AGENCY AGREEMENT

AMENDED AND RESTATED AGENCY AGREEMENT

9 MAY 2022

EQUINOR ASA

as

Issuer

and

EQUINOR ENERGY AS

as Guarantor

THE BANK OF NEW YORK MELLON, LONDON BRANCH

as

Agent

and

THE BANK OF NEW YORK XXXXXX XX/NV, LUXEMBOURG BRANCH

as Paying Agent

in respect of a

€20,000,000,000

EURO MEDIUM TERM NOTE PROGRAMME

Xxxxx & Xxxxx LLP

0010155-0003327 UKO2: 2004375908.9

CONTENTS

Clause Page

1.

Definitions and Interpretation ................................ ................................ ............................... 4

2.

Appointment of Agent and Paying Agents ................................ ................................ .......... 10

3.

Issue of Temporary Global Notes ................................ ................................ ....................... 11

4.

Determination of Exchange Date and Issue of Permanent Global Notes and Definitive Notes

12

5.

Issue of Definitive Notes ................................ ................................ ................................ .... 12

6.

Terms of Issue ................................ ................................ ................................ ................... 13

7.

Payments ................................ ................................ ................................ .......................... 14

8.

Determinations and Notifications in respect of Notes and Interest Determination ............... 15

9.

Notice of any Withholding or Deduction ................................ ................................ ............. 16

10.

Duties of the Agent in Connection with early Redemption ................................ .................. 16

11.

Receipt and Publication of Notices ................................ ................................ ..................... 17

12.

Cancellation of Notes, Coupons and Talons ................................ ................................ ...... 17

13.

Issue of Replacement Notes, Coupons and Talons................................ ............................ 18

14.

Copies of Documents Available for Inspection or Collection ................................ ............... 19

15.

Meetings of Noteholders ................................ ................................ ................................ .... 19

16.

Commissions, Expenses and Review of Fees and Expenses ................................ ............ 20

17.

Indemnity ................................ ................................ ................................ ........................... 20

18.

Repayment by the Agent ................................ ................................ ................................ ... 21

19.

Conditions of Appointment ................................ ................................ ................................ . 21

20.

Release of the Guarantor ................................ ................................ ................................ ... 22

21.

Communication between the Parties ................................ ................................ .................. 22

22.

Changes in Agent and other Paying Agents ................................ ................................ ....... 22

23.

Merger and Consolidation ................................ ................................ ................................ .. 24

24.

Notification of Changes to Paying Agents ................................ ................................ .......... 24

25.

Change of Specified Office ................................ ................................ ................................ 25

26.

Notices and Communication ................................ ................................ .............................. 25

27.

Taxes and Stamp Duties................................ ................................ ................................ .... 26

28.

Currency Indemnity ................................ ................................ ................................ ............ 26

29.

Amendments ................................ ................................ ................................ ..................... 26

30.

Descriptive Headings ................................ ................................ ................................ ......... 26

31.

Contract (Rights of Third Parties) Act 1999 ................................ ................................ ........ 26

32.

Governing Law and Submission to Jurisdiction ................................ ................................ .. 26

33.

Counterparts ................................ ................................ ................................ ...................... 27

34.

General ................................................................ ................................ ............................. 27

35.

EU Contractual Recognition of Bail-in ................................ ................................ ................ 27

Schedule Page

1.

 Terms and Conditions of the Notes other than VPS Notes ................................ .................. 29

2.

 Forms of Global and Definitive Notes, Coupons and Talons ................................ ............... 78

Part 1 Form of Temporary Global Note ................................ ................................ ........ 78

Part 2 Form of Permanent Global Note ................................ ................................ ........ 86

Part 3 Form of Definitive Note ................................ ................................ ...................... 94

Part 4 Form of Coupon ................................ ................................ ................................ 97

Part 5 Form of Talon ................................ ................................ ................................ .... 98

3.

 Form of Deed of Covenant ................................ ................................ ................................ 100

4.

 Provisions for Meetings of Noteholders ................................ ................................ ............. 103

5.

 Form of Put Notice ................................ ................................ ................................ ............ 109

6.

 Form of Deed Poll ................................ ................................ ................................ ............. 111

7.

 Form of Issuer – ICSDs Agreement ................................ ................................ .................. 117

8.

 Additional Duties of the Agent ................................ ................................ ........................... 121

Signatories ................................ ................................ ................................ ................................ ... 122

Appendix

1.

 Form of Calculation Agency Agreement ................................ ................................ ............ 124

4

AMENDED AND RESTATED AGENCY AGREEMENT

in respect of a

€20,000,000,000

EURO MEDIUM TERM NOTE PROGRAMME

THIS AGREEMENT

is made on 9 May 2022

BETWEEN

:

(1)

EQUINOR ASA

of Forusbeen 50, N-4035 Stavanger, Norway in its capacity as an issuer of

Notes under the Programme (the

Issuer

);

(2)

EQUINOR ENERGY AS

of Forusbeen 50, N-4035 Stavanger, Norway (the

Guarantor

);

(3)

THE BANK OF NEW YORK MELLON, LONDON BRANCH

of One Canada Square,

London E14 5AL, United Kingdom (the

Agent

, which expression shall include any

successor agent appointed in accordance with clause

(D)22

); and

(4)

THE BANK OF NEW YORK XXXXXX XX/NV, LUXEMBOURG BRANCH

of Vertigo

Building - Polaris, 2-4 xxx, Xxxxxx Xxxxxxx, L-2453 Luxembourg (together with the Agent,

the

Paying Agents

, which expression shall include any additional or successor paying

agent appointed in accordance with clause

(D)22

 and

Paying Agent

shall mean any of the

Paying Agents).

WHEREAS

:

(A)

 The parties hereto entered into an amended and restated Agency Agreement (the

Previous Agency Agreement

) dated 13 May 2020 in respect of a €20,000,000,000 Euro

Medium Term Note Programme (the

Programme

).

(B)

 The parties hereto wish to make certain modifications to the Previous Agency Agreement.

(C)

 The Issuer and the Guarantor have entered into an amended and restated programme

agreement (as modified and/or restated and/or supplemented from time to time, the

Programme Agreement

) dated 9 May 2022 with the Dealers named therein pursuant to

which the Issuer may issue Euro Medium Term Notes (the

Notes

) in an aggregate nominal

amount of up to €20,000,000,000 (or its equivalent in other currencies) under the

Programme.

