in Rule 405 under the Securities Act), without the prior consent of the Representatives; the Company will comply with the requirements of Rule 433 under the Securities Act with respect to any such free writing prospectus; any such free writing prospectus will not, as of its issue date and through the Time of Delivery for such Designated Securities, include any information that conflicts with the information contained in the Registration Statement, the Pricing Prospectus or the Prospectus; and any such free writing prospectus, when taken together with the information contained in

the Registration Statement, the Pricing Prospectus or the Prospectus, did not, when issued or filed pursuant to Rule 433 under the Securities Act, and does not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

(g) Neither the Company nor any of the corporations, companies or other entities of which the Company owns, directly or indirectly, a majority of the outstanding equity interests or which the Company otherwise controls (collectively, the “Subsidiaries”) has sustained, since the date of the latest audited financial statements included or incorporated by reference in the Pricing Prospectus and the Prospectus, any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree that was or is material to the general affairs, management, financial position, shareholders’ equity, results of operations or internal control over financial reporting of the Company and its Subsidiaries considered as one enterprise, otherwise than as set forth in the Pricing Prospectus; and, since the respective dates as of which information is given in the Pricing Prospectus and the Prospectus, there has not been any material change in the capital stock or long-term debt of the Company and its Subsidiaries or any material adverse change, or any development involving a prospective material adverse change, in or affecting the general affairs, management, financial position, shareholders’ equity, results of operations or internal control over financial reporting of the Company and its Subsidiaries considered as one enterprise, otherwise than as set forth in the Pricing Prospectus and the Prospectus;

(h) The Company and its Subsidiaries have all ownership rights in all of the real property and all of the personal property owned by them, in each case free and clear of all liens, encumbrances and defects in title except such as are described in the Pricing Prospectus and the Prospectus or such as do not, individually or in the aggregate, materially and adversely affect the general affairs, management, financial position, shareholders’ equity, results of operations or internal control over financial reporting of the Company and its Subsidiaries considered as one enterprise and do not interfere with the use made and proposed to be made of such property by the Company and its Subsidiaries; and any real property and buildings held under lease or equivalent agreement by the Company and its Subsidiaries are held by them under valid, subsisting and enforceable leases or equivalent agreements with such exceptions as do not, individually or in the aggregate, materially and adversely affect the general affairs, management, financial position, shareholders’ equity, results of operations or internal control over financial reporting of the Company and its Subsidiaries considered as one enterprise;

(i) The Company and its Subsidiaries own or possess, or can acquire on reasonable terms, adequate trademarks, service marks and trade names necessary to conduct the business now operated by them, and neither the Company nor any of its Subsidiaries has received any notice of infringement of or conflict with asserted rights of others with respect to any trademarks, service marks or trade names that, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would materially and adversely affect the general affairs, management, financial position, shareholders’ equity, results of operations or internal control over financial reporting of the Company and its Subsidiaries considered as one enterprise;

(j) The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware, with power and authority (corporate and other) to own its properties and conduct its business as described in the Pricing Prospectus and the Prospectus, and has been duly qualified as a foreign corporation for the transaction of business and is in good standing under the laws of each other jurisdiction in which it owns or leases properties, or conducts any business, so as to require such qualification, or is subject to no material liability or disability by reason of the failure to be so qualified in any such jurisdiction; and each Subsidiary of the Company has been duly incorporated, organized or formed and is validly existing and (if applicable) in good standing under the laws of its jurisdiction of incorporation, organization or formation;

(k) The Company has an authorized capitalization as set forth in the Pricing Prospectus and the Prospectus; all of the issued and outstanding shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and nonassessable; and all of the issued shares of capital stock or equivalent equity interests of each Subsidiary of the Company have been duly and validly authorized and issued, are fully paid and nonassessable or are assessable for amounts of additional capital not material to the Company and its Subsidiaries considered as one enterprise and are owned directly or indirectly by the Company, except as set forth in the Pricing Prospectus and the Prospectus and except that, as of the date hereof, the Company owns, directly or indirectly, more than a majority, but less than all, of the issued and outstanding shares of capital stock or equivalent equity interests in Massmart Holdings Ltd., Wal-Mart de Mexico, S.A.B. de C.V., entities in which less than 1% of the outstanding shares or beneficial interests of such entities are held by persons in order for the entities to comply with applicable laws or to qualify for a particular treatment under applicable laws, and certain other of its Subsidiaries as to which the minority interests therein are not material to the operations of the Company and its Subsidiaries considered as one enterprise; and the shares of capital stock or equivalent equity interests of the Subsidiaries owned by the Company are free and clear of all liens, encumbrances, equities or claims, except as set forth in the Pricing Prospectus and the Prospectus and except as do not, individually or in the aggregate, materially and adversely affect the general affairs, management, financial position, shareholders’ equity, results of operations or internal control over financial reporting of the Company and its Subsidiaries considered as one enterprise;

(l) The Designated Securities have been duly authorized, and, when such Designated Securities are issued and delivered pursuant to this Agreement and the Pricing Agreement, such Designated Securities will have been duly executed, authenticated, issued and delivered and will constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting creditors’ rights and to general equity principles, and entitled to the benefits provided by the Indenture; the Indenture has been duly authorized,

executed and delivered, and duly qualified under the Trust Indenture Act and constitutes a valid and legally binding instrument of the Company, enforceable against the Company in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting creditors’ rights and to general equity principles; and the Indenture conforms, and the Designated Securities will conform, to the descriptions thereof contained in the Pricing Prospectus (taken together with the Final Term Sheet) and the Prospectus;

(m) This Agreement has been duly authorized, executed and delivered, and the Pricing Agreement will be duly authorized, executed and delivered on the date thereof, by the Company;

(n) The issue and sale of the Designated Securities and the compliance by the Company with all of the provisions of the Designated Securities, the Indenture, this Agreement and the Pricing Agreement, and the consummation of the transactions herein and therein contemplated will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which (i) the Company is a party or by which the Company is bound or to which any of the property or assets of the Company is subject or (ii) any of the Company’s Subsidiaries is a party or by which any of its Subsidiaries is bound or to which any of the property or assets of any of its Subsidiaries is subject, which conflict, breach, violation or default, in the case of this clause (ii) (but not clause (i)), would materially and adversely affect the general affairs, management, financial position, shareholders’ equity, results of operations or internal control over financial reporting of the Company and its Subsidiaries considered as one enterprise, nor will such action result in any violation of the provisions of the Restated Certificate of Incorporation or Amended and Restated Bylaws of the Company, each as amended to date, or any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its Subsidiaries or any of their properties; and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the issue and sale of the Designated Securities or the consummation by the Company of the transactions contemplated by this Agreement or the Pricing Agreement or the Indenture, except (i) such as have been, or will have been prior to the Time of Delivery, obtained under the Securities Act and the Trust Indenture Act, (ii) such, if any, as have been, or will have been prior to the Time of Delivery, obtained under securities laws and regulations of the European Union or any foreign country to which the Company is, has or will become subject due to actions taken, or omitted, by the Company or by the Underwriters with the knowledge of the Company and (iii) such consents, approvals, authorizations, registrations or qualifications as may be required under state securities or “Blue Sky” laws in connection with the purchase and distribution of the Designated Securities by the Underwriters;

(o) Other than as set forth in the Pricing Prospectus and the Prospectus, there are no legal or governmental proceedings pending to which the Company or any of its Subsidiaries is a party or of which any property of the Company or any of its Subsidiaries is the subject that, if determined adversely to the Company or any of its Subsidiaries,

would, individually or in the aggregate, have a material adverse effect on the general affairs, management, financial position, shareholders’ equity, results of operations or internal control over financial reporting of the Company and its Subsidiaries considered as one enterprise; and, other than as set forth in the Pricing Prospectus and the Prospectus, to the best of the Company’s knowledge, no such proceedings are threatened or contemplated by governmental authorities or others; and

(p) Ernst & Young LLP, which has audited and reported on certain financial statements of the Company and its Subsidiaries and the Company’s internal control over financial reporting, is an independent registered public accounting firm with respect to the Company and its Subsidiaries as required by the Securities Act and the Exchange Act and the rules and regulations of the Commission and the Public Company Accounting Oversight Board.

For purposes of this Section 2 as well as for Section 8 hereof, references to “the Pricing Prospectus and the Prospectus” are to each of such prospectuses as a separate or stand-alone document (and not the two such prospectuses taken together), so that representations, warranties, agreements, conditions and legal opinions will be made, given or measured independently in respect of each of the Pricing Prospectus and the Prospectus.

3. Offer and Sale of Designated Securities . Upon the execution of the Pricing Agreement applicable to the Designated Securities and authorization by the Representatives of the release of such Designated Securities, the several Underwriters propose to offer such Designated Securities for sale upon the terms and conditions set forth in the Prospectus.

4. Payment and Settlement for Designated Securities . Designated Securities to be purchased by each Underwriter pursuant to the Pricing Agreement, in definitive form to the extent practicable, and in such authorized denominations and registered in such name or names as the Representatives may request upon at least twenty-four hours’ prior notice to the Company, shall be delivered by or on behalf of the Company to the Representatives, against payment by such Underwriter or on its behalf of the purchase price therefor by one or more wire transfers in immediately available funds (or such other funds as specified in the Pricing Agreement), payable to the order of the Company, all at the place and time and date specified in the Pricing Agreement or at such other place and time and date as the Representatives and the Company may agree upon in writing, such time and date being herein called the “Time of Delivery” for such Designated Securities.

5. Further Agreements of the Company . The Company agrees with each of the Underwriters of any Designated Securities:

(a) (i) To prepare the Prospectus in relation to the Designated Securities in a form approved by the Representatives and to file the Prospectus pursuant to Rule 424(b) under the Securities Act not later than the Commission’s close of business on the second business day following the execution and delivery of the Pricing Agreement or, if applicable, such earlier time as may be required by Rule 424(b) under the Securities Act; (ii) to make no further amendment or any supplement to the Registration Statement or the Prospectus after the date of the Pricing Agreement relating to the Designated Securities

and prior to the Time of Delivery for the Designated Securities that shall be disapproved by the Representatives promptly after reasonable notice thereof ( provided, however , this clause (ii) shall, in the case of any periodic or current report or proxy statement that the Company is required to file pursuant to Section 13(a), 13(c), 14 or Section 15(d) under the Exchange Act prior to or at the Time of Delivery, apply to the extent practicable in the light of the circumstances); (iii) to advise the Representatives promptly of any such amendment or supplement after such Time of Delivery and for so long thereafter as the delivery of a prospectus is required in connection with the offering or sale of such Designated Securities (or in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act), and to furnish the Representatives with copies thereof; (iv) to prepare a final term sheet (the “Final Term Sheet”), containing solely a description of the Designated Securities in the form agreed between the Company and the Representatives and to file the Final Term Sheet pursuant to Rule 433(d) under the Securities Act within the time period prescribed by such Rule; (v) to file within the time period prescribed by Rule 433(d) under the Securities Act, all other material required to be filed by the Company with the Commission pursuant to Rule 433(d) under the Securities Act; (vi) to file by the filing deadlines prescribed by the Exchange Act and the rules thereunder, all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act for so long as the delivery of a prospectus is required in connection with the offering or sale of such Designated Securities, and during such period to advise the Representatives promptly after it files any post-effective amendment to the Registration Statement of the time when such post-effective amendment to the Registration Statement has been filed and becomes effective or promptly after it files any amendment or supplement to the Prospectus or any amended Prospectus, of the time when it files such amendment or supplement to the Prospectus or any amended Prospectus with the Commission, of the issuance by the Commission of any stop order or of any order preventing or suspending the use of any prospectus relating to the Designated Securities, of the suspension of the qualification of the Designated Securities for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose, of the receipt from the Commission of any notice of objection to the use of the Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act for the registration of the offer and sale of the Designated Securities, or of any request by the Commission for the amending or supplementing of the Registration Statement or Prospectus or for additional information relating to the Registration Statement, the Prospectus or any amendment or supplement thereto or the offer and sale of the Designated Securities; and (vii) in the event of the issuance of any such stop order or any such order preventing or suspending the use of any prospectus relating to the Designated Securities or suspending any such qualification, or of any such notice of objection, to use promptly its reasonable best efforts to obtain its withdrawal;

(b) Promptly from time to time to take such action as the Representatives may reasonably request to qualify the Designated Securities for offering and sale under the securities laws of such jurisdictions as the Representatives may request and to comply with such laws so as to permit the continuance of sales and dealings therein in such jurisdictions for as long as may be necessary to complete the distribution of such

Designated Securities, provided that in connection therewith the Company shall not be required to qualify as a foreign corporation or to file a general consent to service of process in any jurisdiction (it being recognized that, solely for purposes of this Section 5(b), the Company shall not be required by the Representatives, without its consent, to subject itself to any securities laws or regulations of the European Union, or of any foreign country, to which the Company was not subject immediately prior to the offering and sale of such Designated Securities);

(c) To furnish the Underwriters with copies of the Prospectus in such quantities as the Representatives may from time to time reasonably request, and, if the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act) is required at any time in connection with the offering or sale of the Designated Securities and if at such time any event shall have occurred as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when such Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Securities Act) is delivered, not misleading, or, if for any other reason it shall be necessary during such same period to amend or supplement the Prospectus or to file under the Exchange Act any document incorporated by reference in the Prospectus in order to comply with the Securities Act, the Exchange Act or the Trust Indenture Act, to notify the Representatives and, upon their request, to file such document and to prepare and furnish without charge to each Underwriter and to any dealer in securities as many copies as the Representatives may from time to time reasonably request of an amended Prospectus or a supplement to the Prospectus that will correct such statement or omission or effect such compliance;

(d) To make generally available to its security holders as soon as practicable, but in any event not later than eighteen months after the effective date of the Registration Statement (as defined in Rule 158(c) under the Securities Act), an earnings statement of the Company and its Subsidiaries (which need not be audited) complying with Section 11(a) of the Securities Act and the rules and regulations of the Commission thereunder (including, at the option of the Company, Rule 158 under the Securities Act);

(e) During the period beginning from the date of the Pricing Agreement and continuing to and including the Time of Delivery for the Designated Securities, not to offer, sell, contract to sell or otherwise dispose of any debt securities of the Company that mature more than one year after such Time of Delivery and that are substantially similar to such Designated Securities, without the prior written consent of the Representatives;

(f) To furnish to the holders of the Designated Securities, upon such holders’ request, as soon as practicable after the end of each fiscal year, an annual report (including a balance sheet and statements of income, shareholders’ equity and cash flows of the Company and its consolidated Subsidiaries certified by an independent registered public accounting firm) and, as soon as practicable after the end of each of the first three quarters of each fiscal year (beginning with the fiscal quarter ending after the effective date of the Registration Statement), consolidated summary financial information of the Company and its Subsidiaries for such quarter in reasonable detail;

(g) During a period of five years from the effective date of the Registration Statement, to furnish to the Representatives copies of all periodic or current reports or other communications (financial or other) of the Company furnished to its shareholders, and deliver to the Representatives (i) as soon as they are available, copies of any periodic or current reports and financial statements furnished to or filed with the Commission or any national securities exchange on which the Designated Securities or any class of securities of the Company is listed ( provided, however, that the Company shall be deemed to have furnished and delivered such documents if and when such documents are available through the Commission’s EDGAR System on the Commission’s website); and (ii) such additional information concerning the business and financial condition of the Company as the Representatives may from time to time reasonably request (such financial information and statements to be on a consolidated basis in reports furnished to its shareholders generally or to the Commission);

(h) To pay the required Commission registration fees relating to the Designated Securities within the time period required by Rule 456(b)(1) under the Securities Act without regard to the proviso therein and otherwise in accordance with Rules 456(b) and 457(r) under the Securities Act;

(i) If required by Rule 430B(h) under the Securities Act, to prepare a prospectus in a form approved by the Representatives and to file such prospectus pursuant to Rule 424(b) under the Securities Act not later than is required by such Rule; and to make no further amendment or supplement to such prospectus that shall be disapproved by the Representatives promptly after reasonable notice thereof; and

(j) To use the net proceeds received by it from the sale of the Designated Securities pursuant to this Agreement and the Pricing Agreement in the manner specified in the Prospectus, including in any supplement thereto, relating to the offer and sale of such Designated Securities.

6. Representations, Warranties and Agreements of the Underwriters . Each Underwriter represents and warrants to, and agrees with, the Company and each other Underwriter that:

(a) Such Underwriter has not made, and will not make (other than as permitted by Section 6(b) hereof), any offer relating to the Designated Securities that would constitute a “free writing prospectus” (as defined in Rule 405 under the Securities Act), without the prior consent of the Company and the Representatives;

(b) Such Underwriter has not used, and will not use, any free writing prospectus that contains the final terms of the Designated Securities unless such terms have previously been included in a free writing prospectus filed with the Commission in accordance with Rule 433 under the Securities Act, without the prior consent of the Company and the Representatives; provided, however, that each of the Underwriters may use a term sheet relating to the Designated Securities containing customary information not inconsistent with the Final Term Sheet prepared and filed pursuant to Section 5(a) hereof without the prior consent of the Company or the Representatives; and

(c) Such Underwriter is not subject to any pending proceeding under Section 8A of the Securities Act with respect to the offering of the Designated Securities and will promptly notify the Company if any such proceeding against it with respect to any offering of the Designated Securities is initiated during such period in which, in the opinion of counsel for the Underwriters, a prospectus relating to the Designated Securities is required by law to be delivered (or required to be delivered but for Rule 172 under the Securities Act) in connection with sale of the Designated Securities by any Underwriter or any dealer.

7. Payment of Expenses . The Company covenants and agrees with the several Underwriters that the Company will pay or cause to be paid the following: (i) the fees, disbursements and expenses of the Company’s counsel and accountants in connection with the registration of the Securities under the Securities Act and all other expenses in connection with the preparation, printing and filing of the Registration Statement, the Base Prospectus, any Preliminary Prospectus, the Pricing Prospectus, the Prospectus and amendments and supplements thereto, and any Issuer Free Writing Prospectus, and the mailing and delivering of copies thereof to the Underwriters and dealers; (ii) the cost of printing or producing any Agreement among Underwriters, this Agreement, the Pricing Agreement, the Indenture, any “Blue Sky” and Legal Investment Memoranda and any other documents in connection with the offering, purchase, sale and delivery of the Securities; (iii) all expenses in connection with the qualification of the Securities for offering and sale under state securities laws as provided in Section 5(b) hereof (including the fees and disbursements of counsel for the Underwriters in connection with such qualification and in connection with the “Blue Sky” and legal investment surveys); (iv) any fees charged by securities rating services for rating the Securities; (v) the cost of preparing the Securities; (vi) the fees and expenses of any indenture trustee and any agent of any Trustee and the fees and disbursements of counsel for any indenture trustee in connection with the Indenture and the Securities; and (vii) all other costs and expenses incident to the performance of its obligations hereunder that are not otherwise specifically provided for in this Section 7. It is understood, however, that, except as provided in this Section 7, Section 9 and Section 12 hereof, the Underwriters will pay all of their own costs and expenses including the fees of their counsel, transfer taxes on resale of any of the Securities by them and any advertising expenses connected with any offers they may make.

