DESCRIPTION OF THE NOTES
The following description of the terms and conditions of the notes supplements the description of the more general terms and conditions of
Walmarts debt securities contained in the accompanying prospectus.
The notes of each series will be issued under and pursuant
to the indenture dated as of July 19, 2005, as supplemented (the indenture), between us and The Bank of New York Mellon Trust Company, N.A., as trustee. The 20 notes, the 20 notes, the
20 notes, and the 20 notes are each a separate series of notes under the indenture. The notes of each series will be issued in registered book-entry form without interest coupons in minimum denominations
of $2,000 and integral multiples of $1,000 in excess thereof. The notes of each series will constitute our senior unsecured debt obligations and will rank equally among themselves, with the notes of the other series being offered hereby and with all
of our other existing and future senior unsecured debt.
The 20 notes will mature
on , 20 ; the 20 notes will mature
on , 20 ; the 20 notes will mature
on , 20 ; and the 20 notes will mature
on , 20 . Unless previously purchased and cancelled or, to the extent permitted by such series of notes, redeemed prior to
maturity, we will repay the notes of each series at 100% of their principal amount, together with accrued and unpaid interest thereon, at their maturity.
The 20 notes will be initially issued in an aggregate principal amount of
$ ; the 20 notes will be initially issued in an aggregate principal amount of $ ;
the 20 notes will be initially issued in an aggregate principal amount of $ ; and the 20 notes will be initially issued in an
aggregate principal amount of $ . We may, without the consent of the holders of the notes of a series, create and issue additional notes of that series ranking equally with and
otherwise similar in all respects to the notes of that series (except for the public offering price, initial interest accrual date, initial interest payment date, and the issue date) so that those additional notes will be consolidated and form a
single series with the other outstanding notes of that series that we are offering hereby; provided, however, that any additional notes of a series issued that are not fungible with the outstanding notes of that series for U.S.
federal income tax purposes will be issued under one or more separate CUSIP and ISIN numbers. No additional notes of a series may be issued if an event of default under the indenture has occurred and is continuing.
Interest Rates on the Notes
The notes of
each series will bear interest from , 2021 at the annual interest rate specified for notes of that series on the cover page of this prospectus supplement.
Interest on the notes will be paid semi-annually, in the case of 20 notes,
on and of each year, beginning
on , 2022, in the case of 20 notes,
on and of each year, beginning
on , 2022, in the case of the 20 notes,
on and of each year, beginning
on , 2022, and in the case of the 20 notes,
on and of each year, beginning
on , 2022.
Interest on each note will be
payable to the person in whose name the note is registered at the close of business, in the case of the 20 notes, on
the and immediately preceding the applicable interest
payment date, in the case of the 20 notes, on
the and immediately preceding the applicable interest
payment date, in the case of the 20 notes, on
the and immediately preceding the applicable interest
payment date, and in the case of the 20 notes, on the and
immediately preceding the applicable interest payment date. Interest on the notes of each series will be computed on the basis of a 360-day year of twelve 30-day months.
Other Terms of the Notes
If any interest payment date for notes of any series would otherwise be a day that is not a business day, then the interest payment date for
notes of that series will be postponed to the following date that is a business day.
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