(D)

 Each issue of Notes (other than VPS Notes) will be initially represented by a temporary

global Note exchangeable in whole or in part for definitive Notes or for a permanent global

Note which will be exchangeable as described therein for definitive Notes.

IT IS XXXXXX AGREED

as follows:

1.

 DEFINITIONS AND INTERPRETATION

1.1

 Terms and expressions defined in the Programme Agreement or the Notes or used in the

applicable Final Terms shall have the same meanings in this Agreement, except where the

context requires otherwise or unless otherwise stated.

0010155-0003327 UKO2: 2004375908.9

5

1.2

 Without prejudice to the foregoing:

Authorised Person

means any person who is designated in writing by the Issuer from time

to time to give Instructions to the Agent under the terms of this Agreement;

CGN

means a Temporary Global Note in the form set out in

Part 1

 of

Schedule 2

 or a

Permanent Global Note in the form set out in

Part 2

 of

Schedule 2

, in either case where the

applicable Final Terms specify that the Notes are not in New Global Note form;

Clearstream, Luxembourg

means Clearstream Banking S.A.;

Code

means the U.S. Internal Revenue Code of 1986, as amended;

Conditions

means, in relation to the Notes of any Series, the terms and conditions

endorsed on or incorporated by reference into the Note or Notes constituting such Series,

such terms and conditions being in or substantially in the form set out in Schedule 1 or in

such other form, having regard to the terms of the Notes of the relevant Series, as may be

agreed between the Issuer, the Agent and the relevant Dealer as completed by the Final

Terms applicable to the Notes of the relevant Series;

Coupon

means an interest coupon appertaining to a Definitive Note (other than a Zero

Coupon Note), such coupon being:

(a)

 if appertaining to a Fixed Rate Note, in the form or substantially in the form set out

in

Part

4

A of

Schedule 2

 or in such other form, having regard to the terms of issue

of the Notes of the relevant Series, as may be agreed between the Issuer, the Agent

and the relevant Dealer; or

(b)

 if appertaining to a Floating Rate Note, in the form or substantially in the form set

out in

Part 4

B of

Schedule 2

 or in such other form, having regard to the terms of

issue of the Notes of the relevant Series, as may be agreed between the Issuer, the

Agent and the relevant Dealer; or

(c)

 if appertaining to a Definitive Note which is neither a Fixed Rate Note nor a Floating

Rate Note, in such form as may be agreed between the Issuer, the Agent and the

relevant Dealer,

and includes, where applicable, the Talon(s) appertaining thereto and any replacements for

Coupons and Talons issued pursuant to Condition 9;

Couponholders

means the several persons who are for the time being holders of the

Coupons and shall, unless the context otherwise requires, include the holders of the

Talons;

Deed of Covenant

means the deed of covenant, as modified and/or restated and/or

supplemented from time to time, dated 13 May 2020, substantially in the form set out in

Schedule 3

, executed as a deed by the Issuer in favour of certain accountholders with

Euroclear and Clearstream, Luxembourg;

Deed Poll

means any Xxxx Xxxx as defined in Condition 14 the form of which is set out in

Schedule

6

 hereto;

Definitive Note

means a definitive Note issued or, as the case may require, to be issued by

the Issuer in accordance with the provisions of the Programme Agreement or any other

agreement between the Issuer and the relevant Dealer in exchange for either a Temporary

Global Note or a Permanent Global Note (all as indicated in the applicable Final Terms),

0010155-0003327 UKO2: 2004375908.9

6

such definitive Note being in the form or substantially in the form set out in

Part 3

 of

Schedule 2

 with such modifications (if any) as may be agreed between the Issuer, the

Agent and the relevant Dealer and having the Conditions endorsed

0010155-0003327 UKO2: 2004375908.9

7

thereon or, if permitted by the relevant authority or authorities, incorporating the Conditions

by reference and having the applicable Final Terms (or the relevant provisions thereof)

either endorsed thereon or attached thereto and (except in the case of a Zero Coupon

Note) having Coupons and, where appropriate, Talons attached thereto on issue;

Distribution Compliance Period

has the meaning given to such term in Regulation S

under the Securities Act;

Euroclear

means Euroclear Bank SA/NV;

Eurosystem-eligible NGN

means an NGN which is intended to be held in a manner which

would allow Eurosystem eligibility, as stated in the applicable Final Terms;

FATCA Withholding

means any withholding or deduction required pursuant to an

agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to

Sections 1471 through 1474 of the Code (or any regulations thereunder or official

interpretations thereof) or an intergovernmental agreement between the United States and

another jurisdiction facilitating the implementation thereof (or any law implementing such an

intergovernmental agreement);

Fixed Rate Note

means a Note on which interest is calculated at a fixed rate payable in

arrear on a fixed date or dates in each year and on redemption or on such other dates as

may be agreed between the Issuer and the relevant Dealer (as indicated in the applicable

Final Terms);

Floating Rate Note

means a Note on which interest is calculated at a floating rate payable

in respect of such period or on such date(s) as may be agreed between the Issuer and the

relevant Dealer (as indicated in the applicable Final Terms);

Global Note

means a Temporary Global Note and/or a Permanent Global Note, as

applicable;

Grandfathering Date

means the date that is six months after the date on which final

regulations defining the term “foreign passthru payment” are published in the U.S. Federal

Register;

Guarantee

means the Deed of Guarantee, as modified and/or restated and/or

supplemented from time to time, executed by the Guarantor on 13 May 2020 in respect of

the Programme;

Instructions

means any written notices, directions or instructions received by the Agent

from an Authorised Person or from a person reasonably believed by the Agent to be an

Authorised Person;

Interest Commencement Date

means, in the case of interest-bearing Notes, the date

specified in the applicable Final Terms from (and including) which such Notes bear interest,

which may or may not be the Issue Date;

Issue Date

means the date of issue and purchase of a Note, in each case pursuant to and

in accordance with the Programme Agreement or any other agreement between the Issuer

and the relevant Dealer, being in the case of any Permanent Global Note or Definitive Note,

the same date as the date of issue of the Temporary Global Note which initially represented

such Note;

Issue Price

means the price, generally expressed as a percentage of the nominal amount

of the Notes, at which the Notes will be issued;

0010155-0003327 UKO2: 2004375908.9

8

Maturity Date

means, in relation to a Note, the date on which it is expressed to be

redeemable;