8. Conditions of the Underwriters’ Obligations . The obligations of the Underwriters of Designated Securities under the Pricing Agreement shall be subject, in the discretion of the Representatives, to the condition that all representations and warranties and other statements of the Company in or incorporated by reference in the Pricing Agreement are, at and as of the Time of Delivery for such Designated Securities, true and correct, the condition that the Company shall have performed all of its obligations hereunder theretofore to be performed, and the following additional conditions:

(a) The Prospectus shall have been filed with the Commission pursuant to Rule 424(b) under the Securities Act within the applicable time period prescribed for such filing by the rules and regulations under the Securities Act and in accordance with

Section 5(a) hereof; the Final Term Sheet contemplated by Section 5(a) hereof, and any other material required to be filed by the Company pursuant to Rule 433(d) under the Securities Act, shall have been filed with the Commission within the applicable time periods prescribed for such filings by Rule 433 under the Securities Act; no stop order suspending the effectiveness of the Registration Statement or any part thereof shall have been issued, no proceeding for that purpose shall have been initiated or threatened by the Commission, and no notice of objection of the Commission to the use of the Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act for the registration of the offer and sale of the Designated Securities shall have been received by the Company; and all requests for additional information on the part of the Commission shall have been complied with to the Representatives’ reasonable satisfaction;

(b) Simpson Thacher & Bartlett LLP, counsel for the Underwriters, shall have furnished to the Representatives such opinion or opinions addressed to the Underwriters, dated the Time of Delivery for the Designated Securities, with respect to the incorporation of the Company, the validity of the Indenture, the Designated Securities, the Registration Statement, the Pricing Prospectus and the Prospectus and other related matters as the Representatives may reasonably request, and such counsel shall have received such documents and information as they may reasonably request to enable them to pass upon such matters;

(c) Hunton Andrews Kurth LLP, counsel for the Company, shall have furnished to the Representatives their written opinion letter addressed to the Underwriters, dated the Time of Delivery for the Designated Securities, in form and substance reasonably satisfactory to the Representatives, to the effect that:

(i) the Company is validly existing as a corporation in good standing under the laws of the State of Delaware, with corporate power and corporate authority under the laws of the State of Delaware to (A) execute and deliver, and incur and perform all of its obligations under, the Underwriting Agreement, the Pricing Agreement, the Indenture and the Designated Securities and (B) to carry on its business and own its properties as described in the Pricing Prospectus and the Prospectus;

(ii) each “significant subsidiary” (as defined in Rule 1-02 of Regulation S-X under the Securities Act) of the Company incorporated or organized under the laws of the United States or any state thereof is validly existing in good standing under the laws of its jurisdiction of incorporation or organization;

(iii) the Underwriting Agreement and the Pricing Agreement have been duly authorized, executed and delivered by the Company;

(iv) the Indenture has been duly authorized, executed and delivered by the Company and, assuming that the Indenture is a valid and legally binding obligation of the Trustee, the Indenture constitutes a valid and legally binding

obligation of the Company, enforceable against the Company in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting creditors’ rights and to general equity principles; and the Indenture has been duly qualified under the Trust Indenture Act;

(v) the Designated Securities have been duly authorized and executed by the Company and delivered by the Company to the Trustee for authentication by the Trustee, and, when authenticated by the Trustee in the manner provided in the Indenture and delivered to and paid for by the Underwriters in accordance with the Underwriting Agreement and the Pricing Agreement, the Designated Securities will constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting creditors’ rights and to general equity principles, and entitled to the benefits provided by the Indenture;

(vi) the statements under the caption “Description of the Notes” in the Pricing Prospectus, together with the statements of the terms of the Designated Securities contained in the Final Term Sheet, and the statements under the caption “Description of the Debt Securities” in the Base Prospectus, insofar as they purport to constitute summaries of certain terms of documents referred to in such descriptions as reviewed by such counsel as described in such opinion letter, constitute accurate summaries of such terms of such documents in all material respects;

(vii) none of (A) the execution and delivery of, or the incurrence or performance by the Company of its obligations under, the Underwriting Agreement and the Pricing Agreement, the Indenture and the Designated Securities, each in accordance with its terms, (B) the offering, issuance, sale and delivery of the Designated Securities pursuant to the Underwriting Agreement and the Pricing Agreement, (1) constituted, constitutes or will constitute a breach or violation of any of the terms or provisions of, or a default (or an event which, with notice or lapse of time or both, would constitute such a default) under, any indenture, mortgage, deed of trust or loan agreement or other debt instrument filed with the Commission as an exhibit to a report of the Company filed with the Commission pursuant to Section 13 of the Exchange Act, or any other material agreement or instrument , (2) constituted, constitutes or will constitute a violation of the provisions of the Restated Certificate of Incorporation or Amended and Restated Bylaws of the Company, as then amended, or (3) resulted, results or will result in any violation of the General Corporation Law of the State of Delaware, the applicable laws of the State of New York or the applicable laws of the United States of America (including applicable rules and regulations adopted under any applicable statute of the State of New York or the United States of America);

(viii) no consent, approval, authorization, order, registration or qualification of or with any court or governmental agency or body of the State of Delaware, the State of New York or of the United States of America, pursuant to the General Corporation Law of the State of Delaware, the applicable laws of the State of New York or the applicable laws of the United States of America (including applicable rules and regulations adopted under any applicable statute of the State of New York or the United States of America), is required for the execution and delivery of, or the incurrence or performance by the Company of its obligations under, the Underwriting Agreement, the Pricing Agreement, the Indenture and the Designated Securities, the issuance and sale of the Designated Securities or the consummation by the Company of the transactions contemplated by the Underwriting Agreement or the Pricing Agreement, except such as have been obtained, and remain in effect, under the Securities Act and the Trust Indenture Act and such consents, approvals, authorizations, registrations or qualifications as may be required under state securities or “Blue Sky” laws in connection with the purchase and distribution of the Designated Securities by the Underwriters;

(ix) based solely on such counsel’s participation in conferences with officers and other representatives of the Company, the independent registered public accounting firm of the Company, and counsel and representatives of the Underwriters at which the content of the Registration Statement, the Pricing Prospectus and the Prospectus and related matters were discussed, such counsel’s review of records and documents provided to such counsel, or filed with the Commission, by the Company, and relying as to factual matters to the extent such counsel deems appropriate, upon statements by officers and other representatives of the Company, each of the documents incorporated by reference in the Pricing Prospectus and the Prospectus (other than the financial statements, the notes and related schedules thereto, and any other financial data included or incorporated by reference therein, as to which such counsel need express no opinion), when they were filed with the Commission, appeared on its face to be appropriately responsive as to form in all material respects to the requirements of the Exchange Act and the rules and regulations of the SEC thereunder;

(x) based solely on such counsel’s participation in conferences with officers and other representatives of the Company, the independent registered public accounting firm of the Company, and counsel and representatives of the Underwriters at which the content of the Registration Statement, the Pricing Prospectus and the Prospectus and related matters were discussed, such counsel’s review of records and documents provided to such counsel, or filed with the Commission, by the Company, and relying as to factual matters to the extent such counsel deems appropriate, upon statements by officers and other representatives of the Company, each of the Registration Statement (as of its most recent effective date), the Pricing Prospectus (as of its date), the Final Term Sheet (as of its date) and any other Issuer Free Writing Prospectus listed on Schedule II to the Pricing Agreement (as of its date), and the Prospectus (as of its date) (other than the financial statements, the notes and related schedules thereto, and any other financial data included or incorporated by reference therein, as to which such counsel need express no opinion), appears on its face to be appropriately responsive as to form in all material respects to the requirements of the Securities Act and the rules and regulations of the SEC thereunder (excluding Regulation S-T);

(xi) based solely on such counsel’s participation in conferences with officers and other representatives of the Company, the independent registered public accounting firm of the Company, and counsel and representatives of the Underwriters at which the content of the Registration Statement, the Pricing Prospectus and the Prospectus and related matters were discussed, such counsel’s review of records and documents provided to such counsel, or filed with the Commission, by the Company, and relying as to factual matters to the extent such counsel deems appropriate, upon statements by officers and other representatives of the Company, such counsel has not become aware of any contracts or other documents of a character required to be filed as an exhibit to the Registration Statement or required to be incorporated by reference into the Pricing Prospectus or the Prospectus or required to be described in the Pricing Prospectus or the Prospectus that are not so filed or incorporated by reference or described;

(xii) the statements made in any tax consequences or tax considerations sections in the Pricing Prospectus and the Prospectus, and in any amendment or supplement thereto, insofar as they purport to constitute summaries of matters of United States federal tax law and regulations or legal conclusions with respect thereto, fairly summarize such matters in all material respects, subject to the qualifications and assumptions stated therein;

(xiii) the Registration Statement has become effective under the Securities Act; the Prospectus, together with all amendments and supplements thereto, relating to the Designated Securities was filed within the prescribed time periods pursuant to Rule 424(b) under the Securities Act; the Final Term Sheet and any other Issuer Free Writing Prospectus listed on Schedule II to the Pricing Agreement was filed with the Commission within the prescribed time periods pursuant to Rule 433 under the Securities Act; and, to the best knowledge of such counsel, no stop order suspending the effectiveness of the Registration Statement has been issued or proceeding for such purpose or pursuant to Section 8A of the Securities Act has been instituted or threatened by the Commission, and no notice of objection of the Commission to the use of the Registration Statement or any post-effective amendment thereto for the registration of the offer and sale of the Designated Securities pursuant to Rule 401(g)(2) under the Securities Act has been received by the Company; and

(xiv) the Company is not, and immediately after giving effect to the sale of the Designated Securities and the application of the proceeds therefrom as described in the Pricing Prospectus and the Prospectus will not be, an “investment company” within the meaning of, or subject to regulation under, the Investment Company Act of 1940, as amended.

In such opinion letter, such counsel shall advise the Underwriters, that, based solely on such counsel’s participation in conferences with officers and other representatives of the Company, the independent registered public accounting firm of the Company, and counsel and representatives of the Underwriters at which the content of the Registration Statement, the Pricing Prospectus and the Prospectus and related matters were discussed, such counsel’s review of records and documents provided to such counsel, or filed with the Commission, by the Company, and relying as to factual matters to the extent such counsel deems appropriate, upon statements by officers and other representatives of the Company, no legal or governmental proceedings are pending to which the Company or any of its Subsidiaries is a party or of which any property of the Company or any of its Subsidiaries is subject that, if determined adversely to the Company or any of its Subsidiaries, would, individually or in the aggregate, have a material adverse effect on the general affairs, management, financial position, shareholders’ equity, results of operations or internal control over financial reporting of the Company and its Subsidiaries considered as one enterprise; and that, to the best knowledge of such counsel, no such proceedings are threatened or contemplated by governmental authorities or others.

In such opinion letter or in a separate letter such counsel shall state that, based solely on such counsel’s participation in conferences with officers and other representatives of the Company, the independent registered public accounting firm of the Company, and counsel and representatives of the Underwriters at which the content of the Registration Statement, the Pricing Prospectus and the Prospectus and related matters were discussed, such counsel’s review of records and documents provided to such counsel, or filed with the Commission, by the Company, and relying as to factual matters to the extent such counsel deems appropriate, upon statements by officers and other representatives of the Company, such counsel has no reason to believe that (A) as of its initial effective date and its most recent effective date as determined in accordance with the applicable provisions of Rule 430B under the Securities Act, the Registration Statement, including the Prospectus deemed a part thereof and the documents incorporated by reference therein (other than the financial statements, the notes and related schedules thereto, and any other financial data included or incorporated by reference therein, as to which such counsel need express no belief) contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (B) as of its date and the date of such opinion letter or separate letter, the Prospectus, including the documents incorporated by reference therein (other than the financial statements, the notes and related schedules thereto, and any other financial data included or incorporated by reference therein, as to which such counsel need express no belief), contained or contains any untrue statement of a material fact or omitted or omits to state any material fact necessary in order to make the statements therein, in the light of the circumstances in which they were made, not misleading, or (C) as of the Applicable Time, the Pricing Prospectus, including the documents incorporated by reference therein (other than the financial statements, the notes and related schedules thereto, and any other financial data included or incorporated by reference therein, as to which such counsel need express no belief), taken together with the Final Term Sheet and any other Issuer Free Writing Prospectus listed on Schedule II to the Pricing Agreement, contained an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, it being understood that such counsel expresses no opinion, statement or belief with respect to the Form T-1 included as an exhibit to the Registration Statement.

(d) At the Time of Delivery for the Designated Securities, Ernst & Young LLP shall have furnished to the Representatives a “comfort” letter or letters dated such Time of Delivery as to such matters as the Representatives may reasonably request and in form and substance satisfactory to the Representatives;

(e) (i) Neither the Company nor any of its Subsidiaries shall have sustained since the date of the latest audited financial statements included or incorporated by reference in the Pricing Prospectus and the Prospectus any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth in the Pricing Prospectus and the Prospectus, which loss or interference would have a material adverse effect on the general affairs, management, financial position, shareholders’ equity, results of operations or internal control over financial reporting of the Company and its Subsidiaries considered as one enterprise and (ii) since the dates as of which information is given in the Pricing Prospectus and the Prospectus, there shall not have been any change in the capital stock or long-term debt of the Company or any of its Subsidiaries or any change, or any development involving a prospective change, in or affecting the general affairs, management, financial position, shareholders’ equity, results of operations or internal control over financial reporting of the Company and its Subsidiaries considered as one enterprise, otherwise than as set forth in the Pricing Prospectus and the Prospectus, the effect of which, in any such case described in clause (i) or (ii), is in the judgment of the Representatives so material and adverse as to make it impracticable or inadvisable to proceed with the public offering or the delivery of the Designated Securities on the terms and in the manner contemplated in the Prospectus;

(f) On or after the date of the Pricing Agreement, (i) no downgrading shall have occurred in the rating accorded the Company’s debt securities (including, without limitation, any guaranteed debt securities) by any “nationally recognized statistical rating organization,” as that term is defined in Section 3(a)(62) of the Securities Exchange Act of 1934, as amended and (ii) no such organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of any of the Company’s debt securities;

(g) On or after the date of the Pricing Agreement, there shall not have occurred any of the following: (i) a suspension or material limitation in trading in securities generally on the New York Stock Exchange; (ii) a suspension or material limitation in trading in the Company’s securities on the New York Stock Exchange; (iii) a general moratorium on commercial banking activities in New York declared by either U.S. federal or New York State authorities or a material disruption in commercial banking or securities settlement or clearance services in the United States; or (iv) the outbreak or escalation of hostilities involving the United States or the declaration by the United States of a national emergency or war if the effect of any such event specified in this clause (iv), in the judgment of the Representatives, makes it impracticable or inadvisable to proceed with the public offering or the delivery of the Designated Securities on the terms and in the manner contemplated in the Prospectus; and

(h) The Company shall have furnished or caused to be furnished to the Representatives at the Time of Delivery for the Designated Securities a certificate or certificates of officers of the Company satisfactory to the Representatives as to the accuracy of the representations and warranties of the Company herein at and as of such Time of Delivery, as to the performance by the Company of all of its obligations hereunder to be performed at, or prior to, such Time of Delivery, as to the matters set forth in Sections 8(a) and 8(e) and as to such other matters as the Representatives may reasonably request.

9. Indemnification and Contribution . (a) The Company will indemnify and hold harmless each Underwriter against any losses, claims, damages or liabilities, joint or several, to which such Underwriter may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement, of a material fact contained in the Registration Statement, the Base Prospectus, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, any amendment or supplement to any thereof, or any Issuer Free Writing Prospectus, any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Securities Act, or any “road show” (as defined in Rule 433 under the Securities Act) that does not otherwise constitute an Issuer Free Writing Prospectus, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse each Underwriter for any legal or other expenses reasonably incurred by such Underwriter in connection with investigating or defending any such action or claim as such expenses are incurred; provided, however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, the Base Prospectus, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, any amendment or supplement to any thereof, or any Issuer Free Writing Prospectus, in reliance upon and in conformity with information furnished in writing to the Company by an Underwriter of any Designated Securities through the Representatives expressly for use in any thereof.

(b) Each Underwriter will, severally and not jointly, indemnify and hold harmless the Company against any losses, claims, damages or liabilities to which the Company may become subject, under the Securities Act or otherwise insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, the Base Prospectus, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, any amendment or supplement to any thereof, or any Issuer Free Writing Prospectus, arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, the Base Prospectus, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, any amendment or supplement to any thereof, or any Issuer Free Writing Prospectus, in reliance upon and in conformity with information furnished in writing to the Company by such Underwriter of Designated Securities through the Representatives expressly for use therein, and will reimburse the Company for any legal or other expenses reasonably incurred by the Company in connection with investigating or defending any such action or claim as such expenses are incurred.

(c) Promptly after receipt by an indemnified party under Section 9(a) or Section 9(b) of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such Section 9(a) or 9(b), notify the indemnifying party in writing of the commencement thereof; but the omission so to notify the indemnifying party shall not relieve it from any liability that it may have to any indemnified party otherwise than under such Section 9(a) or 9(b). In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under Section 9(a) or 9(b), as the case may be, for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation.

(d) If the indemnification provided for in this Section 9 is unavailable to or insufficient to hold harmless an indemnified party under Section 9(a) or Section 9(b) in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters of the Designated Securities on the other from the offering of the Designated Securities to which such loss, claim, damage or liability (or action in respect thereof) relates. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or if the indemnified party failed to give the notice required under Section 9(c), then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and the Underwriters of the Designated Securities on the other in connection with the statement or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and such Underwriters on the other shall be deemed to be in the same proportion as the total net proceeds from the offering of the Designated Securities (before deducting expenses) received by the Company bear to the total underwriting discounts and commissions received by such Underwriters. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or such Underwriters on the other and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 9(d) were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the

equitable considerations referred to above in this Section 9(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this Section 9(d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 9(d), no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the applicable Designated Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages that such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The obligations of the Underwriters of Designated Securities in this Section 9(d) to contribute are several in proportion to their respective underwriting obligations with respect to such Designated Securities and are not joint.

(e) The obligations of the Company under this Section 9 shall be in addition to any liability that the Company may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who controls any Underwriter within the meaning of the Securities Act; and the obligations of the Underwriters under this Section 9 shall be in addition to any liability that the respective Underwriters may otherwise have and shall extend, upon the same terms and conditions, to each director and officer of the Company and to each person, if any, who controls the Company within the meaning of the Securities Act.

10. Defaulting Underwriters . (a) If any Underwriter shall default in its obligation to purchase the Designated Securities that it has agreed to purchase under the Pricing Agreement, the Representatives may in their discretion arrange for themselves or another party or other parties to purchase such Designated Securities on the terms contained herein and therein. In the event that, within thirty-six hours after such default by any Underwriter, the Representatives do not arrange for the purchase of such Designated Securities, then the Company shall be entitled to a further period of thirty-six hours within which to procure another party or other parties satisfactory to the Representatives to purchase such Designated Securities on such terms. In the event that, within the respective prescribed period, the Representatives notify the Company that they have so arranged for the purchase of such Designated Securities, or the Company notifies the Representatives that it has so arranged for the purchase of such Designated Securities, the Representatives or the Company shall have the right to postpone the Time of Delivery for such Designated Securities for a period of not more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus as amended or supplemented, or in any other documents or arrangements, and the Company agrees to file promptly any amendments or supplements to the Registration Statement or the Prospectus that in the opinion of the Representatives may thereby be made necessary. The term “Underwriter” as used in this Agreement shall include any person substituted under this Section 10 with like effect as if such person had originally been a party to the Pricing Agreement.

(b) If, after giving effect to any arrangements for the purchase of the Designated Securities of a defaulting Underwriter or Underwriters by the Representatives and the Company as provided in Section 10(a), the aggregate principal amount of such Designated Securities that

remains unpurchased does not exceed one-eleventh of the aggregate principal amount of the Designated Securities, then the Company shall have the right to require each non-defaulting Underwriter to purchase the principal amount of Designated Securities that such Underwriter agreed to purchase under the Pricing Agreement and, in addition, to require each non-defaulting Underwriter to purchase its pro rata share (based on the principal amount of Designated Securities that such Underwriter agreed to purchase under the Pricing Agreement) of the Designated Securities of such defaulting Underwriter or Underwriters for which such arrangements have not been made; but nothing herein shall relieve a defaulting Underwriter from liability for its default.

(c) If, after giving effect to any arrangements for the purchase of the Designated Securities of a defaulting Underwriter or Underwriters by the Representatives and the Company as provided in Section 10(a), the aggregate principal amount or Designated Securities that remains unpurchased exceeds one-eleventh of the aggregate principal amount of the Designated Securities, as referred to in Section 10(b), or if the Company shall not exercise the right described in Section 10(b) to require non-defaulting Underwriters to purchase Designated Securities of a defaulting Underwriter or Underwriters, then the Pricing Agreement shall thereupon terminate, without liability on the part of any non-defaulting Underwriter or the Company, except for the expenses to be borne by the Company and the Underwriters as provided in Section 6 hereof and the indemnity and contribution agreements in Section 9 hereof; but nothing herein shall relieve a defaulting Underwriter from liability for its default.

11. Survival . The respective indemnities, agreements, representations, warranties and other statements of the Company and the several Underwriters, as set forth in this Agreement or made by or on behalf of them pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation (or any statement as to the results thereof) made by or on behalf of any Underwriter or any controlling person of any Underwriter, or the Company or any director or officer or controlling person of the Company, and shall survive delivery of and payment for the Designated Securities with respect to which such indemnities, agreements, representations, warranties and other statements are made or given.

12. Termination . If the Pricing Agreement shall be terminated pursuant to Section 10 hereof, the Company shall not then be under any liability to any Underwriter with respect to the Designated Securities covered by the Pricing Agreement except as provided in Section 7 and Section 9 hereof; but, if for any other reason the Designated Securities are not delivered by or on behalf of the Company as provided herein, the Company will reimburse the Underwriters through the Representatives for all out-of-pocket expenses approved in writing by the Representatives, including fees and disbursements of counsel, reasonably incurred by the Underwriters in making preparations for the purchase, sale and delivery of such Designated Securities, but the Company shall then be under no further liability to any Underwriter with respect to such Designated Securities except as provided in Section 7 and Section 9 hereof.

13. Authority of Representatives . In all dealings hereunder, the Representatives of the Underwriters of the Designated Securities shall act on behalf of each of such Underwriters, and the parties hereto shall be entitled to act and rely upon any statement, request, notice or agreement on behalf of any Underwriter made or given by such Representatives jointly or by such of the Representatives, if any, as may be designated for such purpose in the Pricing Agreement.

14. Nature of Underwriters’ Obligations . The Company acknowledges and agrees that (i) the purchase and sale of the Designated Securities pursuant to this Agreement and the Pricing Agreement is an arm’s-length commercial transaction between the Company, on the one hand, and the several Underwriters, on the other, (ii) in connection therewith and with the process leading to such transaction each Underwriter is acting solely as a principal and not the agent or fiduciary of the Company, (iii) no Underwriter has assumed an advisory or fiduciary responsibility in favor of the Company with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company on other matters) or any other obligation to the Company except the obligations expressly set forth in this Agreement and the Pricing Agreement and (iv) the Company has consulted its own legal and financial advisors to the extent it has deemed appropriate. The Company agrees that it shall not claim that the Underwriters, or any of them, have rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Company, in connection with the offering of the Designated Securities contemplated hereby or the process leading thereto.

15. Notices . All statements, requests, notices and agreements hereunder shall be in writing, and if to the Company, shall be delivered or sent by mail, air courier or facsimile transmission (which shall be effective upon confirmation by telephone) to the address of the Company set forth in the Registration Statement, Attention: Chief Executive Officer, with a copy to the General Counsel of the Company; and, if to the Underwriters, shall be delivered or sent by mail, air courier or facsimile transmission (which shall be effective upon confirmation by telephone) to the address or addresses of the Representative or Representatives, as the case may be, as set forth in the Pricing Agreement; provided, however , that any notice to an Underwriter pursuant to Section 9(c) hereof shall be delivered or sent by mail, air courier, telex or facsimile transmission (which shall be effective upon confirmation by telephone) to such Underwriter at its address which, if not set forth in the Pricing Agreement, will be supplied to the Company by the Representatives upon request. Any such statements, requests, notices or agreements shall take effect upon the addressee’s receipt thereof.

