Walmart may redeem the Fixed Rate Notes of any series, at its option and, as to each series of Fixed Rate Notes, in whole or in part, at any time and from time to time, prior to the maturity date, in the case of the 2027 Notes, and the applicable Par Call Date, in the case of the 2030 Notes and the 2035 Notes, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

• (a) the sum of the present values of the Remaining Scheduled Payments (as defined below) less (b) interest accrued to, but excluding, the redemption date, and

• 100% of the principal amount of the Notes to be redeemed,

plus, in either case, any accrued and unpaid interest thereon to, but excluding, the redemption date.

“Par Call Date” means, in the case of the 2030 Notes, March 28, 2030 (the date that is 1 month prior to the maturity date of such Fixed Rate Notes), and, in the case of the 2035 Notes, January 28, 2035 (the date that is 3 months prior to the maturity date of such Fixed Rate Notes).

“Remaining Scheduled Payments” means, with respect to any series of fixed rate 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(assuming that such notes matured on the maturity date, in the case of the 2027 notes, and the applicable Par Call Date, in the case of the 2030 notes and the 2035 notes).

In determining the present value of the Remaining Scheduled Payments, we will discount such payments to the redemption date(assuming that such notes matured on the maturity date, in the case of the 2027 notes, and the applicable Par Call Date, in the case of the 2030 notes and the 2035 notes) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus, in the case of the 2027 notes, 5 basis points, in the case of the 2030 notes, 10 basis points and in the case of the 2035 notes, 10 basis points.