0010155-0003327 UKO2: 2004375908.9

9

NGN

means a Temporary Global Note in the form set out in

Part 1

 of

Schedule 2

 or a

Permanent Global Note in the form set out in

Part 2

 of

Schedule 2

, in either case where the

applicable Final Terms specify that the Notes are in New Global Note form;

Note

means a note denominated in Australian Dollars, Canadian Dollars, Danish Kroner,

Euro, Hong Kong Dollars, Japanese Yen, New Zealand Dollars, Norwegian Kroner, South

African Rand, Sterling, Swedish Kronor, Swiss Francs, U.S. Dollars or such other currency

or currencies as may be agreed between the Issuer and the relevant Dealer issued or to be

issued by the Issuer pursuant to the Programme Agreement or any other agreement

between the Issuer and the relevant Dealer and which shall initially be represented by, and

comprised in, a Temporary Global Note which may (in accordance with the terms of such

Temporary Global Note) be exchanged for either Definitive Notes or a Permanent Global

Note which Permanent Global Note may (in accordance with the terms of such Permanent

Global Note) in turn be exchanged for Definitive Notes (all as indicated in the applicable

Final Terms) and includes any replacements for a Note issued pursuant to Condition 9;

Noteholders

means the several persons who are for the time being holders of the Notes

save that, in respect of the Notes of any Series, for so long as such Notes or any part

thereof are represented by a Global Note held on behalf of Euroclear and/or of

Clearstream, Luxembourg, each person (other than Euroclear or Clearstream,

Luxembourg) who is for the time being shown in the records of Euroclear or of Clearstream,

Luxembourg as the holder of a particular nominal amount of the Notes of such Series (in

which regard any certificate or other document issued by Euroclear or Clearstream,

Luxembourg as to the nominal amount of such Notes standing to the account of any person

shall be conclusive and binding for all purposes save in the case of manifest error) shall be

treated by the Issuer, the Agent and any other Paying Agent as the holder of such nominal

amount of such Notes for all purposes other than with respect to the payment of principal or

interest on such Notes, for which purpose the bearer of the relevant Global Note shall be

treated by the Issuer, the Agent and any other Paying Agent as the holder of such nominal

amount of such Notes in accordance with and subject to the terms of the relevant Global

Note and the expressions

Noteholder

,

holder of Notes

and related expressions shall be

construed accordingly;

outstanding

means, in relation to the Notes of any Series, all the Notes issued other than

(a) those which have been redeemed in full in accordance with the Conditions, (b) those in

respect of which the date for redemption in accordance with the Conditions has occurred

and the redemption moneys wherefor (including all interest (if any) accrued thereon to the

date for such redemption and any interest (if any) payable under the Conditions after such

date) have been duly paid to the Agent as provided herein (and, where appropriate, notice

has been given to the Noteholders of the relevant Series in accordance with Condition 12)

and remain available for payment of the relevant Notes and/or Coupons, (c) those which

have become void under the Conditions, (d) those which have been purchased and

cancelled as provided in the Conditions, (e) those mutilated or defaced Notes which have

been surrendered in exchange for replacement Notes pursuant to the Conditions, (f) (for

the purpose only of determining how many Notes are outstanding and without prejudice to

their status for any other purpose) those Notes alleged to have been lost, stolen or

destroyed and in respect of which replacement Notes have been issued pursuant to the

Conditions, (g) Temporary Global Notes to the extent that they shall have been duly

exchanged for Permanent Global Notes and/or Definitive Notes and Permanent Global

Notes to the extent that they shall have been duly exchanged for Definitive Notes, in each

case pursuant to their respective provisions and (h) Temporary Global Notes and

Permanent Global Notes which have become void in accordance with their terms (provided

that at the Relevant Time (as defined in the Deed of Covenant) the Underlying Notes (as

defined in the Deed of Covenant) will be deemed to be still outstanding) and,

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10

PROVIDED THAT for each of the following purposes, namely:

0010155-0003327 UKO2: 2004375908.9

11

(i)

 the right to attend and vote at any meeting of the Noteholders or any of them,

passing an Extraordinary Resolution (as defined in

Schedule 4

) in writing or an

Extraordinary Resolution by way of electronic consents given through the relevant

clearing systems as envisaged by

Schedule 4

; and

(ii)

 the determination of how many and which Notes are for the time being outstanding

for the purposes of paragraphs

2,

5

 and

6

 of

Schedule 4

 hereto,

those Notes (if any) which are for the time being held by any person (including but not

limited to the Issuer or any of its Subsidiaries) for the benefit of the Issuer or any of its

Subsidiaries shall (unless and until ceasing to be so held) be deemed not to be

outstanding;

Participating FFI

means a “participating FFI” as defined in US Treasury Regulations

Section 1.1471-1(b)(91) (or any successor provision) or any other entity whose payments

are subject to FATCA Withholding;

Permanent Global Note

means a global note in the form or substantially in the form set

out in

Part

2

 of

Schedule 2

 together with the copy of the applicable Final Terms attached

thereto with such modifications (if any) as may be agreed between the Issuer, the Agent

and the relevant Dealer, comprising some or all of the Notes of the same Series, issued by

the Issuer pursuant to the Programme Agreement or any other agreement between the

Issuer and the relevant Dealer in exchange for the whole or part of any Temporary Global

Note issued in respect of such Notes;

Put Notice

means a notice in the form set out in

Schedule 5;

Series

means a Tranche of the Notes together with any further Tranche or Tranches of the

Notes which are (a) expressed to be xxxxxxx

dated

and form a single series and (b) identical

in all respects (including as to listing) except for their respective Issue Dates, Interest

Commencement Dates and/or Issue Prices and the expressions

Notes of the relevant

Series

and

holders of Notes of the relevant Series

and related expressions shall be

construed accordingly;

Talons

means the talons (if any) appertaining to, and exchangeable in accordance with the

provisions therein contained for further Coupons appertaining to, a Definitive Note (other

than a Zero Coupon Note), such talons being in the form or substantially in the form set out

in

Part 5

 of

Schedule 2

 or in such other form as may be agreed between the Issuer, the

Agent and the relevant Dealer and includes any replacements for Talons issued pursuant to

Condition 9;

Temporary Global Note

means a global note in the form or substantially in the form set

out in

Part

1

 of

Schedule 2

 together with the copy of the applicable Final Terms attached

thereto with such modifications (if any) as may be agreed between the Issuer, the Agent

and the relevant Dealer, comprising some or all of the Notes of the same Series, issued by

the Issuer pursuant to the Programme Agreement or any other agreement between the

Issuer and the relevant Dealer;

Tranche

means all Notes with the same Issue Date and subject to the same Final Terms;

and

Zero Coupon Note

means a Note on which no interest is payable.