16. Persons Entitled to the Benefit of Agreement . This Agreement and the Pricing Agreement shall be binding upon, and inure solely to the benefit of, the Underwriters, the Company and, to the extent provided in Section 9 and Section 11 hereof, the directors and officers of the Company and each person who controls the Company or any Underwriter, and their respective successors and assigns (including, in the case of natural persons, their respective heirs, executors and administrators), and no other person shall acquire or have any right under or by virtue of this Agreement or the Pricing Agreement. No purchaser of any of the Securities from any Underwriter shall be deemed a successor or assign by reason merely of such purchase.

17. Time of Essence . Time shall be of the essence of the Pricing Agreement. As used herein, “business day” shall mean any day when the Commission’s office in Washington, D.C. is open for business.

18. Definitive Agreement . This Agreement and the Pricing Agreement supersede all prior agreements and understandings (whether written or oral) between the Company and the Underwriters, or any of them, with respect to the subject matter hereof and thereof.

19. GOVERNING LAW . THIS AGREEMENT AND THE PRICING AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

20. WAIVER OF JURY TRIAL . THE COMPANY AND EACH OF THE UNDERWRITERS HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE PRICING AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

21. Counterparts . This Agreement and the Pricing Agreement may be executed by any one or more of the parties hereto and thereto in any number of counterparts, each of which shall be deemed to be an original, but all such respective counterparts shall together constitute one and the same instrument.

If the foregoing is in accordance with your understanding, please sign and return to us counterparts hereof.


Very truly yours,

WALMART INC.

By:	/s/ Matthew Allen
	Name:	Matthew Allen
	Title:	Vice President – Finance & Assistant Treasurer

[Signature Page to the Underwriting Agreement]

Accepted as of the date hereof (with respect to, but subject to the terms of, Pricing Agreements to which the undersigned is or is deemed to be a signatory):

BARCLAYS CAPITAL INC.


By:	/s/ Barbara Mariniello
	Name:	Barbara Mariniello
	Title:	Managing Director

For itself and as a Representative of the several

Underwriters named in Schedule I to the applicable Pricing Agreement

[Signature Page to the Underwriting Agreement]

Accepted as of the date hereof (with respect to, but subject to the terms of, Pricing Agreements to which the undersigned is or is deemed to be a signatory):


CITIGROUP GLOBAL MARKETS INC.

By:	/s/ Adam Bordner
	Name:	Adam D. Bordner
	Title:	Director

For itself and as a Representative of the several

Underwriters named in Schedule I to the applicable Pricing Agreement

[Signature Page to the Underwriting Agreement]

Accepted as of the date hereof (with respect to, but subject to the terms of, Pricing Agreements to which the undersigned is or is deemed to be a signatory):


J.P. MORGAN SECURITIES LLC

By:	/s/ Stephen Sheiner
	Name:	Stephen L. Sheiner
	Title:	Executive Director

For itself and as a Representative of the several

Underwriters named in Schedule I to the applicable Pricing Agreement

[Signature Page to the Underwriting Agreement]

Accepted as of the date hereof (with respect to, but subject to the terms of, Pricing Agreements to which the undersigned is or is deemed to be a signatory):


HSBC SECURITIES (USA) INC.

By:	/s/ Luiz Lanfredi
	Name:	Luiz Lanfredi
	Title:	Vice President

For itself and as a Representative of the several

Underwriters named in Schedule I to the applicable Pricing Agreement

[Signature Page to the Underwriting Agreement]

Accepted as of the date hereof (with respect to, but subject to the terms of, Pricing Agreements to which the undersigned is or is deemed to be a signatory):

MERRILL LYNCH, PIERCE, FENNER & SMITH

INCORPORATED


By:	/s/ Andrew Karp
	Name:	Andrew Karp
	Title:	Managing Director

For itself and as a Representative of the several

Underwriters named in Schedule I to the applicable Pricing Agreement

[Signature Page to the Underwriting Agreement]

Accepted as of the date hereof (with respect to, but subject to the terms of, Pricing Agreements to which the undersigned is or is deemed to be a signatory):


WELLS FARGO SECURITIES, LLC

By:	/s/ Carolyn Hurley
	Name:	Carolyn Hurley
	Title:	Director

For itself and as a Representative of the several

Underwriters named in Schedule I to the applicable Pricing Agreement

[Signature Page to the Underwriting Agreement]

ANNEX I

FORM OF PRICING AGREEMENT

_____________, 2018

As Representative [ s ] of the several

Underwriters named in Schedule I hereto

c/o ___________________________

Ladies and Gentlemen:

WALMART INC., a Delaware corporation (the “Company”), proposes, subject to the terms and conditions stated herein and in the Underwriting Agreement, dated , 2018, (the “Underwriting Agreement”), between the Company, on the one hand, and you, as parties which are signatories or deemed to be signatories to the Underwriting Agreement, on the other hand, to issue and sell to the Underwriters named in Schedule I hereto (the “Underwriters”) the Securities specified in Schedule II hereto (the “Designated Securities”).

Each of the provisions of the Underwriting Agreement is incorporated herein by reference in its entirety, and shall be deemed to be a part of this Pricing Agreement to the same extent as if such provisions were set forth in full herein; and each of the representations and warranties set forth therein shall be deemed to have been made at and as of the date of this Pricing Agreement, except that each representation and warranty in Section 2 of the Underwriting Agreement that refers to the Pricing Prospectus or the Prospectus shall be deemed to be a representation or warranty as of the date of the Underwriting Agreement in relation to the Pricing Prospectus or the Prospectus to the fullest extent applicable and also a representation and warranty as of the date of this Pricing Agreement in relation to the Pricing Prospectus or the Prospectus relating to the Designated Securities. Each reference to the Representatives herein and in the provisions of the Underwriting Agreement so incorporated by reference shall be deemed to refer to you. Unless otherwise defined herein, terms defined in the Underwriting Agreement are used herein as therein defined.

The Prospectus (including a prospectus supplement relating to the Designated Securities), in all material respects in the form heretofore delivered to you, is now proposed to be filed with the Commission.

ANNEX I - Page 1

Subject to the terms and conditions set forth herein and in the Underwriting Agreement incorporated herein by reference, the Company agrees to issue and sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company, at the time and place and at the purchase price to the Underwriters set forth in Schedule II hereto, the principal amount of Designated Securities set forth opposite the name of such Underwriter in Schedule I hereto.

ANNEX I - Page 2

If the foregoing is in accordance with your understanding, please sign and return to us five counterparts hereof, and upon acceptance hereof by you, on behalf of each of the Underwriters, this letter and such acceptance hereof, including the provisions of the Underwriting Agreement incorporated herein by reference, shall constitute a binding agreement between each of the Underwriters and the Company.


Very truly yours,

WALMART INC.

By:
		Name:
		Title:

ANNEX I - Page 3


Accepted as of the date hereof:

[ NAME OF REPRESENTATIVE ]

By:
		Name:
		Title:

[[ NAME OF REPRESENTATIVE ]

By:
		Name:
		Title: ]

For themselves and as Representative [ s ] of the several

Underwriters named in Schedule I hereto

ANNEX I - Page 4

SCHEDULE I


Underwriter						Principal Amount of Designated Securities to be Purchased
						$

TOTAL						$

Schedule I - Page 1

SCHEDULE II

TITLE OF DESIGNATED SECURITIES:

due (the “Designated Securities”).

AGGREGATE PRINCIPAL AMOUNT:

of the Designated Securities.

PRICE TO PUBLIC:

% of the principal amount of the Designated Securities, plus accrued interest, if any, from .

PURCHASE PRICE TO UNDERWRITERS:

% of the principal amount of the Designated Securities, plus accrued interest, if any, from ; and the selling concession shall be % and the reallowance concession shall be %, in each case of the principal amount of the Designated Securities.

INDENTURE:

Indenture, dated as of July 19, 2005, as supplemented by the First Supplemental Indenture, dated as of December 1, 2006, and the Second Supplemental Indenture, dated as of December 19, 2014, each between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee.

MATURITY:

______________.

INTEREST RATE:

% from and including the original issue date.

INTEREST PAYMENT DATES:

and of each year, commencing on .

INTEREST PAYMENT RECORD DATES:

and of each year, commencing on .

REDEMPTION PROVISIONS:

Schedule II - Page 1

SINKING FUND PROVISIONS:

_________________________.

OTHER PROVISIONS:

_________________________.

TIME OF DELIVERY:

_____ a.m., __________________

CLOSING LOCATION:

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

NAMES AND ADDRESSES OF REPRESENTATIVES:

ADDRESSES FOR NOTICES:

APPLICABLE TIME

(For purposes of Sections 2(d) and 8(c) of the Underwriting Agreement):

[ a.m. ] [ p.m. ] ,

[ LIST OF FREE WRITING PROSPECTUSES

(Pursuant to Section 2(f) of Underwriting Agreement):

______________________________

______________________________]

Schedule II - Page 2

OTHER MATTERS:

Schedule II - Page 3

Exhibit 4(a)

WALMART INC.

Series Terms Certificate

Pursuant to the Indenture

Relating to Floating Rate Notes Due 2020

Pursuant to Section 3.01 of the Indenture, dated as of July 19, 2005, as amended and supplemented by that certain First Supplemental Indenture, dated as of December 1, 2006, that certain Second Supplemental Indenture, dated as of December 19, 2014, and that certain Third Supplemental Indenture, dated as of June 26, 2018 (as so amended and supplemented, the “Indenture”), made between Walmart Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”), Matthew Allen, Vice President—Finance & Assistant Treasurer of the Company (the “Certifying Authorized Officer”), hereby certifies as follows, and Gordon Y. Allison, Vice President, Division General Counsel, Corporate, 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 a 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, effective as of June 15, 2018 (the “Series Consent”), which Series is designated as the “Floating Rate Notes Due 2020” (the “2020 FRN 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 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 promissory notes of the 2020 FRN Series and the other promissory notes of the other series of notes established by the Series Consent having an aggregate principal amount in United States dollars not to exceed $16,000,000,000. 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 2020 FRN Series (the “2020 FRN Notes”) shall be issued in registered book-entry form, shall be substantially in the form attached hereto as Annex B (the “Form of 2020 FRN Note”) and shall initially be represented by a global security. Acting pursuant to authority delegated to the Certifying Authorized Officer pursuant to the Series Consent, the Certifying Authorized Officer has approved and set the aggregate principal amount of the 2020 FRN Notes initially to be issued (the “Initial 2020 FRN Notes”) to be $750,000,000.

D. Pursuant to Section 3.01 of the Indenture, the terms and conditions of the 2020 FRN Series and the 2020 FRN Notes are established and approved to be the following:

Designation :

The Series established by the Series Consent is designated as the “Floating Rate Notes Due 2020”.

Aggregate Principal Amount :

The 2020 FRN Series is not limited as to the aggregate principal amount of all the promissory notes of the 2020 FRN Series that the Company may issue; provided , however , that any additional promissory notes of the 2020 FRN Series that are not fungible with any then outstanding 2020 FRN Notes for United States federal income tax purposes will be issued under CUSIP and ISIN numbers separate from the CUSIP and ISIN numbers of such outstanding 2020 FRN Notes; and provided , further , that no additional 2020 FRN Notes may be issued under the Indenture if an Event of Default has occurred and remains uncured thereunder. The Company is issuing the Initial 2020 FRN Notes in an aggregate original principal amount of $750,000,000.

Maturity :

Final maturity of the 2020 FRN Notes shall be June 23, 2020.

Interest :

Rate

The 2020 FRN Notes shall bear interest at a floating rate per annum equal to the London Interbank Offered Rate (“LIBOR”) for deposits in U.S. dollars having a three-month maturity, as determined as set forth below by the calculation agent (the “Calculation Agent”), which initially will be The Bank of New York Mellon Trust Company, N.A., plus four (4) basis points (i.e., 0.040%) for each Interest Period (as defined below). Interest on the 2020 FRN Notes shall commence accruing from and including June 27, 2018 and shall be computed on the basis of the actual number of days during the relevant Interest Period and of a 360-day year.

Interest Rate Determination and Interest Calculation

The Calculation Agent shall compute interest accruing on the 2020 FRN Notes 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 2020 FRN Notes) to but excluding the applicable Interest Payment Date (as defined below) or the maturity date, as the case may be. The Calculation Agent will reset the rate of interest on the 2020 FRN Notes on each Interest Payment Date (each, an “Interest Reset Date”). The interest rate set for the 2020 FRN Notes on a particular Interest Reset Date will remain in effect during the Interest Period commencing on that Interest Reset Date. Each Interest Period will be the period from and including a particular Interest Reset Date (other than the initial Interest Period, which will commence on and include June 27, 2018) to but excluding the next Interest Reset Date or until the maturity date of the 2020 FRN Notes, as the case may be. “Business Day” shall mean any day which is not a day on which banking institutions in the City or New York or the relevant place of payment are authorized or required by law, regulation or executive order to close.

The Calculation Agent will determine the applicable interest rate on the 2020 FRN Notes for the succeeding Interest Period on the Interest Determination Date (as defined below) for that Interest Period, which will be the second London Business Day immediately preceding the applicable Interest Reset Date (each, an “Interest Determination Date”). The interest rate determined on an Interest Determination Date for the 2020 FRN Notes (a) will become effective on and as of the next Interest Reset Date and (b) shall be the rate at which interest is payable on the 2020 FRN 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 or maturity, as applicable (each, an “Interest Period”). The initial Interest Determination Date shall be June 25, 2018 for the Interest Period commencing June 27, 2018. “London Business Day” shall mean 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) LIBOR for a particular Interest Period will be the rate for deposits in U.S. dollar having a three-month maturity commencing on the second London Business Day immediately following the Interest Determination Date, which appears on Reuters Page LIBOR01 (as defined below) as of 11:00 A.M., London time, on that Interest Determination Date for U.S. dollars. Except as otherwise provided below, if on a particular Interest Determination Date, LIBOR for deposits in U.S. dollars having a three-month maturity commencing on the second London Business Day immediately following the Interest Determination Date does not appear on Reuters Page LIBOR01 at approximately 11:00 A.M., London time, or if Reuters Page LIBOR01 is not available on such date, LIBOR for the Interest Period commencing immediately after such Interest Determination Date will be the rate for deposits in U.S. dollars having a three-month maturity commencing on the second London Business Day immediately following the particular Interest Determination Date that appears on Bloomberg, L.P.’s page “BBAM” at 11:00 a.m., London time, on such Interest Determination Date.

(ii) Except as otherwise provided below, if the LIBOR rate for deposits in U.S. dollars having a three-month maturity cannot be determined by reference to Reuters Page LIBOR01 or Bloomberg, L.P.’s page “BBAM” on an Interest Determination Date as described above, then the Calculation Agent will determine LIBOR as follows:

(A) the Calculation Agent shall select the principal London offices of four major banks in the London interbank market and request each bank to provide its offered quotation for deposits in U.S. dollars having a three-month maturity commencing on the second London Business Day immediately following the Interest Determination Date, to prime banks in the London interbank market at approximately 11:00 A.M., London time, on the Interest Determination Date. Those quotes will be for deposits in U.S. dollars in a principal amount that is representative of a single transaction in U.S. dollars in the market at that time, but which principal amount shall be no less than $1 million. If at least two of those banks provide a quotation, the Calculation Agent will compute LIBOR as the arithmetic mean of the quotations provided;

(B) if fewer than two of those banks provide a quotation, the Calculation Agent will request from three major banks in New York, New York at approximately 11:00 A.M., New York City time, on the Interest Determination Date, quotations for loans in U.S. dollars having a three-month term to leading European banks, commencing on the second London Business Day immediately following the Interest Determination Date. These quotes will be for loans in a principal amount that is representative of a single transaction in the market at that time, but which principal amount shall be no less than $1 million. The Calculation Agent will compute LIBOR as the arithmetic mean of the quotations provided; and

(C) if none of the banks chosen by the Calculation Agent provides a quotation as discussed above, the rate of interest at which interest accrues on the 2020 FRN Notes will be the interest rate in effect for the 2020 FRN Notes for the then current Interest Period.

All percentages resulting from any calculation of the rate of interest on the 2020 FRN Notes 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).

The term “Reuters Page LIBOR01” refers to the display appearing on Thompson Reuters EIKON (or any successor service) designated as page “LIBOR01” (or any replacement page on that service or equivalent page on any successor service) and the term “BBAM” refers to the display appearing on Bloomberg L.P.’s Bloomberg Professional (or any successor service) designated as page “BBAM” (or any replacement page on that service or equivalent page on any successor service), in each case for the purpose of displaying London interbank offered rates administered by ICE Benchmark Administration Limited (or any other person assuming the responsibility for the administration of those rates).

The interest rate payable on the 2020 FRN Notes shall not be higher than the maximum rate permitted by the laws of the State of New York, as the same may be modified by the federal laws of the United States of America.

The Calculation Agent shall promptly notify the Trustee of each determination of the interest rate applicable to the 2020 FRN Notes, and of each Interest Period, the amount of interest expected to accrue for such Interest Period and the Interest Payment Date related to each Interest Period beginning with each Interest Reset Date, as soon as such information becomes available. The Trustee shall make such information available to the holders of the 2020 FRN Notes upon request.

The Calculation Agent determination of any interest rate and its calculation of the amount of interest for any Interest Period will be final and binding in the absence of manifest error.

So long as any 2020 FRN Note shall be outstanding, the Company shall maintain a Calculation Agent as to the 2020 FRN 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 Mellon 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 as the calculation agent,

(ii) any acting Calculation Agent fails to establish the floating interest rate for any Interest Period, or

(iii) the Company proposes to remove the Calculation Agent.

market practice for the use of such Alternative Rate for debt obligations such as the 2020 FRN Notes. If the Calculation Agent determines, and following consultation with the Company, that there is no clear market consensus as to whether any rate has replaced LIBOR in customary market usage, (i) The Bank of New York Mellon Trust Company, N.A. shall have the right to resign as Calculation Agent in respect of the 2020 FRN Notes and (ii) the Company will appoint, in its sole discretion, a new Calculation Agent to replace The Bank of New York Mellon Trust Company, N.A., solely in its role as Calculation Agent in respect of the 2020 FRN Notes, to determine the Alternative Rate and make any Adjustments thereon, and whose determinations will be binding on the Company, the Trustee and the holders of the 2020 FRN Notes. If, however, the Calculation Agent determines that LIBOR has been discontinued, but for any reason an Alternative Rate has not been determined, LIBOR will be equal to such rate on the Interest Determination Date when LIBOR was last available on the Reuters Page LIBOR01, as determined by the Calculation Agent.

Payment Dates

Interest shall be payable on the 2020 FRN Notes quarterly in arrears on each March 23, June 23, September 23 and December 23 prior to the maturity of the 2020 FRN Notes and at maturity (each an “Interest Payment Date”) to the person or persons in whose name or names the 2020 FRN Notes are registered at the close of business on the immediately preceding March 8, June 8, September 8 and December 8, respectively, with the initial interest payment date to be September 23, 2018. If any Interest Payment Date for the 2020 FRN Notes (other than the maturity date) would otherwise be a day that is not a Business Day, then the Interest Payment Date will be postponed to the next succeeding Business Day, unless that Business Day falls in the next succeeding calendar month, in which case the Interest Payment Date will be the immediately preceding Business Day. If the maturity date of the 2020 FRN Notes falls on a day which is not a Business Day, then the Company will make the required payment of principal and interest on the next succeeding Business Day, as if it were made on the date the payment was due. Interest will not accrue on, from or after the stated maturity date as a result of this delayed payment.

Currency of Payment :

The principal and interest payable with respect to the 2020 FRN Notes shall be payable in United States dollars.

Payment Places :

All payments of principal of, and interest on, the 2020 FRN Notes shall be made as set forth in Section 5 of the Form of 2020 FRN Note.

Optional Redemption Features :

None.

Special Redemption Features, etc. :

None.

Denominations :

$2,000 and integral multiples of $1,000 in excess thereof for the 2020 FRN Notes.

10.

Principal Repayment :

100% of the principal amount of the 2020 FRN Notes.

11.

Registrar, Paying Agent and Calculation Agent :

The Bank of New York Mellon Trust Company, N.A. shall be the registrar and paying agent for the 2020 FRN Notes and shall be the calculation agent for the 2020 FRN Notes.

12.

Payment of Additional Amounts:

None.

13.

Book-Entry Procedures :

The 2020 FRN Notes shall be initially issued in the form of global notes registered in the name of Cede & Co., as nominee for The Depository Trust Company, and shall be issued in certificated form only in limited circumstances, in each case, as set forth under Sections 11 and 12 of the Form of 2020 FRN Note. The 2020 FRN Notes shall be initially issued in the form of a total of two global notes, one of which global notes shall be in the principal amount of $500,000,000 and one of which global notes shall be in the principal amount of $250,000,000.

14.

Other Terms :

Sections 2, 3, 4, 5, 6, 8, 9, 10, 11, 12, 13, 14, 15, 16, and 17 of the Form of 2020 FRN Note shall also apply to the 2020 FRN Notes.

The 2020 FRN Notes shall not have any terms or conditions of the type contemplated by clause (ii), (iii), (vi), (vii), (xi), (xii), (xiii), (xiv), (xvi), (xvii), (xviii), (xix) or (xx) of Section 3.01(j) of the Indenture.

E. The 2020 FRN Notes shall be issued pursuant to and governed by the Indenture. To the extent that the Indenture’s terms apply to the 2020 FRN 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 2020 FRN Notes.

[Signature page follows]

IN WITNESS WHEREOF, the undersigned has hereunto executed this Certificate as of June 20, 2018.

/s/ Matthew Allen

Matthew Allen

Vice President - Finance & Assistant Treasurer

ATTEST:

/s/ Gordon Y. Allison

Gordon Y. Allison

Vice President, Division General Counsel,

Corporate, and Assistant Secretary

[Signature Page to Series Terms Certificate for Floating Rate Notes Due 2020]

ANNEX A

SERIES CONSENT

ANNEX B

FORM OF 2020 FRN NOTE

Exhibit 4(b)

WALMART INC.