1.3

 (a) Words denoting the singular number only shall include the plural number also

and

vice versa

;

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12

(b)

 words denoting one gender only shall include the other gender; and

(c)

 words denoting persons only shall include firms and corporations and vice versa.

0010155-0003327 UKO2: 2004375908.9

13

1.4

 All references in this Agreement to costs or charges or expenses shall include any value

added tax or similar tax charged or chargeable in respect thereof to the extent not

recoverable as an input.

1.5

 All references in the Agreement to "the Guarantor" shall be deemed to be deleted in relation

to Notes that do not have the benefit of the Guarantee.

1.6

 For the purposes of this Agreement, the Notes of each Series shall form a separate series

of Notes and the provisions of this Agreement shall apply

mutatis mutandis

separately and

independently to the Notes of each Series and in this Agreement the expressions

Notes

,

Noteholders

,

Coupons

,

Couponholders

and

Talons

shall be construed accordingly.

1.7

 All references in this Agreement to principal and/or interest or both in respect of the Notes

or to any moneys payable by the Issuer under this Agreement shall have the meaning set

out in Condition 4(f).

1.8

 All references in this Agreement to the

relevant currency

shall be construed as references

to the currency in which the relevant Notes and/or Coupons are denominated.

1.9

 In this Agreement, clause headings are inserted for convenience and ease of reference

only and shall not affect the interpretation of this Agreement. All references in this

Agreement to the provisions of any statute shall be deemed to be references to that statute

as from time to time modified, extended, amended or re-enacted or to any statutory

instrument, order or regulation made thereunder or under such re-enactment.

1.10

 All references in this Agreement to an agreement, instrument or other document (including,

without limitation, this Agreement, the Programme Agreement, the Deed of Covenant, the

Guarantee, the Procedures Memorandum, the Notes and any Conditions appertaining

thereto) shall be construed as a reference to that agreement, instrument or document as

the same may be amended, modified, varied or supplemented from time to time.

1.11

 Any references herein to Euroclear and/or Clearstream, Luxembourg shall, whenever the

context so permits, be deemed to include a reference to any additional or alternative

clearance system approved by the Issuer and the Agent or as otherwise specified in Part B

of the applied Final Terms.

1.12

 All references to the

records

of Euroclear and Clearstream, Luxembourg shall be to the

records that each of Euroclear and Clearstream, Luxembourg holds for its customers which

reflect the amount of such customer's interest in the Notes.

1.13

 As used herein, in relation to any Notes which are to have a "listing" or be "listed" (i) on the

London Stock Exchange,

listing

and

listed

shall be construed to mean that such Notes

have been admitted to the Official List and admitted to trading on the London Stock

Exchange's main market and (ii) on any European Economic Area Stock Exchange,

listing

and

listed

shall be construed to mean that that Notes have been admitted to trading on a

market within that jurisdiction which is a regulated market for the purposes of the Markets in

Financial Instruments Directive (Directive 2014/65/EU, as amended).

1.14

 This Agreement does not apply to the VPS Notes.

1.15

 With effect from the date hereof, the provisions of the Previous Agency Agreement shall be

amended and restated and shall take effect in the form set out in this Agency Agreement

and all references to the

Agency Agreement

,

this Agency Agreement

,

this Agreement

,

hereof

,

hereunder

and expressions of similar import in this Agency Agreement shall be

construed as references to the Previous Agency Agreement as so amended and restated.

Any Notes issued on or after the date hereof shall be issued pursuant to this Agency

0010155-0003327 UKO2: 2004375908.9

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Agreement. This does not affect any Notes issued prior to the date of this Agreement.

0010155-0003327 UKO2: 2004375908.9

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2.

 APPOINTMENT OF AGENT AND PAYING AGENTS

2.1

 The Agent is hereby appointed, and the Agent xxxxxx agrees to act as issuing and paying

agent of the Issuer and the Guarantor upon the terms and subject to the conditions set out

below, for the purposes of,

inter alia

:

(a)

 completing, authenticating and delivering Global Notes and (if required) completing,

authenticating and delivering Definitive Notes;

(b)

 giving effectuation instructions in respect of each Global Note which is a

Eurosystem- eligible NGN;

(c)

 exchanging Temporary Global Notes for Permanent Global Notes or Definitive

Notes, as the case may be, in accordance with the terms of Temporary Global

Notes and, in respect of any such exchange, (i) making all notations on Global

Notes which are CGNs as required by their terms and (ii) instructing Euroclear and

Clearstream, Luxembourg to make appropriate entries in their records in respect of

all Global Notes which are NGNs;

(d)

 exchanging Permanent Global Notes for Definitive Notes in accordance with the

terms of such Permanent Global Notes and, in respect of any such exchange, (i)

making all notations on Permanent Global Notes which are CGNs as required by

their terms and (ii) instructing Euroclear and Clearstream, Luxembourg to make

appropriate entries in their records in respect of all Permanent Global Notes which

are NGNs;

(e)

 paying sums due on Global Notes and Definitive Notes and Coupons and instructing

Euroclear and Clearstream, Luxembourg to make appropriate entries in their

records in respect of all Global Notes which are NGNs;

(f)

 exchanging Talons for Coupons in accordance with the Conditions;

(g)

 arranging on behalf of the Issuer or, as the case may be, the Guarantor, for notices

to be communicated to the Noteholders;

(h)

 ensuring that all necessary action is taken to comply with any reporting

requirements of any competent authority in respect of any relevant currency as may

be in force from time to time with respect to the Notes to be issued under the

Programme;

(i)

 subject to the Procedures Memorandum, submitting to the relevant authority or

authorities such number of copies of each Final Terms which relates to Notes which

are to be listed as the relevant authority or authorities may reasonably require;

(j)

 acting as Calculation Agent in respect of Notes where named as such in the

relevant Final Terms; and

(k)

 performing all other obligations and duties imposed upon it by the Conditions and

this Agreement.

2.2

 Each Paying Agent is xxxxxx appointed as paying agent of the Issuer and the Guarantor,

upon the terms and subject to the conditions set out below, for the purposes of paying

sums due on Notes and Coupons and of performing all other obligations and duties

imposed upon it by the Conditions and this Agreement. The obligations of the Paying

Agents under this Agreement shall be several and not joint.

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2.3

 In relation to each issue of Eurosystem-eligible NGNs, the Issuer hereby authorises and

instructs the Agent to elect Euroclear and/or Clearstream, Luxembourg as common

safekeeper. From time to time, the Issuer and the Agent may agree to vary this election.

The Issuer acknowledges that any such election is subject to the right of Euroclear and

Clearstream, Luxembourg to jointly determine that the other shall act as common

safekeeper in relation to any such issue and agrees that no liability shall attach to the Agent

in respect of any such election made by it.

3.

 ISSUE OF TEMPORARY GLOBAL NOTES

3.1

 Subject to subclause

3.2

 below, following receipt of a faxed copy of the Final Terms signed

by the Issuer and the Guarantor, the Issuer hereby authorises the Agent and the Agent

xxxxxx agrees to take the steps required of the Agent in the Procedures Memorandum. For

this purpose the Agent will,

inter alia,

on behalf of the Issuer:

(a)

 prepare a Temporary Global Note by attaching a copy of the applicable Final Terms

to a copy of the applicable master Temporary Global Note;

(b)

 authenticate such Temporary Global Note;

(c)

 deliver such Temporary Global Note to the specified common depositary (if the

Temporary Global Note is a CGN) or specified common safekeeper (if the

Temporary Global Note is an NGN) for Euroclear and Clearstream, Luxembourg

and, in the case of a Temporary Global Note which is a Eurosystem-eligible NGN, to

instruct the common safekeeper to effectuate the same;

(d)

 ensure that the Notes of each Tranche are assigned a common code and ISIN by

Euroclear and Clearstream, Luxembourg which are different from the common code

and ISIN assigned to Notes of any other Tranche of the same Series until at least

the expiry of the applicable Distribution Compliance Period of such Tranche as

notified by the Agent to the relevant Dealer; and

(e)

 if the Temporary Global Note is an NGN, instruct Euroclear and Clearstream,

Luxembourg to make the appropriate entries in their records to reflect the initial

outstanding aggregate principal amount of the relevant Tranche of Notes.

3.2

 The Agent shall only be required to perform its obligations under subclause

3.1

 above if it

holds:

(a)

 a master Temporary Global Note duly executed by a person or persons authorised

to execute the same on behalf of the Issuer, which may be used by the Agent for

the purpose of preparing a Temporary Global Note in accordance with subclause

3.1(a)

; and

(b)

 a master Permanent Global Note xxxx executed by a person or persons authorised

to execute the same on behalf of the Issuer, which may be used by the Agent for

the purpose of preparing a Permanent Global Note in accordance with clause

4

below.

3.3

 Where the Agent delivers any authenticated Global Note to a common safekeeper for

effectuation using electronic means, it is authorised and instructed to destroy the Global

Note retained by it following its receipt of confirmation from the common safekeeper that

the relevant Global Note has been effectuated.

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4.

 DETERMINATION OF EXCHANGE DATE AND ISSUE OF PERMANENT GLOBAL

NOTES AND DEFINITIVE NOTES

4.1

 (a) The Agent shall determine the Exchange Date for each Temporary Global Note

in accordance with the terms thereof. Forthwith upon determining the Exchange

Date in respect of any Tranche, the Agent shall notify such determination to the

Issuer, the Guarantor, the relevant Dealer, Euroclear and Clearstream,

Luxembourg.

(b)

 Where a Temporary Global Note is to be exchanged for a Permanent Global Note,

the Agent is hereby authorised on behalf of the Issuer:

(i)

 in the case of the first Tranche of any Series of Notes, to prepare and

complete a Permanent Global Note in accordance with the terms of the

Temporary Global Note applicable to such Tranche by attaching a copy of

the applicable Final Terms to a copy of the applicable master Permanent

Global Note;

(ii)

 in the case of the first Tranche of any Series of Notes, to authenticate such

Permanent Global Note;

(iii)

 in the case of the first Tranche of any Series of Notes if the Permanent

Global Note is a CGN, to deliver such Permanent Global Note to the

common depositary which is holding the Temporary Global Note applicable

to such Tranche for the time being on behalf of Euroclear and/or

Clearstream, Luxembourg to hold on behalf of the Issuer pending its

exchange for such Temporary Global Note;

(iv)

 in the case of the first Tranche of any Series of Notes if the Permanent

Global Note is an NGN, to deliver the Permanent Global Note to the

common safekeeper which is holding the Temporary Global Note

representing the Tranche for the time being on behalf of Euroclear and/or

Clearstream, Luxembourg to effectuate (in the case of a Permanent Global

Note which is a Eurosystem-eligible NGN) and to hold on behalf of the

Issuer pending its exchange for the Temporary Global Note;

(v)

 in the case of a subsequent Tranche of any Series of Notes if the Permanent

Global Note is a CGN, by attaching a copy of the applicable Final Terms to

the Permanent Global Note applicable to the relevant Series and entering

details of any exchange in whole or part as aforesaid; and

(vi)

 in the case of a subsequent Tranche of any Series of Notes if the Permanent

Global Note is an NGN, to deliver the applicable Final Terms to the specified

common safekeeper for attachment to the Permanent Global Note

applicable to the relevant Series.

5.

 ISSUE OF DEFINITIVE NOTES

5.1

 Where a Global Note is to be exchanged for Definitive Notes in accordance with its terms,

the Agent is hereby authorised on behalf of the Issuer:

(a)

 to authenticate such Definitive Note(s) in accordance with the provisions of this

Agreement; and

(b)

 to deliver such Definitive Note(s) to or to the order of Euroclear and/or

Clearstream, Luxembourg.

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The Agent shall notify the Issuer forthwith upon receipt of a request for issue of (a)

Definitive Note(s) in accordance with the provisions of a Temporary Global Note or

Permanent Global Note, as the case may be, (and the aggregate nominal amount of such

Temporary Global Note or Permanent Global Note, as the case may be, to be exchanged

in connection therewith).

5.2

 The Issuer undertakes to deliver to the Agent sufficient numbers of executed Definitive

Notes with, if applicable, Coupons and Talons attached to enable the Agent to comply with

its obligations under this clause.

6.