Series Terms Certificate

Pursuant to the Indenture

Relating to Floating Rate Notes Due 2021

Pursuant to Section 3.01 of the Indenture, dated as of July 19, 2005, as amended and supplemented by that certain First Supplemental Indenture, dated as of December 1, 2006, that certain Second Supplemental Indenture, dated as of December 19, 2014 and that certain Third Supplemental Indenture, dated as of June 26, 2018 (as so amended and supplemented, the “Indenture”), made between Walmart Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”), Matthew Allen, Vice President—Finance & Assistant Treasurer of the Company (the “Certifying Authorized Officer”), hereby certifies as follows, and Gordon Y. Allison, Vice President, Division General Counsel, Corporate, 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 a 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, effective as of June 15, 2018 (the “Series Consent”), which Series is designated as the “Floating Rate Notes Due 2021” (the “2021 FRN Series”) by the Certifying Authorized Officer pursuant to the grant of authority under the terms of the Series Consent.

C. Pursuant to the Series Consent, the Company is authorized to issue initially promissory notes of the 2021 FRN Series and the other promissory notes of the other series of notes established by the Series Consent having an aggregate principal amount in United States dollars not to exceed $16,000,000,000. 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 2021 FRN Series (the “2021 FRN Notes”) shall be issued in registered book-entry form, shall be substantially in the form attached hereto as Annex B (the “Form of

2021 FRN Note”) and shall initially be represented by a global security. Acting pursuant to authority delegated to the Certifying Authorized Officer pursuant to the Series Consent, the Certifying Authorized Officer has approved and set the aggregate principal amount of the 2021 FRN Notes initially to be issued (the “Initial 2021 FRN Notes”) to be $750,000,000.

D. Pursuant to Section 3.01 of the Indenture, the terms and conditions of the 2021 FRN Series and the 2021 FRN Notes are established and approved to be the following:

Designation :

The Series established by the Series Consent is designated as the “Floating Rate Notes Due 2021”.

Aggregate Principal Amount :

The 2021 FRN Series is not limited as to the aggregate principal amount of all the promissory notes of the 2021 FRN Series that the Company may issue; provided , however , that any additional promissory notes of the 2021 FRN Series that are not fungible with any then outstanding 2021 FRN Notes for United States federal income tax purposes will be issued under CUSIP and ISIN numbers separate from the CUSIP and ISIN numbers of such outstanding 2021 FRN Notes; and provided , further , that no additional 2021 FRN Notes may be issued under the Indenture if an Event of Default has occurred and remains uncured thereunder. The Company is issuing the Initial 2021 FRN Notes in an aggregate original principal amount of $750,000,000.

Maturity :

Final maturity of the 2021 FRN Notes shall be June 23, 2021.

Interest :

Rate

The 2021 FRN Notes shall bear interest at a floating rate per annum equal to the London Interbank Offered Rate (“LIBOR”) for deposits in U.S. dollars having a three-month maturity, as determined as set forth below by the calculation agent (the “Calculation Agent”), which initially will be The Bank of New York Mellon Trust Company, N.A., plus twenty-three (23) basis points (i.e., 0.230%) for each Interest Period (as defined below). Interest on the 2021 FRN Notes shall commence accruing from and including June 27, 2018 and shall be computed on the basis of the actual number of days during the relevant Interest Period and of a 360-day year.

Interest Rate Determination and Interest Calculation

The Calculation Agent shall compute interest accruing on the 2021 FRN Notes 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 2021 FRN Notes) to but excluding the applicable Interest Payment Date (as defined below) or the maturity date, as the case may be. The Calculation Agent will reset the rate of interest on the 2021 FRN Notes on each Interest Payment Date (each, an “Interest Reset Date”). The interest rate set for the 2021 FRN Notes on a particular Interest Reset Date will remain in effect during the Interest Period commencing on that Interest Reset Date. Each Interest Period will be the period from and including a particular Interest Reset Date (other than the initial Interest Period, which will commence on and include June 27, 2018) to but excluding the next Interest Reset Date or until the maturity date of the 2021 FRN Notes, as the case may be. “Business Day” shall mean any day which is not a day on which banking institutions in the City or New York or the relevant place of payment are authorized or required by law, regulation or executive order to close.

The Calculation Agent will determine the applicable interest rate on the 2021 FRN Notes for the succeeding Interest Period on the Interest Determination Date (as defined below) for that Interest Period, which will be the second London Business Day immediately preceding the applicable Interest Reset Date (each, an “Interest Determination Date”). The interest rate determined on an Interest Determination Date for the 2021 FRN Notes (a) will become effective on and as of the next Interest Reset Date and (b) shall be the rate at which interest is payable on the 2021 FRN 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 or maturity, as applicable (each, an “Interest Period”). The initial Interest Determination Date shall be June 25, 2018 for the Interest Period commencing June 27, 2018. “London Business Day” shall mean 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:

which appears on Reuters Page LIBOR01 (as defined below) as of 11:00 A.M., London time, on that Interest Determination Date for U.S. dollars. Except as otherwise provided below, if on a particular Interest Determination Date, LIBOR for deposits in U.S. dollars having a three-month maturity commencing on the second London Business Day immediately following the Interest Determination Date does not appear on Reuters Page LIBOR01 at approximately 11:00 A.M., London time, or if Reuters Page LIBOR01 is not available on such date, LIBOR for the Interest Period commencing immediately after such Interest Determination Date will be the rate for deposits in U.S. dollars having a three-month maturity commencing on the second London Business Day immediately following the particular Interest Determination Date that appears on Bloomberg, L.P.’s page “BBAM” at 11:00 a.m., London time, on such Interest Determination Date.

(C) if none of the banks chosen by the Calculation Agent provides a quotation as discussed above, the rate of interest at which interest accrues on the 2021 FRN Notes will be the interest rate in effect for the 2021 FRN Notes for the then current Interest Period.

All percentages resulting from any calculation of the rate of interest on the 2021 FRN Notes 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).

The interest rate payable on the 2021 FRN Notes shall not be higher than the maximum rate permitted by the laws of the State of New York, as the same may be modified by the federal laws of the United States of America.

The Calculation Agent shall promptly notify the Trustee of each determination of the interest rate applicable to the 2021 FRN Notes, and of each Interest Period, the amount of interest expected to accrue for such Interest Period and the Interest Payment Date related to each Interest Period beginning with each Interest Reset Date, as soon as such information becomes available. The Trustee shall make such information available to the holders of the 2021 FRN Notes upon request.

The Calculation Agent determination of any interest rate and its calculation of the amount of interest for any Interest Period will be final and binding in the absence of manifest error.

So long as any 2021 FRN Note shall be outstanding, the Company shall maintain a Calculation Agent as to the 2021 FRN 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 Mellon 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 as the calculation agent,

(ii) any acting Calculation Agent fails to establish the floating interest rate for any Interest Period, or

(iii) the Company proposes to remove the Calculation Agent

determines, and following consultation with the Company, that there is no clear market consensus as to whether any rate has replaced LIBOR in customary market usage, (i) The Bank of New York Mellon Trust Company, N.A. shall have the right to resign as Calculation Agent in respect of the 2021 FRN Notes and (ii) the Company will appoint, in its sole discretion, a new Calculation Agent to replace The Bank of New York Mellon Trust Company, N.A., solely in its role as Calculation Agent in respect of the 2021 FRN Notes, to determine the Alternative Rate and make any Adjustments thereon, and whose determinations will be binding on the Company, the Trustee and the holders of the 2021 FRN Notes. If, however, the Calculation Agent determines that LIBOR has been discontinued, but for any reason an Alternative Rate has not been determined, LIBOR will be equal to such rate on the Interest Determination Date when LIBOR was last available on the Reuters Page LIBOR01, as determined by the Calculation Agent.

Payment Dates

Interest shall be payable on the 2021 FRN Notes quarterly in arrears on each March 23, June 23, September 23 and December 23 prior to the maturity of the 2021 FRN Notes and at maturity (each an “Interest Payment Date”) to the person or persons in whose name or names the 2021 FRN Notes are registered at the close of business on the immediately preceding March 8, June 8, September 8 and December 8, respectively, with the initial interest payment date to be September 23, 2018. If any Interest Payment Date for the 2021 FRN Notes (other than the maturity date) would otherwise be a day that is not a Business Day, then the Interest Payment Date will be postponed to the next succeeding Business Day, unless that Business Day falls in the next succeeding calendar month, in which case the Interest Payment Date will be the immediately preceding Business Day. If the maturity date of the 2021 FRN Notes falls on a day which is not a Business Day, then the Company will make the required payment of principal and interest on the next succeeding Business Day, as if it were made on the date the payment was due. Interest will not accrue on, from or after the stated maturity date as a result of this delayed payment.

Currency of Payment :

The principal and interest payable with respect to the 2021 FRN Notes shall be payable in United States dollars.

Payment Places :

All payments of principal of, and interest on, the 2021 FRN Notes shall be made as set forth in Section 6 of the Form of 2021 FRN Note.

Optional Redemption Features :

None.

Special Redemption Features, etc. :

The Company will be required to redeem the 2021 FRN Notes, in whole, but not in part, as, and at such time as, set forth in Section 5 of the Form of 2021 FRN Note.

Denominations :

$2,000 and integral multiples of $1,000 in excess thereof for the 2021 FRN Notes.

10.

Principal Repayment :

100% of the principal amount of the 2021 FRN Notes.

11.

Registrar, Paying Agent and Calculation Agent :

The Bank of New York Mellon Trust Company, N.A. shall be the registrar and paying agent for the 2021 FRN Notes and shall be the calculation agent for the 2021 FRN Notes.

12.

Payment of Additional Amounts:

None.

13.

Book-Entry Procedures :

The 2021 FRN Notes shall be initially issued in the form of global notes registered in the name of Cede & Co., as nominee for The Depository Trust Company, and shall be issued in certificated form only in limited circumstances, in each case, as set forth under Sections 12 and 13 of the Form of 2021 FRN Note. The 2021 FRN Notes shall be initially issued in the form of a total of two global notes, one of which global notes shall be in the principal amount of $500,000,000 and one of which global notes shall be in the principal amount of $250,000,000.

14.

Other Terms :

Sections 2, 3, 4, 5, 6, 7, 9, 10, 11, 12, 13, 14, 15, 16, 17 and 18 of the Form of 2021 FRN Note shall also apply to the 2021 FRN Notes.

The 2021 FRN Notes shall not have any terms or conditions of the type contemplated by clause (ii), (iii), (vi), (vii), (xi), (xiii), (xiv), (xvi), (xvii), (xviii), (xix) or (xx) of Section 3.01(j) of the Indenture.

E. The 2021 FRN Notes shall be issued pursuant to and governed by the Indenture. To the extent that the Indenture’s terms apply to the 2021 FRN 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 2021 FRN Notes.

[Signature page follows]

IN WITNESS WHEREOF, the undersigned has hereunto executed this Certificate as of June 20, 2018.

/s/ Matthew Allen

Matthew Allen

Vice President - Finance & Assistant Treasurer

ATTEST:

/s/ Gordon Y. Allison

Gordon Y. Allison

Vice President and General Counsel, Corporate

[Signature Page to Series Terms Certificate for Floating Rate Notes Due 2021]

ANNEX A

SERIES CONSENT

ANNEX B

FORM OF 2021 FRN NOTE

Exhibit 4(c)

WALMART INC.

Series Terms Certificate

Pursuant to the Indenture

Relating to 2.850% Notes Due 2020

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 a 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, effective as of June 15, 2018 (the “Series Consent”), which Series is designated as the “2.850% Notes Due 2020” (the “2020 Series”) by the Certifying Authorized Officer pursuant to the grant of authority under the terms of the Series Consent.

C. Pursuant to the Series Consent, the Company is authorized to issue initially promissory notes of the 2020 Series and the other promissory notes of the other series of notes established by the Series Consent having an aggregate principal amount in United States dollars not to exceed $16,000,000,000. 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 2020 Series (the “2020 Notes”) shall be issued in registered book-entry form, shall be substantially in the form attached hereto as Annex B (the “Form of 2020 Note”) and shall

initially be represented by a global security. Acting pursuant to authority delegated to the Certifying Authorized Officer pursuant to the Series Consent, the Certifying Authorized Officer has approved and set the aggregate principal amount of the 2020 Notes initially to be issued (the “Initial 2020 Notes”) to be $1,250,000,000.

D. Pursuant to Section 3.01 of the Indenture, the terms and conditions of the 2020 Series and the 2020 Notes are established and approved to be the following:

Designation :

The Series established by the Series Consent is designated as the “2.850% Notes Due 2020”.

Aggregate Principal Amount :

The 2020 Series is not limited as to the aggregate principal amount of all the promissory notes of the 2020 Series that the Company may issue; provided , however , that any additional promissory notes of the 2020 Series that are not fungible with any then outstanding 2020 Notes for United States federal income tax purposes will be issued under CUSIP and ISIN numbers separate from the CUSIP and ISIN numbers of such outstanding 2020 Notes; and provided , further , that no additional 2020 Notes may be issued under the Indenture if an Event of Default has occurred and remains uncured thereunder. The Company is issuing the Initial 2020 Notes in an aggregate original principal amount of $1,250,000,000.

Maturity :

Final maturity of the 2020 Notes shall be June 23, 2020.

Interest :

Rate

The 2020 Notes shall bear interest at the rate of 2.850% per annum, which interest shall commence accruing from and including June 27, 2018.

Payment Dates

Interest shall be payable on the 2020 Notes semi-annually in arrears on each June 23 and December 23 prior to the Maturity of the 2020 Notes and at Maturity to the person or persons in whose name or names the 2020 Notes are registered at the close of business on the immediately preceding June 8 and December 8, respectively, with the initial interest payment date to be December 23, 2018. Interest on the 2020 Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

Currency of Payment :

The principal and interest payable with respect to the 2020 Notes shall be payable in United States dollars.

Payment Places :

All payments of principal of, and interest on, the 2020 Notes shall be made as set forth in Section 5 of the Form of 2020 Note.

Optional Redemption Features :

The Company may redeem the 2020 Notes, at its option, as a whole or in part, as, and at such times as, set forth in Section 4 of the Form of 2020 Note.

There shall be no sinking fund with respect to the 2020 Notes.

Special Redemption Features, etc. :

None.

Denominations :

$2,000 and integral multiples of $1,000 in excess thereof for the 2020 Notes.

10.

Principal Repayment :

100% of the principal amount of the 2020 Notes.

11.

Registrar and Paying Agent :

The Bank of New York Mellon Trust Company, N.A. shall be the registrar and paying agent for the 2020 Notes.

12.

Payment of Additional Amounts:

None.

13.

Book-Entry Procedures :

The 2020 Notes shall be initially issued in the form of global notes registered in the name of Cede & Co., as nominee for The Depository Trust Company, and shall be issued in certificated form only in limited circumstances, in each case, as set forth under Sections 11 and 12 of the

Form of 2020 Note. The 2020 Notes shall be initially issued in the form of a total of three global notes, two of which global notes shall each be in the principal amount of $500,000,000 and one of which global notes shall be in the principal amount of $250,000,000.

14.

Other Terms :

Sections 2, 3, 4, 5, 6, 8, 9, 10, 11, 12, 13, 14, 15, 16 and 17 of the Form of 2020 Note shall also apply to the 2020 Notes.

The 2020 Notes shall not have any terms or conditions of the type contemplated by clause (ii), (iii), (vi), (vii), (xii), (xiii), (xiv), (xvi), (xvii), (xviii), (xix) or (xx) of Section 3.01(j) of the Indenture.

E. The 2020 Notes shall be issued pursuant to and governed by the Indenture. To the extent that the Indenture’s terms apply to the 2020 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 2020 Notes.

[Signature page follows]

IN WITNESS WHEREOF, the undersigned has hereunto executed this Certificate as of June 20, 2018.

/s/ Matthew Allen

Matthew Allen

Vice President - Finance & Assistant Treasurer

ATTEST:

/s/ Gordon Y. Allison

Gordon Y. Allison

Vice President, Division General Counsel, Corporate, and Assistant Secretary

[Signature Page to Series Terms Certificate for 2.850% Notes Due 2020]

ANNEX A

SERIES CONSENT

ANNEX B

FORM OF 2020 NOTE

Exhibit 4(d)

WALMART INC.

Series Terms Certificate

Pursuant to the Indenture

Relating to 3.125% Notes Due 2021

Pursuant to Section 3.01 of the Indenture, dated as of July 19, 2005, as amended and supplemented by that certain First Supplemental Indenture, dated as of December 1, 2006, that certain Second Supplemental Indenture, dated as of December 19, 2014 and that certain Third Supplemental Indenture, dated as of June 26, 2018 (as so amended and supplemented, the “Indenture”), made between Walmart Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”), Matthew Allen, Vice President—Finance & Assistant Treasurer of the Company (the “Certifying Authorized Officer”), hereby certifies as follows, and Gordon Y. Allison, Vice President, Division General Counsel, Corporate, 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 a 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, effective as of June 15, 2018 (the “Series Consent”), which Series is designated as the “3.125% Notes Due 2021” (the “2021 Series”) by the Certifying Authorized Officer pursuant to the grant of authority under the terms of the Series Consent.

C. Pursuant to the Series Consent, the Company is authorized to issue initially promissory notes of the 2021 Series and the other promissory notes of the other series of notes established by the Series Consent having an aggregate principal amount in United States dollars not to exceed $16,000,000,000. 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 2021 Series (the “2021 Notes”) shall be issued in registered book-entry form, shall be substantially in the form attached hereto as Annex B (the “Form of 2021 Note”) and shall

initially be represented by a global security. Acting pursuant to authority delegated to the Certifying Authorized Officer pursuant to the Series Consent, the Certifying Authorized Officer has approved and set the aggregate principal amount of the 2021 Notes initially to be issued (the “Initial 2021 Notes”) to be $1,750,000,000.

D. Pursuant to Section 3.01 of the Indenture, the terms and conditions of the 2021 Series and the 2021 Notes are established and approved to be the following:

Designation :

The Series established by the Series Consent is designated as the “3.125% Notes Due 2021”.

Aggregate Principal Amount :

The 2021 Series is not limited as to the aggregate principal amount of all the promissory notes of the 2021 Series that the Company may issue; provided , however , that any additional promissory notes of the 2021 Series that are not fungible with any then outstanding 2021 Notes for United States federal income tax purposes will be issued under CUSIP and ISIN numbers separate from the CUSIP and ISIN numbers of such outstanding 2021 Notes; and provided , further , that no additional 2021 Notes may be issued under the Indenture if an Event of Default has occurred and remains uncured thereunder. The Company is issuing the Initial 2021 Notes in an aggregate original principal amount of $1,750,000,000.

Maturity :

Final maturity of the 2021 Notes shall be June 23, 2021.

Interest :

Rate

The 2021 Notes shall bear interest at the rate of 3.125% per annum, which interest shall commence accruing from and including June 27, 2018.

Payment Dates

Interest shall be payable on the 2021 Notes semi-annually in arrears on each June 23 and December 23 prior to the Maturity of the 2021 Notes and at Maturity to the person or persons in whose name or names the 2021 Notes are registered at the close of business on the immediately preceding June 8 and December 8, respectively, with the initial interest payment date to be December 23, 2018. Interest on the 2021 Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

Currency of Payment :

The principal and interest payable with respect to the 2021 Notes shall be payable in United States dollars.

Payment Places :

All payments of principal of, and interest on, the 2021 Notes shall be made as set forth in Section 5 of the Form of 2021 Note.

Optional Redemption Features :

The Company may redeem the 2021 Notes, at its option, as a whole or in part, as, and at such times as, set forth in Section 4 of the Form of 2021 Note.

There shall be no sinking fund with respect to the 2021 Notes.

Special Redemption Features, etc. :

The Company will be required to redeem the 2021 Notes, in whole, but not in part, as, and at such time as, set forth in Section 4(d) of the Form of 2021 Note.

Denominations :

$2,000 and integral multiples of $1,000 in excess thereof for the 2021 Notes.

10.

Principal Repayment :

100% of the principal amount of the 2021 Notes.

11.

Registrar and Paying Agent :

The Bank of New York Mellon Trust Company, N.A. shall be the registrar and paying agent for the 2021 Notes.

12.

Payment of Additional Amounts:

None.

13.

Book-Entry Procedures :

The 2021 Notes shall be initially issued in the form of global notes registered in the name of Cede & Co., as nominee for The Depository Trust Company, and shall be issued in certificated form only in limited circumstances, in each case, as set forth under Sections 11 and 12 of the Form of 2021 Note. The 2021 Notes shall be initially issued in the form of a total of four global notes, three of which global notes shall each be in the principal amount of $500,000,000 and one of which global notes shall be in the principal amount of $250,000,000.

14.

Other Terms :

Sections 2, 3, 4, 5, 6, 8, 9, 10, 11, 12, 13, 14, 15, 16 and 17 of the Form of 2021 Note shall also apply to the 2021 Notes.

The 2021 Notes shall not have any terms or conditions of the type contemplated by clause (ii), (iii), (vi), (vii), (xiii), (xiv), (xvi), (xvii), (xviii), (xix) or (xx) of Section 3.01(j) of the Indenture.

E. The 2021 Notes shall be issued pursuant to and governed by the Indenture. To the extent that the Indenture’s terms apply to the 2021 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 2021 Notes.

[Signature page follows]

IN WITNESS WHEREOF, the undersigned has hereunto executed this Certificate as of June 20, 2018.

/s/ Matthew Allen

Matthew Allen

Vice President - Finance & Assistant Treasurer

ATTEST :

/s/ Gordon Y. Allison

Gordon Y. Allison

Vice President and General Counsel, Corporate

[Signature Page to Series Terms Certificate for 3.125% Notes Due 2021]

ANNEX A

SERIES CONSENT

ANNEX B

FORM OF 2021 NOTE

Exhibit 4(e)

WALMART INC.