 TERMS OF ISSUE

6.1

 The Agent shall cause all Temporary Global Notes, Permanent Global Notes and Definitive

Notes delivered to and held by it under this Agreement to be maintained in safe custody

and shall ensure that such Notes are issued only in accordance with the provisions of this

Agreement and the relevant Global Note and Conditions.

6.2

 Subject to the procedures set out in the Procedures Memorandum, for the purposes of

subclause

3.1

 the Agent is entitled to treat a telephone or facsimile communication from a

person who the Agent believes to be the authorised representative of the Issuer or, as the

case may be, the Guarantor, named in the list referred to in, or notified pursuant to,

subclause

19.7

 as sufficient instructions and authority of the Issuer and the Guarantor for

the Agent to act in accordance with subclause

3.1.

6.3

 In the event that a person who has signed on behalf of the Issuer any Note not yet issued

but held by the Agent in accordance with subclause

3.1

 ceases to be authorised as

described in subclause

19.7

, the Agent shall (unless the Issuer gives written notice to the

Agent that Notes signed by that person do not constitute valid and binding obligations of the

Issuer or otherwise until replacements have been provided to the Agent) continue to have

authority to issue any such Notes, and the Issuer hereby warrants to the Agent that such

Notes shall, unless notified as aforesaid, be valid and binding obligations of the Issuer.

Promptly upon such person ceasing to be authorised, the Issuer shall provide the Agent

with replacement Notes and upon receipt of such replacement Notes the Agent shall cancel

and destroy the Notes held by it which are signed by such person and shall provide to the

Issuer a confirmation of destruction in respect thereof specifying the Notes so cancelled

and destroyed.

6.4

 If the Agent pays an amount (the

Advance

) to the Issuer on the basis that a payment (the

Payment

) has been, or will be, received from a Dealer and if the Payment is not received

by the Agent on the date the Agent pays the Issuer, the Issuer, failing which the Guarantor,

shall repay to the Agent the Advance and shall pay interest on the Advance (or the

unreimbursed portion thereof) from (and including) the date such Advance is made to (but

excluding) the earlier of repayment of the Advance and receipt by the Agent of the Payment

(at a rate quoted at that time by the Agent as the aggregate of one per cent. and its cost of

funding the Advance provided that evidence of the basis of such rate is given to the Issuer

if so required).

6.5

 Except in the case of issues where the Agent does not act as receiving bank for the Issuer

in respect of the purchase price of the Notes being issued, if on the relevant Issue Date a

Dealer does not pay the full purchase price due from it in respect of any Note (the

Defaulted Note

) and, as a result, the Defaulted Note remains in the Agent's distribution

account with Euroclear and/or Clearstream, Luxembourg after such Issue Date, the Agent

will continue to hold the Defaulted Note to the order of the Issuer. The Agent shall notify

the Issuer forthwith of the failure of the Dealer to pay the full purchase price due from it in

respect of any Defaulted Note and, subsequently, shall notify the Issuer forthwith upon

0010155-0003327 UKO2: 2004375908.9

19

receipt from the Dealer of the full purchase price in respect of such Defaulted Note.

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7.

 PAYMENTS

7.1

 The Issuer, failing which the Guarantor will, before 10.00 a.m. (local time in the relevant

financial centre of the payment), on each date on which any payment in respect of any

Note becomes due, transfer to an account specified by the Agent such amount in the

relevant currency as shall be sufficient for the purposes of such payment in funds settled

through such payment system as the Agent and the Issuer or, as the case may be, the

Guarantor may agree.

7.2

 The Issuer, failing which the Guarantor will ensure that no later than 10.00 a.m. (London

time) on the Business Day (as defined below) immediately preceding the date on which

any payment is to be made to the Agent pursuant to subclause

7.1

, the Agent shall receive

a payment confirmation from the paying bank of the Issuer.

For the purposes of this clause

Business Day

means a day which is both:

(a)

 a day on which commercial banks and foreign exchange markets settle payments

and are open for general business (including dealing in foreign exchange and

foreign currency deposits) in London and any other place specified in the applicable

Final Terms as an Additional Business Centre; and

(b)

 either (i) in relation to a payment to be made in a Specified Currency other than

euro, a day on which commercial banks and foreign exchange markets settle

payments in the principal financial centre of the country of the relevant Specified

Currency (if other than London and any Additional Business Centre) and which, if

the Specified Currency is New Zealand Dollars, shall be Auckland or (ii) in relation

to any sum payable in euro, a day on which the Trans-European Automated Real

Time Gross Settlement Express Transfer (TARGET 2) System is operating.

7.3

 The Agent shall ensure that payments of both principal and interest in respect of a

Temporary Global Note will be made only to the extent that certification of non-U.S.

beneficial ownership as required by U.S. securities laws and U.S. Treasury regulations has

been received from Euroclear and/or Clearstream, Luxembourg in accordance with the

terms thereof.

7.4

 Subject to the receipt by the Agent of the payment confirmation as provided in subclause

7.2

 above, the Agent or the relevant Paying Agent shall pay or cause to be paid all amounts

due in respect of the Notes on behalf of the Issuer (failing which the Guarantor) in the

manner provided in the Conditions. If any payment provided for in subclause

7.1

 is made

late but otherwise in accordance with the provisions of this Agreement, the Agent and each

Paying Agent shall nevertheless make payments in respect of the Notes as aforesaid

following receipt by it of such payment.

7.5

 If for any reason the Agent considers in its reasonable opinion that the amounts to be

received by the Agent pursuant to subclause

7.1

 will be, or the amounts actually received

by it pursuant thereto are, insufficient to satisfy all claims in respect of all payments then

falling due in respect of the Notes, neither the Agent nor any Paying Agent shall be obliged

to pay any such claims until the Agent has received the full amount of all such payments.

7.6

 Without prejudice to subclauses

7.4

 and

7.5,

 if the Agent pays any amounts to the holders

of Notes or Coupons or to any Paying Agent at a time when it has not received payment in

full in respect of the relevant Notes in accordance with subclause

7.1

 (the excess of the

amounts so paid over the amounts so received being the

Shortfall

), the Issuer, failing

which the Guarantor will, in addition to paying amounts due under subclause

7.1,

 pay to the

Agent on demand interest (at a rate which represents the aggregate of one per cent. and

the Agent's cost of funding the Shortfall) on the Shortfall (or the unreimbursed portion

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thereof) until the receipt in full by the Agent of the Shortfall.

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7.7

 The Agent shall on demand promptly reimburse each Paying Agent for payments in respect

of Notes properly made by such Paying Agent in accordance with this Agreement and the

Conditions unless the Agent has notified the Paying Agent, prior to the opening of business

in the location of the office of the Paying Agent through which payment in respect of the

Notes can be made on the due date of a payment in respect of the Notes, that the Agent

does not expect to receive sufficient funds to make payment of all amounts falling due in

respect of such Notes.

7.8

 Whilst any Notes are represented by Global Notes, all payments due in respect of such

Notes shall be made to, or to the order of, the holder of the Global Notes, subject to and in

accordance with the provisions of the Global Notes. On the occasion of any such payment

(i) in the case of a CGN, the Paying Agent to which the Global Note was presented for the

purpose of making such payment shall cause the appropriate Schedule to the relevant

Global Note to be annotated so as to evidence the amounts and dates of such payments of

principal and/or interest as applicable or (ii) in the case of any Global Note which is an

NGN, the Agent shall instruct Euroclear and Clearstream, Luxembourg to make appropriate

entries in their records to reflect such payment.

7.9

 If the amount of principal and/or interest then due for payment is not paid in full (otherwise

than by reason of a deduction required by law to be made therefrom or by reason of a

FATCA Withholding),

(i) the Paying Agent to which a Note is presented for the purpose of making such payment

shall, unless the Note is an NGN, make a record of such Shortfall on the Note and such

record shall, in the absence of manifest error, be

prima facie

evidence that the payment in

question has not to that extent been made or (ii) in the case of any Global Note which is an

NGN, the Agent shall instruct Euroclear and Clearstream, Luxembourg to make appropriate

entries in their records to reflect such shortfall in payment.

7.10

 In the event that (a) the Issuer is or becomes a Participating FFI, (b) Notes are issued or

amended (or any terms of the Notes are waived) after the Grandfathering Date and (c) the

Issuer or the Guarantor determines in its sole discretion that FATCA Withholding will be

required in connection with any payment due to the Agent on any Notes, then the Issuer or

the Guarantor will be entitled to re-direct or reorganise any such payment in any way that it

sees fit in order that the payment may be made without FATCA Withholding provided that

any such redirected or reorganised payment is otherwise made in accordance with this

Agreement. The Issuer will promptly notify the Agent and the Noteholders of any such

redirection or reorganisation.

7.11

 The Agent shall be entitled to deduct FATCA Withholding, and shall have no obligation to

gross-up any payment hereunder or to pay any additional amount as a result of such

FATCA Withholding.

8.

 DETERMINATIONS AND NOTIFICATIONS IN RESPECT OF NOTES AND INTEREST

DETERMINATION

8.1

Determinations and Notifications

(a)

 The Agent shall make all such determinations and calculations (howsoever described) as it

is required to do under the Conditions, all subject to and in accordance with the Conditions.

(b)

 The Agent shall not be responsible to the Issuer, the Guarantor or to any third party as a

result of the Agent having acted on any quotation given by any Reference Bank which

subsequently may be found to be incorrect.

(c)

 The Agent shall promptly notify (and confirm in writing to) the Issuer, the Guarantor, the

other Paying Agents and (in respect of a Series of Notes listed on a Stock Exchange) the

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23

relevant Stock Exchange of,

inter alia

, each Rate of Interest, Interest Amount and Interest

Payment Date and all other amounts, rates and dates which it is obliged to determine or

calculate under the Conditions as

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soon as practicable after the determination thereof and of any subsequent amendment

thereto pursuant to the Conditions.

(d)

 The Agent shall use its best endeavours to cause each Rate of Interest, Interest Amount

and Interest Payment Date and all other amounts, rates and dates which it is obliged to

determine or calculate under the Conditions to be published as required in accordance with

the Conditions as soon as possible after their determination or calculation.

(e)

 If the Agent does not at any material time for any reason determine and/or calculate and/or

publish the Rate of Interest, Interest Amount and/or Interest Payment Date in respect of any

Interest Period or any other amount, rate or date as provided in this clause, it shall

forthwith notify the Issuer, the Guarantor and the other Paying Agents of such fact.

(f)

 Determinations with regard to Notes shall be made by the Calculation Agent specified in

the applicable Final Terms in the manner specified in the applicable Final Terms. Unless

otherwise agreed between the Issuer and the relevant Dealer or unless the Agent is the

Calculation Agent (in which case the provisions of this Agreement shall apply), such

determinations shall be made on the basis of a Calculation Agency Agreement substantially

in the form of Appendix 1 to this Agreement.

8.2

Interest Determination, Screen Rate Determination including Fallback Provisions

(a)

 Where Screen Rate Determination is specified in the applicable Final Terms as the manner

in which the Rate of Interest is to be determined, the Rate of Interest for each Interest

Period will be determined in accordance with the Conditions.

(b)

 The Conditions also contain provisions for determining the Rate of Interest in the event that

the Relevant Screen Page is not available or the quotation or quotations required by the

Conditions are unavailable or following a Benchmark Event or Benchmark Transition Event.

9.

 NOTICE OF ANY WITHHOLDING OR DEDUCTION

In the event that (a) the Issuer or the Guarantor is or becomes a Participating FFI and (b)

Notes are issued or amended (or any terms of the Notes are waived) after the

Grandfathering Date, the Issuer will notify the Agent as soon as is practicable of: (i) the fact

that the Issuer or the Guarantor is or has become a Participating FFI, and (ii) any other

information known to the Issuer and pertaining to the Issuer or, as the case may be, the

Guarantor, necessary for the Agent to determine the amount, if any, it is required to

withhold or deduct in respect of any FATCA Withholding in relation to any payment under

the Notes.

10.

 DUTIES OF THE AGENT IN CONNECTION WITH EARLY REDEMPTION

10.1

 If the Issuer decides to redeem any Notes for the time being outstanding prior to their

Maturity Date in accordance with the Conditions, the Issuer shall, unless otherwise agreed,

give notice of such decision to the Agent not less than 15 days before the date on which the

Issuer will give notice to the Noteholders in accordance with the Conditions of such

redemption in order to enable the Agent to undertake its obligations herein and in the

Conditions.

10.2

 If some only of the Notes are to be redeemed on such date, the Agent shall make the

required drawing in accordance with the Conditions but shall give the Issuer and the

Guarantor reasonable notice of the time and place proposed for such drawing and the

Issuer shall be entitled to send representatives to attend such drawing.