Series Terms Certificate

Pursuant to the Indenture

Relating to 3.400% Notes Due 2023

Pursuant to Section 3.01 of the Indenture, dated as of July 19, 2005, as amended and supplemented by that certain First Supplemental Indenture, dated as of December 1, 2006, that certain Second Supplemental Indenture, dated as of December 19, 2014 and that certain Third Supplemental Indenture, dated as of June 26, 2018 (as so amended and supplemented, the “Indenture”), made between Walmart Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”), Matthew Allen, Vice President—Finance & Assistant Treasurer of the Company (the “Certifying Authorized Officer”), hereby certifies as follows, and Gordon Y. Allison, Vice President, Division General Counsel, Corporate, 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 a 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, effective as of June 15, 2018 (the “Series Consent”), which Series is designated as the “3.400% Notes Due 2023” (the “2023 Series”) by the Certifying Authorized Officer pursuant to the grant of authority under the terms of the Series Consent.

C. Pursuant to the Series Consent, the Company is authorized to issue initially promissory notes of the 2023 Series and the other promissory notes of the other series of notes established by the Series Consent having an aggregate principal amount in United States dollars not to exceed $16,000,000,000. 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 2023 Series (the “2023 Notes”) shall be issued in registered book-entry form, shall be substantially in the form attached hereto as Annex B (the “Form of 2023 Note”) and shall

initially be represented by a global security. Acting pursuant to authority delegated to the Certifying Authorized Officer pursuant to the Series Consent, the Certifying Authorized Officer has approved and set the aggregate principal amount of the 2023 Notes initially to be issued (the “Initial 2023 Notes”) to be $2,750,000,000.

D. Pursuant to Section 3.01 of the Indenture, the terms and conditions of the 2023 Series and the 2023 Notes are established and approved to be the following:

Designation :

The Series established by the Series Consent is designated as the “3.400% Notes Due 2023”.

Aggregate Principal Amount :

The 2023 Series is not limited as to the aggregate principal amount of all the promissory notes of the 2023 Series that the Company may issue; provided , however , that any additional promissory notes of the 2023 Series that are not fungible with any then outstanding 2023 Notes for United States federal income tax purposes will be issued under CUSIP and ISIN numbers separate from the CUSIP and ISIN numbers of such outstanding 2023 Notes; and provided , further , that no additional 2023 Notes may be issued under the Indenture if an Event of Default has occurred and remains uncured thereunder. The Company is issuing the Initial 2023 Notes in an aggregate original principal amount of $2,750,000,000.

Maturity :

Final maturity of the 2023 Notes shall be June 26, 2023.

Interest :

Rate

The 2023 Notes shall bear interest at the rate of 3.400% per annum, which interest shall commence accruing from and including June 27, 2018.

Payment Dates

Interest shall be payable on the 2023 Notes semi-annually in arrears on each June 26 and December 26 prior to the Maturity of the 2023 Notes and at Maturity to the person or persons in whose name or names the 2023 Notes are registered at the close of business on the immediately preceding June 11 and December 11, respectively, with the initial interest payment date to be December 26, 2018. Interest on the 2023 Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

Currency of Payment :

The principal and interest payable with respect to the 2023 Notes shall be payable in United States dollars.

Payment Places :

All payments of principal of, and interest on, the 2023 Notes shall be made as set forth in Section 5 of the Form of 2023 Note.

Optional Redemption Features :

The Company may redeem the 2023 Notes, at its option, as a whole or in part, as, and at such times as, set forth in Section 4 of the Form of 2023 Note.

There shall be no sinking fund with respect to the 2023 Notes.

Special Redemption Features, etc. :

The Company will be required to redeem the 2023 Notes, in whole, but not in part, as, and at such time as, set forth in Section 4(d) of the Form of 2023 Note.

Denominations :

$2,000 and integral multiples of $1,000 in excess thereof for the 2023 Notes.

10.

Principal Repayment :

100% of the principal amount of the 2023 Notes.

11.

Registrar and Paying Agent :

The Bank of New York Mellon Trust Company, N.A. shall be the registrar and paying agent for the 2023 Notes.

12.

Payment of Additional Amounts:

None.

13.

Book-Entry Procedures :

The 2023 Notes shall be initially issued in the form of global notes registered in the name of Cede & Co., as nominee for The Depository Trust Company, and shall be issued in certificated form only in limited circumstances, in each case, as set forth under Sections 11 and 12 of the Form of 2023 Note. The 2023 Notes shall be initially issued in the form of a total of six global notes, five of which global notes shall each be in the principal amount of $500,000,000 and one of which global notes shall be in the principal amount of $250,000,000.

14.

Other Terms :

Sections 2, 3, 4, 5, 6, 8, 9, 10, 11, 12, 13, 14, 15, 16 and 17 of the Form of 2023 Note shall also apply to the 2023 Notes.

The 2023 Notes shall not have any terms or conditions of the type contemplated by clause (ii), (iii), (vi), (vii), (xiii), (xiv), (xvi), (xvii), (xviii), (xix) or (xx) of Section 3.01(j) of the Indenture.

E. The 2023 Notes shall be issued pursuant to and governed by the Indenture. To the extent that the Indenture’s terms apply to the 2023 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 2023 Notes.

[Signature page follows]

IN WITNESS WHEREOF, the undersigned has hereunto executed this Certificate as of June 20, 2018.

/s/ Matthew Allen

Matthew Allen

Vice President - Finance & Assistant Treasurer

ATTEST:

/s/ Gordon Y. Allison

Gordon Y. Allison

Vice President and General Counsel, Corporate

[Signature Page to Series Terms Certificate for 3.400% Notes Due 2023]

ANNEX A

SERIES CONSENT

ANNEX B

FORM OF 2023 NOTE

Exhibit 4(f)

WALMART INC.

Series Terms Certificate

Pursuant to the Indenture

Relating to 3.550% Notes Due 2025

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 a 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, effective as of June 15, 2018 (the “Series Consent”), which Series is designated as the “3.550% Notes Due 2025” (the “2025 Series”) by the Certifying Authorized Officer pursuant to the grant of authority under the terms of the Series Consent.

C. Pursuant to the Series Consent, the Company is authorized to issue initially promissory notes of the 2025 Series and the other promissory notes of the other series of notes established by the Series Consent having an aggregate principal amount in United States dollars not to exceed $16,000,000,000. 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 2025 Series (the “2025 Notes”) shall be issued in registered book-entry form, shall be substantially in the form attached hereto as Annex B (the “Form of 2025 Note”) and shall

initially be represented by a global security. Acting pursuant to authority delegated to the Certifying Authorized Officer pursuant to the Series Consent, the Certifying Authorized Officer has approved and set the aggregate principal amount of the 2025 Notes initially to be issued (the “Initial 2025 Notes”) to be $1,500,000,000.

D. Pursuant to Section 3.01 of the Indenture, the terms and conditions of the 2025 Series and the 2025 Notes are established and approved to be the following:

Designation :

The Series established by the Series Consent is designated as the “3.550% Notes Due 2025”.

Aggregate Principal Amount :

The 2025 Series is not limited as to the aggregate principal amount of all the promissory notes of the 2025 Series that the Company may issue; provided , however , that any additional promissory notes of the 2025 Series that are not fungible with any then outstanding 2025 Notes for United States federal income tax purposes will be issued under CUSIP and ISIN numbers separate from the CUSIP and ISIN numbers of such outstanding 2025 Notes; and provided , further , that no additional 2025 Notes may be issued under the Indenture if an Event of Default has occurred and remains uncured thereunder. The Company is issuing the Initial 2025 Notes in an aggregate original principal amount of $1,500,000,000.

Maturity :

Final maturity of the 2025 Notes shall be June 26, 2025.

Interest :

Rate

The 2025 Notes shall bear interest at the rate of 3.550% per annum, which interest shall commence accruing from and including June 27, 2018.

Payment Dates

Interest shall be payable on the 2025 Notes semi-annually in arrears on each June 26 and December 26 prior to the Maturity of the 2025 Notes and at Maturity to the person or persons in whose name or names the 2025 Notes are registered at the close of business on the immediately preceding June 11 and December 11, respectively, with the initial interest payment date to be December 26, 2018. Interest on the 2025 Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

Currency of Payment :

The principal and interest payable with respect to the 2025 Notes shall be payable in United States dollars.

Payment Places :

All payments of principal of, and interest on, the 2025 Notes shall be made as set forth in Section 5 of the Form of 2025 Note.

Optional Redemption Features :

The Company may redeem the 2025 Notes, at its option, as a whole or in part, as, and at such times as, set forth in Section 4 of the Form of 2025 Note.

There shall be no sinking fund with respect to the 2025 Notes.

Special Redemption Features, etc. :

None.

Denominations :

$2,000 and integral multiples of $1,000 in excess thereof for the 2025 Notes.

10.

Principal Repayment :

100% of the principal amount of the 2025 Notes.

11.

Registrar and Paying Agent :

The Bank of New York Mellon Trust Company, N.A. shall be the registrar and paying agent for the 2025 Notes.

12.

Payment of Additional Amounts:

None.

13.

Book-Entry Procedures :

The 2025 Notes shall be initially issued in the form of global notes registered in the name of Cede & Co., as nominee for The Depository Trust Company, and shall be issued in certificated form only in limited circumstances, in each case, as set forth under Sections 11 and 12 of the

Form of 2025 Note. The 2025 Notes shall be initially issued in the form of a total of three global notes, each of which global notes shall be in the principal amount of $500,000,000.

14.

Other Terms :

Sections 2, 3, 4, 5, 6, 8, 9, 10, 11, 12, 13, 14, 15, 16 and 17 of the Form of 2025 Note shall also apply to the 2025 Notes.

The 2025 Notes shall not have any terms or conditions of the type contemplated by clause (ii), (iii), (vi), (vii), (xii), (xiii), (xiv), (xvi), (xvii), (xviii), (xix) or (xx) of Section 3.01(j) of the Indenture.

E. The 2025 Notes shall be issued pursuant to and governed by the Indenture. To the extent that the Indenture’s terms apply to the 2025 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 2025 Notes.

[Signature page follows]

IN WITNESS WHEREOF, the undersigned has hereunto executed this Certificate as of June 20, 2018.

/s/ Matthew Allen

Matthew Allen

Vice President - Finance & Assistant Treasurer

ATTEST:

/s/ Gordon Y. Allison

Gordon Y. Allison

Vice President, Division General Counsel,

Corporate, and Assistant Secretary

[Signature Page to Series Terms Certificate for 3.550% Notes Due 2025]

ANNEX A

SERIES CONSENT

ANNEX B

FORM OF 2025 NOTE

Exhibit 4(g)

WALMART INC.

Series Terms Certificate

Pursuant to the Indenture

Relating to 3.700% Notes Due 2028

Pursuant to Section 3.01 of the Indenture, dated as of July 19, 2005, as amended and supplemented by that certain First Supplemental Indenture, dated as of December 1, 2006, that certain Second Supplemental Indenture, dated as of December 19, 2014 and that certain Third Supplemental Indenture, dated as of June 26, 2018 (as so amended and supplemented, the “Indenture”), made between Walmart Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”), Matthew Allen, Vice President—Finance & Assistant Treasurer of the Company (the “Certifying Authorized Officer”), hereby certifies as follows, and Gordon Y. Allison, Vice President, Division General Counsel, Corporate, 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 a 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, effective as of June 15, 2018 (the “Series Consent”), which Series is designated as the “3.700% Notes Due 2028” (the “2028 Series”) by the Certifying Authorized Officer pursuant to the grant of authority under the terms of the Series Consent.

C. Pursuant to the Series Consent, the Company is authorized to issue initially promissory notes of the 2028 Series and the other promissory notes of the other series of notes established by the Series Consent having an aggregate principal amount in United States dollars not to exceed $16,000,000,000. 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 2028 Series (the “2028 Notes”) shall be issued in registered book-entry form, shall be substantially in the form attached hereto as Annex B (the “Form of 2028 Note”) and shall

initially be represented by a global security. Acting pursuant to authority delegated to the Certifying Authorized Officer pursuant to the Series Consent, the Certifying Authorized Officer has approved and set the aggregate principal amount of the 2028 Notes initially to be issued (the “Initial 2028 Notes”) to be $2,750,000,000.

D. Pursuant to Section 3.01 of the Indenture, the terms and conditions of the 2028 Series and the 2028 Notes are established and approved to be the following:

Designation :

The Series established by the Series Consent is designated as the “3.700% Notes Due 2028”.

Aggregate Principal Amount :

The 2028 Series is not limited as to the aggregate principal amount of all the promissory notes of the 2028 Series that the Company may issue; provided , however , that any additional promissory notes of the 2028 Series that are not fungible with any then outstanding 2028 Notes for United States federal income tax purposes will be issued under CUSIP and ISIN numbers separate from the CUSIP and ISIN numbers of such outstanding 2028 Notes; and provided , further , that no additional 2028 Notes may be issued under the Indenture if an Event of Default has occurred and remains uncured thereunder. The Company is issuing the Initial 2028 Notes in an aggregate original principal amount of $2,750,000,000.

Maturity :

Final maturity of the 2028 Notes shall be June 26, 2028.

Interest :

Rate

The 2028 Notes shall bear interest at the rate of 3.700% per annum, which interest shall commence accruing from and including June 27, 2018.

Payment Dates

Interest shall be payable on the 2028 Notes semi-annually in arrears on each June 26 and December 26 prior to the Maturity of the 2028 Notes and at Maturity to the person or persons in whose name or names the 2028 Notes are registered at the close of business on the immediately preceding June 11 and December 11, respectively, with the initial interest payment date to be December 26, 2018. Interest on the 2028 Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

Currency of Payment :

The principal and interest payable with respect to the 2028 Notes shall be payable in United States dollars.

Payment Places :

All payments of principal of, and interest on, the 2028 Notes shall be made as set forth in Section 5 of the Form of 2028 Note.

Optional Redemption Features :

The Company may redeem the 2028 Notes, at its option, as a whole or in part, as, and at such times as, set forth in Section 4 of the Form of 2028 Note.

There shall be no sinking fund with respect to the 2028 Notes.

Special Redemption Features, etc. :

The Company will be required to redeem the 2028 Notes, in whole, but not in part, as, and at such time as, set forth in Section 4(d) of the Form of 2028 Note.

Denominations :

$2,000 and integral multiples of $1,000 in excess thereof for the 2028 Notes.

10.

Principal Repayment :

100% of the principal amount of the 2028 Notes.

11.

Registrar and Paying Agent :

The Bank of New York Mellon Trust Company, N.A. shall be the registrar and paying agent for the 2028 Notes.

12.

Payment of Additional Amounts:

None.

13.

Book-Entry Procedures :

The 2028 Notes shall be initially issued in the form of global notes registered in the name of Cede & Co., as nominee for The Depository Trust Company, and shall be issued in certificated form only in limited circumstances, in each case, as set forth under Sections 11 and 12 of the Form of 2028 Note. The 2028 Notes shall be initially issued in the form of a total of six global notes, five of which global notes shall each be in the principal amount of $500,000,000 and one of which global notes shall be in the principal amount of $250,000,000.

14.

Other Terms :

Sections 2, 3, 4, 5, 6, 8, 9, 10, 11, 12, 13, 14, 15, 16 and 17 of the Form of 2028 Note shall also apply to the 2028 Notes.

The 2028 Notes shall not have any terms or conditions of the type contemplated by clause (ii), (iii), (vi), (vii), (xiii), (xiv), (xvi), (xvii), (xviii), (xix) or (xx) of Section 3.01(j) of the Indenture.

E. The 2028 Notes shall be issued pursuant to and governed by the Indenture. To the extent that the Indenture’s terms apply to the 2028 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 2028 Notes.

[Signature page follows]

IN WITNESS WHEREOF, the undersigned has hereunto executed this Certificate as of June 20, 2018.

/s/ Matthew Allen

Matthew Allen

Vice President - Finance & Assistant Treasurer

ATTEST:

/s/ Gordon Y. Allison

Gordon Y. Allison

Vice President and General Counsel, Corporate

[Signature Page to Series Terms Certificate for 3.700% Notes Due 2028]

ANNEX A

SERIES CONSENT

ANNEX B

FORM OF 2028 NOTE

Exhibit 4(h)

WALMART INC.

Series Terms Certificate

Pursuant to the Indenture

Relating to 3.950% Notes Due 2038

Pursuant to Section 3.01 of the Indenture, dated as of July 19, 2005, as amended and supplemented by that certain First Supplemental Indenture, dated as of December 1, 2006, that certain Second Supplemental Indenture, dated as of December 19, 2014 and that certain Third Supplemental Indenture, dated as of June 26, 2018 (as so amended and supplemented, the “Indenture”), made between Walmart Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”), Matthew Allen, Vice President—Finance & Assistant Treasurer of the Company (the “Certifying Authorized Officer”), hereby certifies as follows, and Gordon Y. Allison, Vice President, Division General Counsel, Corporate, 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 a 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, effective as of June 15, 2018 (the “Series Consent”), which Series is designated as the “3.950% Notes Due 2038” (the “2038 Series”) by the Certifying Authorized Officer pursuant to the grant of authority under the terms of the Series Consent.

C. Pursuant to the Series Consent, the Company is authorized to issue initially promissory notes of the 2038 Series and the other promissory notes of the other series of notes established by the Series Consent having an aggregate principal amount in United States dollars not to exceed $16,000,000,000. 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 2038 Series (the “2038 Notes”) shall be issued in registered book-entry form, shall be substantially in the form attached hereto as Annex B (the “Form of 2038 Note”) and shall

initially be represented by a global security. Acting pursuant to authority delegated to the Certifying Authorized Officer pursuant to the Series Consent, the Certifying Authorized Officer has approved and set the aggregate principal amount of the 2038 Notes initially to be issued (the “Initial 2038 Notes”) to be $1,500,000,000.

D. Pursuant to Section 3.01 of the Indenture, the terms and conditions of the 2038 Series and the 2038 Notes are established and approved to be the following:

Designation :

The Series established by the Series Consent is designated as the “3.950% Notes Due 2038”.

Aggregate Principal Amount :

The 2038 Series is not limited as to the aggregate principal amount of all the promissory notes of the 2038 Series that the Company may issue; provided , however , that any additional promissory notes of the 2038 Series that are not fungible with any then outstanding 2038 Notes for United States federal income tax purposes will be issued under CUSIP and ISIN numbers separate from the CUSIP and ISIN numbers of such outstanding 2038 Notes; and provided , further , that no additional 2038 Notes may be issued under the Indenture if an Event of Default has occurred and remains uncured thereunder. The Company is issuing the Initial 2038 Notes in an aggregate original principal amount of $1,500,000,000.

Maturity :

Final maturity of the 2038 Notes shall be June 28, 2038.

Interest :

Rate

The 2038 Notes shall bear interest at the rate of 3.950% per annum, which interest shall commence accruing from and including June 27, 2018.

Payment Dates

Interest shall be payable on the 2038 Notes semi-annually in arrears on each June 28 and December 28 prior to the Maturity of the 2038 Notes and at Maturity to the person or persons in whose name or names the 2038 Notes are registered at the close of business on the immediately preceding June 13 and December 13, respectively, with the initial interest payment date to be December 28, 2018. Interest on the 2038 Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

Currency of Payment :

The principal and interest payable with respect to the 2038 Notes shall be payable in United States dollars.

Payment Places :

All payments of principal of, and interest on, the 2038 Notes shall be made as set forth in Section 5 of the Form of 2038 Note.

Optional Redemption Features :

The Company may redeem the 2038 Notes, at its option, as a whole or in part, as, and at such times as, set forth in Section 4 of the Form of 2038 Note.

There shall be no sinking fund with respect to the 2038 Notes.

Special Redemption Features, etc. :

The Company will be required to redeem the 2038 Notes, in whole, but not in part, as, and at such time as, set forth in Section 4(d) of the Form of 2038 Note.

Denominations :

$2,000 and integral multiples of $1,000 in excess thereof for the 2038 Notes.

10.

Principal Repayment :

100% of the principal amount of the 2038 Notes.

11.

Registrar and Paying Agent :

The Bank of New York Mellon Trust Company, N.A. shall be the registrar and paying agent for the 2038 Notes.

12.

Payment of Additional Amounts:

None.

13.

Book-Entry Procedures :

The 2038 Notes shall be initially issued in the form of global notes registered in the name of Cede & Co., as nominee for The Depository Trust Company, and shall be issued in certificated form only in limited circumstances, in each case, as set forth under Sections 11 and 12 of the Form of 2038 Note. The 2038 Notes shall be initially issued in the form of a total of three global notes, each of which global notes shall be in the principal amount of $500,000,000.

14.

Other Terms :

Sections 2, 3, 4, 5, 6, 8, 9, 10, 11, 12, 13, 14, 15, 16 and 17 of the Form of 2038 Note shall also apply to the 2038 Notes.

The 2038 Notes shall not have any terms or conditions of the type contemplated by clause (ii), (iii), (vi), (vii), (xiii), (xiv), (xvi), (xvii), (xviii), (xix) or (xx) of Section 3.01(j) of the Indenture.

E. The 2038 Notes shall be issued pursuant to and governed by the Indenture. To the extent that the Indenture’s terms apply to the 2038 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 2038 Notes.

[Signature page follows]

IN WITNESS WHEREOF, the undersigned has hereunto executed this Certificate as of June 20, 2018.

/s/ Matthew Allen

Matthew Allen

Vice President - Finance & Assistant Treasurer

ATTEST:

/s/ Gordon Y. Allison

Gordon Y. Allison

Vice President and General Counsel, Corporate

[Signature Page to Series Terms Certificate for 3.950% Notes Due 2038]

ANNEX A

SERIES CONSENT

ANNEX B

FORM OF 2038 NOTE

Exhibit 4(i)

WALMART INC.

Series Terms Certificate

Pursuant to the Indenture

Relating to 4.050% Notes Due 2048

Pursuant to Section 3.01 of the Indenture, dated as of July 19, 2005, as amended and supplemented by that certain First Supplemental Indenture, dated as of December 1, 2006, that certain Second Supplemental Indenture, dated as of December 19, 2014, and that certain Third Supplemental Indenture, dated as of June 26, 2018 (as so amended and supplemented, the “Indenture”), made between Walmart Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee”), Matthew Allen, Vice President - Finance & Assistant Treasurer of the Company (the “Certifying Authorized Officer”), hereby certifies as follows, and Gordon Y. Allison, Vice President, Division General Counsel, Corporate, 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 a 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, effective as of June 15, 2018 (the “Series Consent”), which Series is designated as the “4.050% Notes Due 2048” (the “2048 Series”) by the Certifying Authorized Officer pursuant to the grant of authority under the terms of the Series Consent.

C. Pursuant to the Series Consent, the Company is authorized to issue initially promissory notes of the 2048 Series and the other promissory notes of the other series of notes established by the Series Consent having an aggregate principal amount in United States dollars not to exceed $16,000,000,000. 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 2048 Series (the “2048 Notes”) shall be issued in registered book-entry form, shall be substantially in the form attached hereto as Annex B (the “Form of 2048 Note”) and shall

initially be represented by a global security. Acting pursuant to authority delegated to the Certifying Authorized Officer pursuant to the Series Consent, the Certifying Authorized Officer has approved and set the aggregate principal amount of the 2048 Notes initially to be issued (the “Initial 2048 Notes”) to be $3,000,000,000.

D. Pursuant to Section 3.01 of the Indenture, the terms and conditions of the 2048 Series and the 2048 Notes are established and approved to be the following:

Designation :

The Series established by the Series Consent is designated as the “4.050% Notes Due 2048”.

Aggregate Principal Amount :

The 2048 Series is not limited as to the aggregate principal amount of all the promissory notes of the 2048 Series that the Company may issue; provided , however , that any additional promissory notes of the 2048 Series that are not fungible with any then outstanding 2048 Notes for United States federal income tax purposes will be issued under CUSIP and ISIN numbers separate from the CUSIP and ISIN numbers of such outstanding 2048 Notes; and provided , further , that no additional 2048 Notes may be issued under the Indenture if an Event of Default has occurred and remains uncured thereunder. The Company is issuing the Initial 2048 Notes in an aggregate original principal amount of $3,000,000,000.

Maturity :

Final maturity of the 2048 Notes shall be June 29, 2048.

Interest :

Rate

The 2048 Notes shall bear interest at the rate of 4.050% per annum, which interest shall commence accruing from and including June 27, 2018.

Payment Dates

Interest shall be payable on the 2048 Notes semi-annually in arrears on each June 29 and December 29 prior to the Maturity of the 2048 Notes and at Maturity to the person or persons in whose name or names the 2048 Notes are registered at the close of business on the immediately preceding June 14 and December 14, respectively, with the initial interest payment date to be December 29, 2018. Interest on the 2048 Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

Currency of Payment :

The principal and interest payable with respect to the 2048 Notes shall be payable in United States dollars.

Payment Places :

All payments of principal of, and interest on, the 2048 Notes shall be made as set forth in Section 5 of the Form of 2048 Note.

Optional Redemption Features :

The Company may redeem the 2048 Notes, at its option, as a whole or in part, as, and at such times as, set forth in Section 4 of the Form of 2048 Note.

There shall be no sinking fund with respect to the 2048 Notes.

Special Redemption Features, etc. :

None.

Denominations :

$2,000 and integral multiples of $1,000 in excess thereof for the 2048 Notes.

10.

Principal Repayment :

100% of the principal amount of the 2048 Notes.

11.

Registrar and Paying Agent :

The Bank of New York Mellon Trust Company, N.A. shall be the registrar and paying agent for the 2048 Notes.

12.

Payment of Additional Amounts:

None.

13.

Book-Entry Procedures :

The 2048 Notes shall be initially issued in the form of global notes registered in the name of Cede & Co., as nominee for The Depository Trust Company, and shall be issued in certificated form only in limited circumstances, in each case, as set forth under Sections 11 and 12 of the

Form of 2048 Note. The 2048 Notes shall be initially issued in the form of a total of six global notes, each of which global notes shall be in the principal amount of $500,000,000.

14.

Other Terms :

Sections 2, 3, 4, 5, 6, 8, 9, 10, 11, 12, 13, 14, 15, 16 and 17 of the Form of 2048 Note shall also apply to the 2048 Notes.

The 2048 Notes shall not have any terms or conditions of the type contemplated by clause (ii), (iii), (vi), (vii), (xii), (xiii), (xiv), (xvi), (xvii), (xviii), (xix) or (xx) of Section 3.01(j) of the Indenture.

E. The 2048 Notes shall be issued pursuant to and governed by the Indenture. To the extent that the Indenture’s terms apply to the 2048 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 2048 Notes.

[Signature page follows]

IN WITNESS WHEREOF, the undersigned has hereunto executed this Certificate as of June 20, 2018.

/s/ Matthew Allen

Matthew Allen

Vice President - Finance & Assistant Treasurer

ATTEST:

/s/ Gordon Y. Allison

Gordon Y. Allison

Vice President, Division General Counsel,

Corporate, and Assistant Secretary

[Signature Page to Series Terms Certificate for 4.050% Notes Due 2048]

ANNEX A

SERIES CONSENT

ANNEX B

FORM OF 2048 NOTE

Exhibit 4(j)

[IF A GLOBAL NOTE, INSERT: THIS NOTE IS A GLOBAL SECURITY AND IS REGISTERED IN THE NAME OF CEDE & CO., AS NOMINEE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (THE “DEPOSITARY”). 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 DEPOSITARY 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 THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), 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.]

W ALMART I NC .

FLOATING RATE NOTES DUE 2020

Number [ ]

$[ ]

CUSIP: 931142 EF6

ISIN No.: US931142EF61

WALMART 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 [ ] or registered assigns, the principal sum of [ ] ($[ ]), [IF A GLOBAL NOTE, INSERT: except as otherwise noted on the attached Schedule of Increases or Decreases in Global Note,] on June 23, 2020, and to pay interest, computed on the basis of the actual number of days during the relevant Interest Period (as defined below) and a 360-day year, quarterly in arrears on March 23, June 23, September 23 and December 23 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 September 23, 2018, on said principal sum in like currency, at the rate per annum determined as specified herein from June 27, 2018 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 preceding March 8, in the case of an Interest Payment Date of March 23, on the preceding June 8, in the case of an Interest Payment Date of June 23, on the preceding September 8, in the case of an Interest Payment Date of September 23, and on the preceding December 8, in the case of an Interest Payment Date of December 23 (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.

[The signature page of this Note follows.]

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.


	WALMART INC.

	By:
		Name:
		Title:

[SEAL]	By:
		Name:
		Title:

Dated: _______________

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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


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

By:
		Authorized Signatory

[Signature Page to Global Floating Rate Note Due 2020]

WALMART INC.

FLOATING RATE NOTES DUE 2020

1. Indenture; Notes . This Note is one of a duly authorized Series of Securities of the Company designated as the “Floating Rate Notes Due 2020” (the “Notes”), initially issued in an aggregate principal amount of $750,000,000 on June 27, 2018. 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 and amended by the First Supplemental Indenture, dated as of December 1, 2006, the Second Supplemental Indenture, dated as of December 19, 2014, and the Third Supplemental Indenture, dated as of June 26, 2018, in each case, 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 the public offering price, initial interest accrual date, initial Interest Payment Date, and the issue date) so that such additional Securities shall be consolidated and form a single Series with the Notes; provided , however , that any additional Securities that are not fungible with any then outstanding Notes for United States federal income tax purposes will be issued under CUSIP and ISIN numbers separate from the CUSIP and ISIN numbers of such outstanding Notes; and provided , further , 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 accrue and be payable on the Notes shall be a floating rate, which for each Interest Period (as defined below) shall be the Three-Month LIBOR Rate (as defined below) determined for that Interest Period plus four (4) basis points (i.e.,0.040%).

The Calculation Agent (as defined below) will reset the rate of interest on the Notes for each Interest Period 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 second London Business Day immediately preceding the applicable Interest Reset Date (each, an “Interest Determination Date”). The Interest Determination Date for the initial applicable interest rate on the Notes was June 25, 2018.

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 or maturity, as applicable (each, an “Interest Period”).

The Bank of New York Mellon Trust Company, N.A. has initially been appointed in Section 14 to 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 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 Mellon 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 as the calculation agent hereunder; (ii) any acting Calculation Agent fails to establish the floating interest rate for any Interest Period; or (iii) the Company proposes to remove the Calculation Agent.

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.

“Business Day” shall mean any day which is not a day on which banking institutions in the City of New York or the relevant place of payment are authorized or required by law, regulation or executive order to close.

“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 Period, the London Interbank Offered Rate (“LIBOR”) for deposits in U.S. dollars having a three-month maturity commencing on the second London Business Day immediately following the Interest Determination Date which appears on Reuters Page LIBOR01 (as defined below) as of 11:00 A.M., London time, on that Interest Determination Date for U.S. dollars. Except as otherwise provided in the immediately succeeding paragraph below, if on a particular Interest Determination Date, LIBOR for deposits in U.S. dollars having a three-month maturity commencing on the second London Business Day immediate following the Interest Determination Date does not appear on Reuters Page LIBOR01 at approximately 11:00 A.M., London time, or if Reuters Page LIBOR01 is not available on such date, LIBOR for the Interest Period commencing immediately after such Interest Determination Date will be the rate for deposits in U.S. dollar having a three-month maturity commencing on the second London Business Day immediately following the particular Interest Determination Date that appears on Bloomberg, L.P.’s page “BBAM” at 11:00 a.m., London time, on such Interest Determination Date. Except as otherwise provided in the immediately succeeding paragraph below, if the LIBOR rate for deposits in U.S. dollars having a three-month maturity cannot be determined by reference to Reuters Page LIBOR01 or Bloomberg, L.P.’s page “BBAM” on an Interest

Determination Date as described above, then the Calculation Agent will determine LIBOR as follows: (A) the Calculation Agent shall select the principal London offices of four major banks in the London interbank market and request each bank to provide its offered quotation for deposits in U.S. dollars having a three-month maturity commencing on the second London Business Day immediately following the Interest Determination Date, to prime banks in the London interbank market at approximately 11:00 A.M., London time, on the Interest Determination Date. Those quotes will be for deposits in U.S. dollars in a principal amount that is representative of a single transaction in U.S. dollars in the market at that time, but which principal amount shall be no less than $1 million. If at least two of those banks provide a quotation, the Calculation Agent will compute LIBOR as, and LIBOR for the relevant Interest Period shall be, the arithmetic mean of the quotations provided; (B) if fewer than two of those banks provide a quotation, the Calculation Agent will request from three major banks in New York, New York at approximately 11:00 A.M., New York City time, on the Interest Determination Date, quotations for loans in U.S. dollars having a three-month term to leading European banks, commencing on the second London Business Day immediately following the Interest Determination Date. These quotes will be for loans in a principal amount that is representative of a single transaction in the market at that time, but which principal amount shall be no less than $1 million. The Calculation Agent will compute LIBOR as, and LIBOR for the relevant Interest Period shall be, the arithmetic mean of the quotations provided; and (C) if none of the banks chosen by the Calculation Agent provides a quotation as discussed above, the rate of interest at which interest accrues on the Notes will be the interest rate in effect for the Notes for the then current Interest Period.

Notwithstanding the foregoing, if the Company or the Calculation Agent determines that LIBOR has been permanently discontinued, then the Calculation Agent will use, as a substitute for LIBOR and for each future interest determination date, the alternative reference rate (the “Alternative Rate”) selected by the central bank, reserve bank, monetary authority or any similar institution (including any committee or working group thereof) that is consistent with accepted market practice. As part of such substitution, the Calculation Agent will, after consultation with the Company, make such adjustments (“Adjustments”) to the Alternative Rate or the spread thereon, as well as the Business Day convention, interest determination dates and related provisions and definitions, in each case that are consistent with accepted market practice for the use of such Alternative Rate for debt obligations such as the Notes. If the Calculation Agent determines, following consultation with the Company, that there is no clear market consensus as to whether any rate has replaced LIBOR in customary market usage, (i) The Bank of New York Mellon Trust Company, N.A. shall have the right to resign as Calculation Agent in respect of the Notes and (ii) the Company will appoint, in its sole discretion, a new Calculation Agent to replace The Bank of New York Mellon Trust Company, N.A., solely in its role as Calculation Agent in respect of the Notes, to determine the Alternative Rate and make any Adjustments thereon, and whose determinations will be binding on the Company, the Trustee and the Holders. If, however, the Calculation Agent determines that LIBOR has been discontinued, but for any reason an Alternative Rate has not been determined, LIBOR will be equal to such rate on the interest determination date when LIBOR was last available on the Reuters Page LIBOR01, as determined by the Calculation Agent.

“Reuters Page LIBOR01” means the display appearing on the Thompson Reuters EIKON (or any successor service) designated as page “LIBOR01” (or any replacement page on that service or equivalent page on any successor service) and the term “BBAM” refers to the display appearing on Bloomberg L.P.’s Bloomberg Professional (or any successor service) designated as page “BBAM” (or any replacement page on that service or equivalent page on any successor service), in each case for the purpose of displaying London interbank offered rates administered by ICE Benchmark Administration Limited (or any other person assuming the responsibility for the administration of those rates).

The Calculation Agent’s determination of any interest rate and its calculation of the amount of interest for any Interest Period will be final and binding in the absence of manifest error.

The interest rate payable on the Notes shall not be higher than the maximum rate permitted by the laws of the State of New York, as the same may be modified by the federal laws of the United States of America.

The Calculation Agent shall promptly notify the Trustee of each determination of the interest rate applicable to the Notes, and of each Interest Period, the amount of interest expected to accrue for such Interest Period and the Interest Payment Date related to each Interest Period beginning with each Interest Reset Date, as soon as such information becomes available. The Calculation Agent shall make such information available to the Holder of this Note upon request.

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 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.

4. 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 the basis of the actual days for which interest is overdue and a year of 360 days, 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.

5. Place and Method of Payment . The Company shall pay principal of and interest on the Notes at the office or agency of the Paying Agent (as defined in Section 14 hereof) in the Borough of Manhattan, The City of New York; provided , however , that at the option of the Company, the Company may pay interest by check mailed to the person entitled thereto at such person’s address as it appears on the Registry for the Notes.

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

7. No Redemption or Sinking Fund . The Notes are not redeemable 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 $2,000 and integral multiples of $1,000 in excess thereof. The Notes are initially being issued in the form of one or more global notes (each, a “Global Note”), evidencing all or any portion of the Notes and registered in the name of The Depository Trust Company (the “Depositary”) or its nominee (including their respective successors) as Depositary under the Indenture. The Notes shall be issued in certificated form (each, a “Definitive Note”) only in the following limited circumstances: (1) the Depositary is at any time unwilling or unable to continue as Depositary or ceases to be a clearing agency registered under applicable law, and a successor depositary is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such ineligibility; (2) the Company delivers to the Trustee a Company Order to the effect that this Note shall be exchangeable for Definitive Notes; or (3) an Event of Default has occurred and is continuing with respect to the Notes, in each such case this Note shall be exchangeable for Definitive Notes in an equal aggregate principal amount. Such Definitive Notes shall be registered in such name or names as the Depositary shall instruct the Trustee.

12. Registration, Transfer and Exchange. As provided in the Indenture and subject to certain limitations therein set forth, the Company shall provide for the registration of the Notes and the transfer and exchange of the Notes, whether in global or definitive form. At the option of the Holders, at the offices of the Registrar (as defined in Section 12 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, 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 (i) the registrar (the “Registrar”) for the purpose of registering the Notes and of effecting transfers and exchanges of the Notes pursuant to the Indenture and this Note; (ii) the Paying Agent pursuant to Section 3.04 of the Indenture (the “Paying Agent”); and (iii) as the calculation agent for the purposes of determining the Three-Month LIBOR Rate for each Interest Period and the amount of interest payable under this Note to the Holder with respect to each Interest Period.

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

16. Separability . In case any provision of the Indenture or the Notes shall, for any reason, be held to be invalid, illegal or unenforceable, then the validity, legality and enforceability of the remaining provisions thereof and hereof shall not in any way be affected or impaired thereby.

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

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 Walmart 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.

[IF A GLOBAL NOTE, INSERT: SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE]

The following increases or decreases in this Global Note have been made.

Date of Change

Amount of

decrease in

Principal Amount

of this Global

Note

Amount of

increase in

Principal Amount

of this Global

Note

Principal Amount of this

Global Note following
such decrease or increase

Signature of authorized
signatory of Trustee

Exhibit 4(k)

W ALMART I NC .

FLOATING RATE NOTES DUE 2021

Number [ ]

$[ ]

CUSIP: 931142 EH2

ISIN No.: US931142EH28

WALMART 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 [ ] or registered assigns, the principal sum of [ ] ($[ ]), [IF A GLOBAL NOTE, INSERT: except as otherwise noted on the attached Schedule of Increases or Decreases in Global Note,] on June 23, 2021, and to pay interest, computed on the basis of the actual number of days during the relevant Interest Period (as defined below) and a 360-day year, quarterly in arrears on March 23, June 23, September 23 and December 23 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 September 23, 2018, on said principal sum in like currency, at the rate per annum determined as specified herein from June 27, 2018 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 preceding March 8, in the case of an Interest Payment Date of March 23, on the preceding June 8, in the case of an Interest Payment Date of June 23, on the preceding September 8, in the case of an Interest Payment Date of September 23, and on the preceding December 8, in the case of an Interest Payment Date of December 23 (each, a “Record Date”).

[The signature page of this Note follows.]


	WALMART INC.

	By:
		Name:
		Title:

[SEAL]	By:
		Name: Gordon Y. Allison
		Title:

Dated:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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


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

By:
		Authorized Signatory

[Signature Page to Global Floating Rate Note Due 2021]

WALMART INC.

FLOATING RATE NOTES DUE 2021

1. Indenture; Notes . This Note is one of a duly authorized Series of Securities of the Company designated as the “Floating Rate Notes Due 2021” (the “Notes”), initially issued in an aggregate principal amount of $750,000,000 on June 27, 2018. 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 and amended by the First Supplemental Indenture, dated as of December 1, 2006, the Second Supplemental Indenture, dated as of December 19, 2014, and the Third Supplemental Indenture, dated as of June 26, 2018, in each case, 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 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.

“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’s determination of any interest rate and its calculation of the amount of interest for any Interest Period will be final and binding in the absence of manifest error.

5. Special Mandatory Redemption . In May 2018, the Company and one of its subsidiaries entered into agreements (the “Flipkart Agreements”) with Flipkart Private Limited (“Flipkart”), the Singapore holding company of the Flipkart group, and certain shareholders of Flipkart (the “Flipkart Shareholders”), pursuant to which such subsidiary of the Company has agreed to acquire certain shares of Flipkart (the “Flipkart Acquisition”). If (i) the Flipkart Acquisition has

not been consummated on or prior to the June 7, 2019 (the “Outside Date”), (ii) the Flipkart Agreements are terminated on or prior to the Outside Date, or (iii) the Company otherwise publicly announces on or prior to the Outside Date that the Flipkart Acquisition will not be consummated, then the Company will be required to redeem all of the Notes on the Special Mandatory Redemption Date (as defined below) at a special mandatory redemption price equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date (the “Special Mandatory Redemption Price”).

The “Special Mandatory Redemption Date” means the 20th day (or if such day is not a Business Day, the first Business Day thereafter) after the earliest to occur of (i) the Outside Date, if the Flipkart Acquisition has not been consummated on or prior thereto, (ii) the date of termination of the Flipkart Agreements, or (iii) the date of public announcement by the Company that the Flipkart Acquisition will not be consummated.

Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on Interest Payment Dates falling on or prior to the Special Mandatory Redemption Date will be payable on such Interest Payment Dates to the registered Holders as of the close of business on the relevant Record Dates in accordance with the terms of the Notes and the Indenture.

The Company will cause the notice of special mandatory redemption pursuant to this Section 5 to be transmitted, with a copy to the Trustee, within five business days after the occurrence of the event triggering the special mandatory redemption pursuant to this Section 5 to each Holder at its registered address. If funds sufficient to pay the Special Mandatory Redemption Price of the outstanding Notes to be redeemed on the Special Mandatory Redemption Date are deposited with the Trustee on or before such Special Mandatory Redemption Date, and certain other conditions are satisfied, on and after such Special Mandatory Redemption Date, the outstanding Notes will cease to bear interest.

Upon the consummation of the Flipkart Acquisition (including under circumstances in which the Company acquires less than 77 percent of the share capital of Flipkart and/or the Flipkart Agreements are amended or otherwise modified), the foregoing provisions regarding the special mandatory redemption will cease to apply.

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 (as defined in Section 15 hereof) 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 Sinking Fund . The Notes 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 Note; Definitive Notes. The Notes are being issued in registered form without interest coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The Notes are initially being issued in the form of one or more global notes (each, a “Global Note”), evidencing all or any portion of the Notes and registered in the name of The Depository Trust Company (the “Depositary”) 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 the offices of the Registrar (as defined in Section 15 hereof), or at any of such other offices or agencies as may be designated and maintained by the Company for such purpose pursuant to the provisions of the Indenture, and in the manner and subject to the limitations provided in the Indenture, but without the payment of any service charge, except for any transfer

tax or other governmental charges imposed in connection therewith, 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.

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.

15. Appointment of Agents. The Bank of New York Mellon Trust Company, N. A. is hereby appointed (i) the registrar (the “Registrar”) for the purpose of registering the Notes and of effecting transfers and exchanges of the Notes pursuant to the Indenture and this Note; (ii) the Paying Agent pursuant to Section 3.04 of the Indenture (the “Paying Agent”); and (iii) as the calculation agent for the purposes of determining the Three-Month LIBOR Rate for each Interest Period and the amount of interest payable under this Note to the Holder with respect to each Interest Period.

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.

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 Walmart 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.

[IF A GLOBAL NOTE, INSERT: SCHEDULE OF INCREASES OR DECREASES IN

GLOBAL NOTE]

The following increases or decreases in this Global Note have been made.

Date of Change

Amount of

decrease in

Principal Amount

of this Global

Note

Amount of

increase in

Principal Amount

of this Global

Note

Principal
Amount of this
Global Note
following such
decrease or
increase

Signature of
authorized
signatory of
Trustee

Exhibit 4(l)

W ALMART I NC .

2.850% NOTES DUE 2020

Number [ ]

$[ ]

CUSIP: 931142 EG4

ISIN No.: US931142EG45

WALMART 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 [ ] or registered assigns, the principal sum of [ ] ($[ ]), [IF A GLOBAL NOTE, INSERT: except as otherwise noted on the attached Schedule of Increases or Decreases in Global Note,] on June 23, 2020, and to pay interest, computed on the basis of a 360-day year consisting of twelve 30-day months, semi-annually in arrears on June 23 and December 23 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”), commencing on December 23, 2018, on said principal sum in like currency, at the rate per annum specified in the title of this Note from June 27, 2018 or from the most recent June 23 or December 23 to which interest has been paid or duly provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the person in whose name this Note is registered (the “Holder”) at the close of business on the preceding June 8, in the case of an Interest Payment Date of June 23, and on the preceding December 8, in the case of an Interest Payment Date of December 23 (each, a “Record Date”). The term “Business Day” means any day which is not a day on which banking institutions in The City of New York or the relevant place of payment are authorized or required by law, regulation or executive order to close.

[The signature page of this Note follows.]


	WALMART INC.

	By:
		Name:
		Title:

[SEAL]	By:
		Name:
		Title:
Dated:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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


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

By:
		Authorized Signatory

[Signature Page to Global 2.850% Note Due 2020]

WALMART INC.

2.850% NOTES DUE 2020

1. Indenture; Notes . This Note is one of a duly authorized Series of Securities of the Company designated as the “2.850% Notes Due 2020” (the “Notes”), initially issued in an aggregate principal amount of $1,250,000,000 on June 27, 2018. 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 and amended by the First Supplemental Indenture, dated as of December 1, 2006, the Second Supplemental Indenture, dated as of December 19, 2014, and the Third Supplemental Indenture, dated as of June 26, 2018, in each case, 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.

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 the basis of a 360-day year consisting of twelve 30-day months, 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. Redemption .

(a) Make-Whole Redemption . At any time prior to June 23, 2020, the Notes shall be redeemable, as a whole or in part, at the option of the Company, at a redemption price equal to the greater of:

•

100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date; and

•

the sum of the present values of the Remaining Scheduled Payments (as defined below), plus any accrued and unpaid interest to, but excluding, the redemption date.

In determining the present value of the Remaining Scheduled Payments, the Company shall discount such payments to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Applicable Treasury Rate plus five (5) basis points (i.e., 0.050%).

“Applicable Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue. In determining this rate, the Company shall assume a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing a new issue of corporate debt securities of comparable maturity to the remaining term of such Notes.

“Comparable Treasury Price” means, with respect to any redemption date, the arithmetic average, as determined by the Independent Investment Banker, of the Reference Treasury Dealer Quotations for such redemption date.

“Independent Investment Banker” means each of Barclays Capital Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC and their respective successors as may be appointed from time to time by the Company; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer for such firm.

“Reference Treasury Dealer” means each of Barclays Capital Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC and their respective successors; provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer for such firm.

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the arithmetic average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer by 5:00 p.m., New York City time, on the third business day preceding such redemption date.

“Remaining Scheduled Payments” means, with respect to the Notes, the remaining scheduled payments of the principal thereof to be redeemed and interest thereon that would be due after the related redemption date but for such redemption; provided, however, that, if such redemption date is not an interest payment date with respect to such Note, the amount of the next scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to such redemption date.

(b) Redemption Procedures . Any Notes to be redeemed by the Company shall be redeemed in accordance with the provisions of Article Four of the Indenture, including, without limitation, the requirement that any notice of redemption must be mailed to each registered holder of the Notes being redeemed at least 10 days but not more than 60 days prior to the redemption date. Notwithstanding the foregoing, the calculation of the redemption price for any Notes pursuant to Section 4(a) above and any accrued and unpaid interest payable upon the redemption of such Notes shall be made by the Company or on behalf of the Company by a Person designated by the Company. Such calculation shall not be the duty or obligation of the Trustee unless otherwise agreed by the Company and the Trustee.

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

7. No Sinking Fund . The Notes are not subject to a sinking fund.

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.

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 Registrar (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, 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.

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

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 Walmart 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.

[IF A GLOBAL NOTE, INSERT: SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE]

The following increases or decreases in this Global Note have been made.

Date of Change

Amount of

decrease in

Principal Amount

of this Global

Note

Amount of

increase in

Principal Amount

of this Global

Note

Principal
Amount of this
Global Note
following such
decrease or
increase

Signature of
authorized
signatory of
Trustee

Exhibit 4(m)

W ALMART I NC .

3.125% NOTES DUE 2021


Number [ ]		CUSIP: 931142 EJ8
$[ ]		ISIN No.: US931142EJ83

WALMART 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 [ ] or registered assigns, the principal sum of [ ] ($[ ]), [IF A GLOBAL NOTE, INSERT: except as otherwise noted on the attached Schedule of Increases or Decreases in Global Note,] on June 23, 2021, and to pay interest, computed on the basis of a 360-day year consisting of twelve 30-day months, semi-annually in arrears on June 23 and December 23 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”), commencing on December 23, 2018, on said principal sum in like currency, at the rate per annum specified in the title of this Note from June 27, 2018 or from the most recent June 23 or December 23 to which interest has been paid or duly provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the person in whose name this Note is registered (the “Holder”) at the close of business on the preceding June 8, in the case of an Interest Payment Date of June 23, and on the preceding December 8, in the case of an Interest Payment Date of December 23 (each, a “Record Date”). The term “Business Day” means any day which is not a day on which banking institutions in The City of New York or the relevant place of payment are authorized or required by law, regulation or executive order to close.

[The signature page of this Note follows.]


	WALMART INC.

	By:
		Name:
		Title:

[SEAL]	By:
		Name:
		Title:

Dated:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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


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

By:
		Authorized Signatory

[Signature Page to Global 3.125% Note Due 2021]

WALMART INC.

3.125% NOTES DUE 2021

1. Indenture; Notes . This Note is one of a duly authorized Series of Securities of the Company designated as the “3.125% Notes Due 2021” (the “Notes”), initially issued in an aggregate principal amount of $1,750,000,000 on June 27, 2018. 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 and amended by the First Supplemental Indenture, dated as of December 1, 2006, the Second Supplemental Indenture, dated as of December 19, 2014, and the Third Supplemental Indenture, dated as of June 26, 2018, in each case, 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.

4. Redemption .

(a) Make-Whole Redemption . At any time prior to June 23, 2021, the Notes shall be redeemable, as a whole or in part, at the option of the Company, at a redemption price equal to the greater of:

•

100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date; and

•

the sum of the present values of the Remaining Scheduled Payments (as defined below), plus any accrued and unpaid interest to, but excluding, the redemption date.

(c) Special Mandatory Redemption . In May 2018, the Company and one of its subsidiaries entered into agreements (the “Flipkart Agreements”) with Flipkart Private Limited (“Flipkart”), the Singapore holding company of the Flipkart group, and certain shareholders of Flipkart (the “Flipkart Shareholders”), pursuant to which such subsidiary of the Company has agreed to acquire certain shares of Flipkart (the “Flipkart Acquisition”). If (i) the Flipkart Acquisition has not been consummated on or prior to the June 7, 2019 (the “Outside Date”), (ii) the Flipkart Agreements are terminated on or prior to the Outside Date, or (iii) the Company otherwise publicly announces on or prior to the Outside Date that the Flipkart Acquisition will not be consummated, then the Company will be required to redeem all of the Notes on the Special Mandatory Redemption Date (as defined below) at a special mandatory redemption price equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date (the “Special Mandatory Redemption Price”).

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

7. No Sinking Fund . The Notes are not subject to a sinking fund.

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 Registrar (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, 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.

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

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 Walmart 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.

[IF A GLOBAL NOTE, INSERT: SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE]

The following increases or decreases in this Global Note have been made.

Date of Change

Amount of

decrease in

Principal Amount

of this Global

Note

Amount of

increase in

Principal Amount

of this Global

Note

Principal

Amount of this

Global Note

following such

decrease or

increase

Signature of
authorized

signatory of

Trustee

Exhibit 4(n)

W ALMART I NC .

3.400% NOTES DUE 2023

Number [ ]

$[ ]

CUSIP: 931142 EK5

ISIN No.: US931142EK56

WALMART 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 [ ] or registered assigns, the principal sum of [ ] ($[ ]), [IF A GLOBAL NOTE, INSERT: except as otherwise noted on the attached Schedule of Increases or Decreases in Global Note,] on June 26, 2023, and to pay interest, computed on the basis of a 360-day year consisting of twelve 30-day months, semi-annually in arrears on June 26 and December 26 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”), commencing on December 26, 2018, on said principal sum in like currency, at the rate per annum specified in the title of this Note from June 27, 2018 or from the most recent June 26 or December 26 to which interest has been paid or duly provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the person in whose name this Note is registered (the “Holder”) at the close of business on the preceding June 11, in the case of an Interest Payment Date of June 26, and on the preceding December 11, in the case of an Interest Payment Date of December 26 (each, a “Record Date”). The term “Business Day” means any day which is not a day on which banking institutions in The City of New York or the relevant place of payment are authorized or required by law, regulation or executive order to close.

[The signature page of this Note follows.]


	WALMART INC.

	By:
		Name:
		Title:

[SEAL]	By:
		Name:
		Title:

Dated:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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


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

By:
		Authorized Signatory

[Signature Page to Global 3.400% Note Due 2023]

WALMART INC.

3.400% NOTES DUE 2023

1. Indenture; Notes . This Note is one of a duly authorized Series of Securities of the Company designated as the “3.400% Notes Due 2023” (the “Notes”), initially issued in an aggregate principal amount of $2,750,000,000 on June 27, 2018. 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 and amended by the First Supplemental Indenture, dated as of December 1, 2006, the Second Supplemental Indenture, dated as of December 19, 2014, and the Third Supplemental Indenture, dated as of June 26, 2018, in each case, 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.

4. Redemption .

(a) Make-Whole Redemption . At any time prior to May 26, 2023, the Notes shall be redeemable, as a whole or in part, at the option of the Company, at a redemption price equal to the greater of:

•

100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date; and

•

the sum of the present values of the Remaining Scheduled Payments (as defined below), plus any accrued and unpaid interest to, but excluding, the redemption date.

(b) Other Redemption Right. The Company may also redeem the Notes, at its option, as a whole or in part, at any time on or after May 26, 2023, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date.

(c) Redemption Procedures . Any Notes to be redeemed by the Company shall be redeemed in accordance with the provisions of Article Four of the Indenture, including, without limitation, the requirement that any notice of redemption must be mailed to each registered holder of the Notes being redeemed at least 10 days but not more than 60 days prior to the redemption date. Notwithstanding the foregoing, the calculation of the redemption price for any Notes pursuant to Section 4(a) or Section 4(b) above and any accrued and unpaid interest payable upon the redemption of such Notes shall be made by the Company or on behalf of the Company by a Person designated by the Company. Such calculation shall not be the duty or obligation of the Trustee unless otherwise agreed by the Company and the Trustee.

(d) Special Mandatory Redemption . In May 2018, the Company and one of its subsidiaries entered into agreements (the “Flipkart Agreements”) with Flipkart Private Limited (“Flipkart”), the Singapore holding company of the Flipkart group, and certain shareholders of Flipkart (the “Flipkart Shareholders”), pursuant to which such subsidiary of the Company has agreed to acquire certain shares of Flipkart (the “Flipkart Acquisition”). If (i) the Flipkart Acquisition has not been consummated on or prior to the June 7, 2019 (the “Outside Date”), (ii) the Flipkart Agreements are terminated on or prior to the Outside Date, or (iii) the Company otherwise publicly announces on or prior to the Outside Date that the Flipkart Acquisition will not be consummated, then the Company will be required to redeem all of the Notes on the Special Mandatory Redemption Date (as defined below) at a special mandatory redemption price equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date (the “Special Mandatory Redemption Price”).

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

7. No Sinking Fund . The Notes are not subject to a sinking fund.

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 Registrar (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, 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.

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

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 Walmart 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.

[IF A GLOBAL NOTE, INSERT: SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE]

The following increases or decreases in this Global Note have been made.

Date of Change

Amount of

decrease in

Principal Amount

of this Global

Note

Amount of

increase in

Principal Amount

of this Global

Note

Principal
Amount of this
Global Note
following such
decrease or
increase

Signature of
authorized
signatory of
Trustee

Exhibit 4(o)

W ALMART I NC .

3.550% NOTES DUE 2025

Number [ ]

$[ ]

CUSIP: 931142 ED1

ISIN No.: US931142ED14

WALMART 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 [ ] or registered assigns, the principal sum of [ ] ($[ ]), [IF A GLOBAL NOTE, INSERT: except as otherwise noted on the attached Schedule of Increases or Decreases in Global Note,] on June 26, 2025, and to pay interest, computed on the basis of a 360-day year consisting of twelve 30-day months, semi-annually in arrears on June 26 and December 26 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”), commencing on December 26, 2018, on said principal sum in like currency, at the rate per annum specified in the title of this Note from June 27, 2018 or from the most recent June 26 or December 26 to which interest has been paid or duly provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the person in whose name this Note is registered (the “Holder”) at the close of business on the preceding June 11, in the case of an Interest Payment Date of June 26, and on the preceding December 11, in the case of an Interest Payment Date of December 26 (each, a “Record Date”). The term “Business Day” means any day which is not a day on which banking institutions in The City of New York or the relevant place of payment are authorized or required by law, regulation or executive order to close.

[The signature page of this Note follows.]


WALMART INC.

By:
		Name:
		Title:


[SEAL]


By:
		Name:
		Title:

Dated: ______________________

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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


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

By:
		Authorized Signatory

[Signature Page to Global 3.550% Note Due 2025]

WALMART INC.

3.550% NOTES DUE 2025

1. Indenture; Notes . This Note is one of a duly authorized Series of Securities of the Company designated as the “3.550% Notes Due 2025” (the “Notes”), initially issued in an aggregate principal amount of $1,500,000,000 on June 27, 2018. 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 and amended by the First Supplemental Indenture, dated as of December 1, 2006, the Second Supplemental Indenture, dated as of December 19, 2014, and the Third Supplemental Indenture, dated as of June 26, 2018, in each case, 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.

4. Redemption .

(a) Make-Whole Redemption . At any time prior to April 26, 2025, the Notes shall be redeemable, as a whole or in part, at the option of the Company, at a redemption price equal to the greater of:

•

100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date; and

•

the sum of the present values of the Remaining Scheduled Payments (as defined below), plus any accrued and unpaid interest to, but excluding, the redemption date.

(b) Other Redemption Right. The Company may also redeem the Notes, at its option, as a whole or in part, at any time on or after April 26, 2025, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date.

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

7. No Sinking Fund . The Notes are not subject to a sinking fund.

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.

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 Registrar (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, 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.

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

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 Walmart 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.

[IF A GLOBAL NOTE, INSERT: SCHEDULE OF INCREASES OR DECREASES IN

GLOBAL NOTE]

The following increases or decreases in this Global Note have been made.

Date of Change

Amount of

decrease in

Principal Amount

of this Global

Note

Amount of

increase in

Principal Amount

of this Global

Note

Principal
Amount of this
Global Note
following such
decrease or
increase

Signature of
authorized
signatory of
Trustee

Exhibit 4(p)

W ALMART I NC .

3.700% NOTES DUE 2028

Number [ ]

$[ ]

CUSIP: 931142 EE9

ISIN No.: US931142EE96

WALMART 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 [ ] or registered assigns, the principal sum of [ ] ($[ ]), [IF A GLOBAL NOTE, INSERT: except as otherwise noted on the attached Schedule of Increases or Decreases in Global Note,] on June 26, 2028, and to pay interest, computed on the basis of a 360-day year consisting of twelve 30-day months, semi-annually in arrears on June 26 and December 26 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”), commencing on December 26, 2018, on said principal sum in like currency, at the rate per annum specified in the title of this Note from June 27, 2018 or from the most recent June 26 or December 26 to which interest has been paid or duly provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the person in whose name this Note is registered (the “Holder”) at the close of business on the preceding June 11, in the case of an Interest Payment Date of June 26, and on the preceding December 11, in the case of an Interest Payment Date of December 26 (each, a “Record Date”). The term “Business Day” means any day which is not a day on which banking institutions in The City of New York or the relevant place of payment are authorized or required by law, regulation or executive order to close.

[The signature page of this Note follows.]


		WALMART INC.

		By:
		Name:
		Title:

[SEAL]		By:
		Name:
		Title:



Dated:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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


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

By:
		Authorized Signatory

[Signature Page to Global 3.700% Note Due 2028]

WALMART INC.

3.700% NOTES DUE 2028

1. Indenture; Notes . This Note is one of a duly authorized Series of Securities of the Company designated as the “3.700% Notes Due 2028” (the “Notes”), initially issued in an aggregate principal amount of $2,750,000,000 on June 27, 2018. 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 and amended by the First Supplemental Indenture, dated as of December 1, 2006, the Second Supplemental Indenture, dated as of December 19, 2014, and the Third Supplemental Indenture, dated as of June 26, 2018, in each case, 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.

4. Redemption .

(a) Make-Whole Redemption . At any time prior to March 26, 2028, the Notes shall be redeemable, as a whole or in part, at the option of the Company, at a redemption price equal to the greater of:

•

100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date; and

•

the sum of the present values of the Remaining Scheduled Payments (as defined below), plus any accrued and unpaid interest to, but excluding, the redemption date.

(b) Other Redemption Right. The Company may also redeem the Notes, at its option, as a whole or in part, at any time on or after March 26, 2028 at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date.

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

7. No Sinking Fund . The Notes are not subject to a sinking fund.

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 Registrar (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, 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.

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

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 Walmart 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.

[IF A GLOBAL NOTE, INSERT: SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE]

The following increases or decreases in this Global Note have been made.

Date of Change

Amount of

decrease in

Principal Amount

of this Global

Note

Amount of

increase in

Principal Amount

of this Global

Note

Principal
Amount of this
Global Note
following such
decrease or
increase

Signature of
authorized
signatory of
Trustee

Exhibit 4(q)

W ALMART I NC .

3.950% NOTES DUE 2038

Number [ ]

$[ ]

CUSIP: 931142 EB5

ISIN No.: US931142EB57

WALMART 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 [ ] or registered assigns, the principal sum of [ ] ($[ ]), [IF A GLOBAL NOTE, INSERT: except as otherwise noted on the attached Schedule of Increases or Decreases in Global Note,] on June 28, 2038, and to pay interest, computed on the basis of a 360-day year consisting of twelve 30-day months, semi-annually in arrears on June 28 and December 28 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”), commencing on December 28, 2018, on said principal sum in like currency, at the rate per annum specified in the title of this Note from June 27, 2018 or from the most recent June 28 or December 28 to which interest has been paid or duly provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the person in whose name this Note is registered (the “Holder”) at the close of business on the preceding June 13, in the case of an Interest Payment Date of June 28, and on the preceding December 13, in the case of an Interest Payment Date of December 28 (each, a “Record Date”). The term “Business Day” means any day which is not a day on which banking institutions in The City of New York or the relevant place of payment are authorized or required by law, regulation or executive order to close.

[The signature page of this Note follows.]


	WALMART INC.

	By:
		Name:
		Title:

[SEAL]	By:
		Name:
		Title:

Dated:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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


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

By:
		Authorized Signatory

[Signature Page to Global 3.950% Note Due 2038]

WALMART INC.

3.950% NOTES DUE 2038

1. Indenture; Notes . This Note is one of a duly authorized Series of Securities of the Company designated as the “3.950% Notes Due 2038” (the “Notes”), initially issued in an aggregate principal amount of $ 1,500,000,000 on June 27, 2018. 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 and amended by the First Supplemental Indenture, dated as of December 1, 2006, the Second Supplemental Indenture, dated as of December 19, 2014, and the Third Supplemental Indenture, dated as of June 26, 2018, in each case, 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.

4. Redemption .

(a) Make-Whole Redemption . At any time prior to December 28, 2037, the Notes shall be redeemable, as a whole or in part, at the option of the Company, at a redemption price equal to the greater of:

•

100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date; and

•

the sum of the present values of the Remaining Scheduled Payments (as defined below), plus any accrued and unpaid interest to, but excluding, the redemption date.

(b) Other Redemption Right. The Company may also redeem the Notes, at its option, as a whole or in part, at any time on or after December 28, 2037, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date.

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

7. No Sinking Fund . The Notes are not subject to a sinking fund.

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 Registrar (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, 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.

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

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 Walmart 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.

[IF A GLOBAL NOTE, INSERT: SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE]

The following increases or decreases in this Global Note have been made.

Date of Change

Amount of

decrease in

Principal Amount

of this Global

Note

Amount of

increase in

Principal Amount

of this Global

Note

Principal

Amount of this

Global Note

following such

decrease or

increase

Signature of

authorized

signatory of

Trustee

Exhibit 4(r)

W ALMART I NC .

4.050% NOTES DUE 2048

Number [ ]

$[ ]

CUSIP: 931142 EC3

ISIN No.: US931142EC31

WALMART 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 [ ] or registered assigns, the principal sum of [ ] ($[ ]), [IF A GLOBAL NOTE, INSERT: except as otherwise noted on the attached Schedule of Increases or Decreases in Global Note,] on June 29, 2048, and to pay interest, computed on the basis of a 360-day year consisting of twelve 30-day months, semi-annually in arrears on June 29 and December 29 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”), commencing on December 29, 2018, on said principal sum in like currency, at the rate per annum specified in the title of this Note from June 27, 2018 or from the most recent June 29 or December 29 to which interest has been paid or duly provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the person in whose name this Note is registered (the “Holder”) at the close of business on the preceding June 14, in the case of an Interest Payment Date of June 29, and on the preceding December 14, in the case of an Interest Payment Date of December 29 (each, a “Record Date”). The term “Business Day” means any day which is not a day on which banking institutions in The City of New York or the relevant place of payment are authorized or required by law, regulation or executive order to close.

[The signature page of this Note follows.]


		WALMART INC.

		By:
		Name:
		Title:

[SEAL]		By:
		Name:
		Title:

Dated:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

THE BANK OF NEW YORK MELLON

TRUST COMPANY, N.A.,

as Trustee

By:

Authorized Signatory

[Signature Page to Global 4.050% Note Due 2048]

WALMART INC.

4.050% NOTES DUE 2048

1. Indenture; Notes . This Note is one of a duly authorized Series of Securities of the Company designated as the “4.050% Notes Due 2048” (the “Notes”), initially issued in an aggregate principal amount of $3,000,000,000 on June 27, 2018. 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 and amended by the First Supplemental Indenture, dated as of December 1, 2006, the Second Supplemental Indenture, dated as of December 19, 2014, and the Third Supplemental Indenture, dated as of June 26, 2018, in each case, 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.

4. Redemption .

(a) Make-Whole Redemption . At any time prior to December 29, 2047, the Notes shall be redeemable, as a whole or in part, at the option of the Company, at a redemption price equal to the greater of:

•

100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date; and

•

the sum of the present values of the Remaining Scheduled Payments (as defined below), plus any accrued and unpaid interest to, but excluding, the redemption date.

(b) Other Redemption Right. The Company may also redeem the Notes, at its option, as a whole or in part, at any time on or after December 29, 2047, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date.

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

7. No Sinking Fund . The Notes are not subject to a sinking fund.

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 Registrar (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, 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.

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.

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

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 Walmart 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.

[IF A GLOBAL NOTE, INSERT: SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE]

The following increases or decreases in this Global Note have been made.

Date of Change

Amount of

decrease in

Principal Amount

of this Global

Note

Amount of

increase in

Principal Amount

of this Global

Note

Principal Amount of this
Global Note following such
decrease or increase

Signature of authorized
signatory of Trustee

Exhibit 4(s)

THIRD SUPPLEMENTAL INDENTURE

This THIRD SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of June 26, 2018, is made by and between Walmart Inc., a Delaware corporation (formerly known as “Wal-Mart Stores, Inc.”) (the “Company”), and The Bank of New York Mellon Trust Company, N.A., a national banking association formerly known as “The Bank of New York Trust Company, N.A.” (“BNY Mellon” or the “Trustee”), as successor-in-interest to J.P. Morgan Trust Company, National Association, a national banking association (“JPMTC”), as the original indenture trustee under that certain Indenture, dated as of July 19, 2005, by and between the Company and JPMTC, as indenture trustee, as amended by that certain First Supplemental Indenture, dated December 1, 2006, by and between the Company and BNY Mellon, and that certain Second Supplemental Indenture, dated as of December 19, 2014, by and between the Company and BNY Mellon (the “Indenture”).

Recitals. Effective February 1, 2018, the legal name of the Company was changed from “Wal-Mart Stores, Inc.” to “Walmart Inc.” by means of an amendment to the Restated Certificate of Incorporation of the Company, as such Restated Certificate of Incorporation had been previously amended prior to February 1, 2018, and which amendment to the Restated Certificate of Incorporation of the Company was effective as of February 1, 2018. In light of the change of the legal name of the Company, the Company desires to enter into this Supplemental Indenture for the purpose of evidencing such name change. In accordance with the terms of Section 9.01 of the Indenture, the Company and the Trustee are entering into Supplemental Indenture for such purpose without the consent of any Holder of any Securities of the Company.

For and in consideration of the premises set forth in this Supplemental Indenture, and for other good and valuable consideration, the adequacy, receipt and sufficiency of which are hereby acknowledged, the Company and the Trustee hereby agree as follows:

Section 1. Defined Terms. Unless otherwise defined herein, capitalized terms shall have the same meanings assigned thereto in the Indenture.

Section 2. Name. For the avoidance of doubt all references in the Indenture to “Wal-Mart Stores, Inc.” shall mean “Walmart Inc.”

Section 3. Reserved.

Section 4. Effectiveness. This Supplemental Indenture shall be effective from and after the date first written above.

Section 5. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND THIS SUPPLEMENTAL INDENTURE AND

ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY TO THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

Section 6. Severability; Counterparts. This Supplemental Indenture may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same instrument. Any provisions of this Supplemental Indenture which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

Section 7. Captions. The captions in this Supplemental Indenture are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

-2-

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Supplemental Indenture as of the date first written above.


WALMART INC.

By:		/s/ Matthew Allen
		Name: Matthew Allen
		Title: Vice President – Finance & Assistant Treasurer

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

By:		/s/ Karen Yu
		Name: Karen Yu
		Title: Vice President

Signature Page to Third Supplemental Indenture

Exhibit 5

June 26, 2018

Walmart Inc.

702 Southwest 8th Street

Bentonville, Arkansas 72716

Walmart Inc.

$750,000,000 Floating Rate Notes Due 2020

$750,000,000 Floating Rate Notes Due 2021

$1,250,000,000 2.850% Notes Due 2020

$1,750,000,000 3.125% Notes Due 2021

$2,750,000,000 3.400% Notes Due 2023

$1,500,000,000 3.550% Notes Due 2025

$2,750,000,000 3.700% Notes Due 2028

$1,500,000,000 3.950% Notes Due 2038

$3,000,000,000 4.050% Notes Due 2048

Ladies and Gentlemen:

Reference is made to the Pricing Agreement dated June 20, 2018 (the “Pricing Agreement”) between Walmart Inc., a Delaware corporation (the “Company”), and Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, HSBC Securities (USA) Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC, acting for themselves and as representatives of the other several underwriters named in Schedule I to the Pricing Agreement (collectively, the “Underwriters”), and the Underwriting Agreement, dated June 20, 2018 (the “Underwriting Agreement” and, together with the Pricing Agreement, the “Agreement”), between the Company and the Underwriters, as incorporated by reference into the Pricing Agreement.

Further reference is made to: (i) the Registration Statement on Form S-3 (File No. 333-221941), which was prepared pursuant to the Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations of the Securities and Exchange Commission (the “Commission”) thereunder, was filed with the Commission on December 7, 2017, and, upon filing with the Commission, became effective pursuant to Rule 462(e) under the Securities Act (the “Registration Statement”); (ii) the Prospectus, dated December 7, 2017, constituting a part of the Registration Statement, including the documents incorporated therein by reference at each pertinent time (the “Base Prospectus”); (iii) the Preliminary Prospectus Supplement, dated June 20, 2018, which supplemented the Base Prospectus and which was filed with the Commission pursuant to Rule 424(b)(5) under the Securities Act on June 20, 2018 (the “Preliminary Prospectus Supplement”); (iv) the Final Term Sheet, dated June 20, 2018, relating to $750,000,000 aggregate principal amount of the Company’s Floating Rate Notes Due 2020 (the “2020 Floating Rate Notes”), $750,000,000 aggregate principal amount of the Company’s Floating Rate Notes Due 2021 (the “2021 Floating Rate Notes”), $1,250,000,000 aggregate principal amount of the Company’s 2.850% Notes Due 2020 (the “2020 Fixed Rate Notes”), $1,750,000,000 aggregate principal amount of the Company’s 3.125% Notes Due 2021 (the

Walmart Inc.

June 26, 2018

Page 2

“2021 Fixed Rate Notes”), $2,750,000,000 aggregate principal amount of the Company’s 3.400% Notes Due 2023 (the “2023 Notes”), $1,500,000,000 aggregate principal amount of the Company’s 3.550% Notes Due 2025 (the “2025 Notes”), $2,750,000,000 aggregate principal amount of the Company’s 3.700% Notes Due 2028 (the “2028 Notes”), $1,500,000,000 aggregate principal amount of the Company’s 3.950% Notes Due 2038 (the “2038 Notes”) and $3,000,000,000 aggregate principal amount of the Company’s 4.050% Notes Due 2048 (the “2048 Notes” and, together with the 2020 Floating Rate Notes, the 2021 Floating Rate Notes, the 2020 Fixed Rate Notes, the 2021 Fixed Rate Notes, the 2023 Notes, the 2025 Notes, the 2028 Notes and the 2038 Notes, the “Notes”), which was filed with and accepted by the Commission on June 20, 2018 pursuant to Rule 433 under the Securities Act and given a filing date of June 21, 2018 (the “Final Term Sheet”); (v) the Prospectus Supplement dated June 20, 2018, which supplemented the Base Prospectus and which was filed with the Commission pursuant to Rule 424(b)(5) under the Securities Act on June 21, 2018 (the “Prospectus Supplement”); and (vi) the Indenture, dated as of July 19, 2005 (the “Original Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee under such indenture (in such capacity, the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of December 1, 2006, between the Company and the Trustee (the “First Supplemental Indenture”), by the Second Supplemental Indenture, dated as of December 19, 2014, between the Company and the Trustee (the “Second Supplemental Indenture”) and by the Third Supplemental Indenture, dated as of June 26, 2018, between the Company and the Trustee (the “Third Supplemental Indenture” and, the Original Indenture as supplemented by the First Supplemental Indenture, the Second Supplemental Indenture and the Third Supplemental Indenture, the “Indenture”).

We have acted as special counsel to the Company in connection with the offer and sale of the Notes by the Company.

In rendering this opinion, we have examined and relied upon, without independent investigation or verification, executed originals, counterparts or copies of: (i) the Restated Certificate of Incorporation and the Amended and Restated Bylaws of the Company, each as amended and restated to date and in effect on the date hereof; (ii) the Registration Statement; (iii) the Base Prospectus; (iv) the Preliminary Prospectus Supplement; (v) the Final Term Sheet; (vi) the Prospectus Supplement; (vii) the Indenture; (viii) the Agreement; (ix) the form of each of two global notes, one of which will be in the principal amount of $500,000,000 and one of which will be in the principal amount of $250,000,000, and each of which will be dated June 27, 2018 and will be payable to Cede & Co., as nominee of The Depository Trust Company, as the depositary (the “Nominee”), which global notes will represent the 2020 Floating Rate Notes being sold to the Underwriters pursuant to the Agreement (the “2020 Floating Rate Global Notes”); (x) the form of each of two global notes, one of which will be in the principal amount of $500,000,000 and one of which will be in the principal amount of $250,000,000, and each of which will be dated June 27, 2018 and will be payable to the Nominee, which global notes will represent the 2021 Floating Rate Notes being sold to the Underwriters pursuant to the Agreement (the “2021 Floating Rate Global Notes”); (xi) the form of each of three global notes, two of which will each be in the principal amount of $500,000,000 and one of which will be in the principal amount of

Walmart Inc.

June 26, 2018

Page 3

$250,000,000, and each of which will be dated June 27, 2018 and will be payable to the Nominee, which global notes will represent the 2020 Fixed Rate Notes being sold to the Underwriters pursuant to the Agreement (the “2020 Fixed Rate Global Notes”); (xii) the form of each of four global notes, three of which will each be in the principal amount of $500,000,000 and one of which will be in the principal amount of $250,000,000, and each of which will be dated June 27, 2018 and will be payable to the Nominee, which global notes will represent the 2021 Fixed Rate Notes being sold to the Underwriters pursuant to the Agreement (the “2021 Fixed Rate Global Notes”); (xiii) the form of six global notes, five of which will each be in the principal amount of $500,000,000 and one of which will be in the principal amount of $250,000,000, and each of which will be dated June 27, 2018 and will be payable to the Nominee, which global notes will represent the 2023 Notes being sold to the Underwriters pursuant to the Agreement (the “2023 Global Notes”); (xiv) the form of three global notes, each of which will be in the principal amount of $500,000,000, and each of which will be dated June 27, 2018 and will be payable to the Nominee, which global notes will represent the 2025 Notes being sold to the Underwriters pursuant to the Agreement (the “2025 Global Notes”); (xv) the form of six global notes, five of which will each be in the principal amount of $500,000,000 and one of which will be in the principal amount of $250,000,000, and each of which will be dated June 27, 2018 and will be payable to the Nominee, which global notes will represent the 2028 Notes being sold to the Underwriters pursuant to the Agreement (the “2028 Global Notes”); (xvi) the form of three global notes, each of which will be in the principal amount of $500,000,000, and each of which will be dated June 27, 2018 and will be payable to the Nominee, which global notes will represent the 2038 Notes being sold to the Underwriters pursuant to the Agreement (the “2038 Global Notes”); (xvii) the form of six global notes, each of which will be in the principal amount of $500,000,000, and each of which will be dated June 27, 2018 and will be payable to the Nominee, which global notes will represent the 2048 Notes being sold to the Underwriters pursuant to the Agreement (the “2048 Global Notes” and, together with the 2020 Floating Rate Global Notes, the 2021 Floating Rate Global Notes, the 2020 Fixed Rate Global Notes, the 2021 Fixed Rate Global Notes, the 2023 Global Notes, the 2025 Global Notes, the 2028 Global Notes and the 2038 Global Notes, the “Global Notes”); (xviii) extracts from minutes of meetings of the Board of Directors of the Company; (xix) certain written consents of the Executive Committee of the Board of Directors of the Company pertinent to the matters addressed in this opinion letter; (xx) the Series Terms Certificate Pursuant to the Indenture Relating to Floating Rate Notes Due 2020, dated as of June 20, 2018 (the “2020 Floating Rate Series Terms Certificate”); (xxi) the Series Terms Certificate Pursuant to the Indenture Relating to Floating Rate Notes Due 2021, dated as of June 20, 2018 (the “2021 Floating Rate Series Terms Certificate”); (xxii) the Series Terms Certificate Pursuant to the Indenture Relating to 2.850% Notes Due 2020, dated as of June 20, 2018 (the “2020 Fixed Rate Series Terms Certificate”); (xxiii) the Series Terms Certificate Pursuant to the Indenture Relating to 3.125% Notes Due 2021, dated as of June 20, 2018 (the “2021 Fixed Rate Series Terms Certificate”); (xxiv) the Series Terms Certificate Pursuant to the Indenture Relating to 3.400% Notes Due 2023, dated as June 20, 2018 (the “2023 Series Terms Certificate”); (xxv) the Series Terms Certificate Pursuant to the Indenture Relating to 3.550% Notes Due 2025, dated as June 20, 2018 (the “2025 Series Terms Certificate”); (xxvi) the Series Terms Certificate Pursuant to the Indenture Relating to 3.700% Notes Due 2028, dated as June 20, 2018 (the “2028 Series Terms

Walmart Inc.

June 26, 2018

Page 4

Certificate”); (xxvii) the Series Terms Certificate Pursuant to the Indenture Relating to 3.950% Notes Due 2038, dated as June 20, 2018 (the “2038 Series Terms Certificate”); (xxviii) the Series Terms Certificate Pursuant to the Indenture Relating to 4.050% Notes Due 2048, dated as June 20, 2018 (the “2048 Series Terms Certificate” and, together with the 2020 Floating Rate Series Terms Certificate, the 2021 Floating Rate Series Terms Certificate, the 2020 Fixed Rate Series Terms Certificate, the 2021 Fixed Rate Series Terms Certificate, the 2023 Series Terms Certificate, the 2025 Series Terms Certificate, the 2028 Series Terms Certificate and the 2038 Series Terms Certificate, the “Series Terms Certificates”); and (xxix) such other documents, records and certificates as we considered necessary or appropriate to enable us to express the opinions set forth herein. In all such examinations, we have assumed the authenticity and completeness of all documents submitted to us as originals and the conformity to authentic and complete originals of all documents submitted to us as photostatic, conformed, notarized or certified copies.

In rendering this opinion, we have assumed, without independent investigation or verification, that: (i) each natural person signing any document reviewed by us had the legal capacity to do so; (ii) each person signing in a representative capacity (other than on behalf of the Company) had the authority to sign in such capacity; (iii) the Agreement has been duly authorized and validly executed and delivered by the parties thereto other than the Company; (iv) at or prior to the time of delivery of the Global Notes, the authorization of the Notes and of each series of notes of which the Notes are a part, including the Series Terms Certificates, will not have been modified or rescinded and there will not have occurred any change in law affecting the validity or enforceability of the Notes; (v) the Global Notes executed and delivered by the Company as contemplated herein will be identical in form to the forms of the Global Notes examined by us as described herein; and (vi) (A) the Indenture is and, at the time of delivery of the Notes, will be the legal, valid and binding agreement of the Trustee, enforceable against the Trustee in accordance with its terms, (B) at the time of delivery of the Notes, the Indenture will continue to be the legal, valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, and (C) the Indenture has been at all pertinent times qualified pursuant to the Trust Indenture Act of 1939, as amended.

As to certain facts material to our opinion, we have made no independent investigation or verification of such facts and have relied, to the extent that we deem such reliance proper, upon certificates of public officials, the Company and officers or other representatives of the Company and the representations of the Company in the Agreement.

Based on the foregoing and subject to the qualifications set forth below, we are of the opinion that, upon the execution of the Global Notes, the authentication of the Global Notes in accordance with the terms of the Indenture and the delivery of the Global Notes against payment therefor in accordance with the Agreement, the Notes will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, and will be entitled to the benefits of the Indenture.

Walmart Inc.

June 26, 2018

Page 5

The foregoing opinions are qualified to the extent that the enforceability of the Indenture, the Notes or any related document or instrument may be limited by or subject to the effects of bankruptcy, insolvency, moratorium, reorganization, liquidation, rearrangement, probate, conservatorship, fraudulent conveyance, fraudulent transfer or other similar laws (including court decisions) now or hereafter in effect relating to or affecting creditors’ rights and remedies generally or providing for the relief of debtors, general principles of equity (regardless of whether such remedies are sought in a proceeding in equity or at law) or public policy.

We note that the enforceability of specific provisions of the Indenture and the Notes may be subject to (i) standards of reasonableness and “good faith” limitations and obligations such as those provided in the New York Uniform Commercial Code and similar applicable principles of common law and judicial decisions and (ii) the course of dealings between the parties, the usage of trade and similar provisions of common law and judicial decision.

We express no opinion as to the enforceability of the severability clauses in Section 1.11 of the Original Indenture, Section 5 of the First Supplemental Indenture, Section 5 of the Second Supplemental Indenture, Section 5 of the Third Supplemental Indenture or Section 16 of the 2020 Floating Rate Global Notes, the 2020 Fixed Rate Global Notes, the 2021 Fixed Rate Global Notes, the 2023 Global Notes, the 2025 Global Notes, the 2028 Global Notes, the 2038 Global Notes and the 2048 Global Notes, and Section 17 of the 2021 Floating Rate Global Notes or any provision of the Indenture or the Global Notes that purports to waive or not give effect to rights to notice, defenses, subrogation or other rights or benefits that cannot be effectively waived under applicable law, including Section 1.15 and Section 12.01 of the Original Indenture and Section 13 of the 2020 Floating Rate Global Notes, the 2020 Fixed Rate Global Notes, the 2021 Fixed Rate Global Notes, the 2023 Global Notes, the 2025 Global Notes, the 2028 Global Notes, the 2038 Global Notes and the 2048 Global Notes and Section 14 of the 2021 Floating Rate Global Notes. We express no opinion with respect to the enforceability of (i) the parenthetical clause in Section 8.07(i) of the Original Indenture relating to the limitations on the compensation of trustees or (ii) Section 12.01 of the Original Indenture and Section 13 of the 2020 Floating Rate Global Notes, the 2020 Fixed Rate Global Notes, the 2021 Fixed Rate Global Notes, the 2023 Global Notes, the 2025 Global Notes, the 2028 Global Notes, the 2038 Global Notes and the 2048 Global Notes and Section 14 of the 2021 Floating Rate Global Notes to the extent that either of those provisions purport to waive liability for violation of securities laws. We express no opinion as to any provision of the Indenture that purports to confer subject matter jurisdiction in respect of bringing suits, enforcement of judgments or otherwise on any federal court, to the extent such court does not otherwise have such jurisdiction.

The foregoing opinions are limited in all respects to matters under and governed by the federal laws of the United States of America, the laws of the State of New York and the General Corporation Law of the State of Delaware, as each is in force and effect as of the date of this opinion. We do not express any opinion as to the laws of any other jurisdiction.

Walmart Inc.

June 26, 2018

Page 6

We consent to the filing by you of this opinion as an exhibit to the Company’s Current Report on Form 8-K filed with the Commission on the date hereof and the incorporation by reference of this opinion letter into the Registration Statement, and we further consent to the use of our name under the caption “Legal Matters” in the Prospectus Supplement. In giving this consent, we do not admit that we are included in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder. This opinion is expressed as of the date hereof, and we disclaim any undertaking to advise you of any subsequent changes in the facts stated or assumed herein or any subsequent changes in law.

Very truly yours,

/s/ Hunton Andrews Kurth LLP