10.3

 The Agent shall publish the notice required in connection with any such redemption and

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shall at the same time also publish a separate list of the serial numbers of any Notes

previously drawn and not

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presented for redemption. Such notice shall specify the date fixed for redemption, the

redemption amount, the manner in which redemption will be effected and, in the case of a

partial redemption, the serial numbers of the Notes to be redeemed. Such notice will be

published in accordance with the Conditions. The Agent will also notify the other Paying

Agents of any date fixed for redemption of any Notes.

10.4

 Each Paying Agent will keep a stock of Put Notices and will make such notices available on

demand to holders of Notes, the Conditions of which provide for redemption at the option of

Noteholders. Upon receipt of any Note deposited in the exercise of such option in

accordance with the Conditions, the Paying Agent with which such Note is deposited shall

hold such Note (together with any Coupons and Talons relating to it deposited with it) on

behalf of the depositing Noteholder (but shall not, save as provided below, release it) until

the due date for redemption of the relevant Note consequent upon the exercise of such

option, when, subject as provided below, it shall present such Note (and any such Coupons

and Talons) to itself for payment of the amount due thereon together with any interest due

on such date in accordance with the Conditions and shall pay such moneys in accordance

with the directions of the Noteholder contained in the relevant Put Notice. If, prior to such

due date for its redemption, such Note becomes immediately due and payable or if upon

due presentation payment of such redemption moneys is improperly withheld or refused,

the Paying Agent concerned shall post such Note (together with any such Coupons and

Talons) by uninsured post to, and at the risk of, the relevant Noteholder unless the

Noteholder has otherwise requested and paid the costs of such insurance to the relevant

Paying Agent at the time of depositing the Notes at such address as may have been given

by the Noteholder in the relevant Put Notice. At the end of each period for the exercise of

such option, each Paying Agent shall promptly notify the Agent of the principal amount of

the Notes in respect of which such option has been exercised with it together with their

serial numbers and the Agent shall promptly notify such details to the Issuer. The Issuer or

the Guarantor shall provide to the Agent sufficient supplies of blank Put Notices for such

purposes.

11.

 RECEIPT AND PUBLICATION OF NOTICES

11.1

 Forthwith upon the receipt by the Agent of a demand or notice from any Noteholder in

accordance with the Conditions the Agent shall forward a copy thereof to the Issuer and the

Guarantor.

11.2

 On behalf of and at the request and expense of the Issuer (failing which the Guarantor), the

Agent shall cause to be published all notices required to be given by the Issuer or the

Guarantor to the Noteholders in accordance with the Conditions.

12.

 CANCELLATION OF NOTES, COUPONS AND TALONS

12.1

 All Notes which are redeemed, all Coupons which are paid and all Talons which are

exchanged shall be cancelled by the Agent or Paying Agent by which they are redeemed,

paid or exchanged. In addition, the Issuer and the Guarantor shall immediately notify the

Agent in writing of all Notes which are purchased by or on behalf of the Issuer or the

Guarantor and all such Notes surrendered to a Paying Agent for cancellation, together (in

the case of Definitive Notes) with all unmatured Coupons or Talons (if any) attached thereto

or surrendered therewith, shall be cancelled by the Paying Agent to which they are

surrendered. Each of the other Paying Agents shall give to the Agent details of all

payments made by it and shall deliver all cancelled Notes, Coupons and Talons to the

Agent.

12.2

 A certificate stating:

(a)

 the aggregate nominal amount of Notes which have been redeemed and the

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aggregate amount paid in respect thereof;

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28

(b)

 the number of Notes cancelled together (in the case of Notes in definitive form) with

details of all unmatured Coupons or Talons (if any) attached thereto or delivered

therewith;

(c)

 the aggregate amount paid in respect of interest on the Notes;

(d)

 the total number by maturity date of Coupons and Talons so cancelled; and

(e)

 (in the case of Definitive Notes) the serial numbers of such Notes,

shall be given to the Issuer by the Agent as soon as reasonably practicable and in any

event upon written request within three months after the date of such repayment or, as the

case may be, payment or exchange.

12.3

 The Agent shall destroy all cancelled Notes, Coupons and Talons and, forthwith upon

destruction, furnish the Issuer upon written request with a certificate of the serial numbers

of the Notes (in the case of Notes in definitive form) and the number by maturity date of

Coupons and Talons so destroyed.

12.4

 Without prejudice to the obligations of the Agent pursuant to subclause

12.2,

 the Agent

shall keep a full and complete record of all Notes, Coupons and Talons (other than serial

numbers of Coupons) and of their redemption, purchase by or on behalf of the Issuer or the

Guarantor and cancellation, payment or exchange (as the case may be) and of all

replacement Notes, Coupons or Talons issued in substitution for mutilated, defaced,

destroyed, lost or stolen Notes, Coupons or Talons. The Agent shall in respect of the

Coupons of each maturity retain (in the case of Coupons other than Talons) until the expiry

of ten years from the Relevant Date in respect of such Coupons and (in the case of Talons)

indefinitely either all paid or exchanged Coupons of that maturity or a list of the serial

numbers of Coupons of that maturity still remaining unpaid or unexchanged. The Agent

shall at all reasonable times make such record available to the Issuer, the Guarantor and

any persons authorised by it for inspection and for the taking of copies thereof or extracts

therefrom.

12.5

 The Agent is authorised by the Issuer and instructed (a) in the case of any Global Note

which is a CGN, to endorse or to arrange for the endorsement of the relevant Global Note

to reflect the reduction in the nominal amount represented by it by the amount so redeemed

or purchased and cancelled and (b) in the case of any Global Note which is an NGN, to

instruct Euroclear and Clearstream, Luxembourg to make appropriate entries in their

records to reflect such redemption or purchase and cancellation, as the case may be;

provided, that, in the case of a purchase or cancellation, the Issuer has notified the Agent of

the same in accordance with subclause 12.1.

12.6

 All records and certificates made or given pursuant to this clause and clause

13

 shall make

a distinction between Notes, Coupons and Talons of each Series.

13.

 ISSUE OF REPLACEMENT NOTES, COUPONS AND TALONS

13.1

 The Issuer will cause a sufficient quantity of additional forms of Notes, Coupons and Talons

to be available, upon request, to the Agent at its specified office for the purpose of issuing

replacement Notes, Coupons and Talons as provided below.

13.2

 The Agent will, subject to and in accordance with the Conditions and the following

provisions of this clause, cause to be delivered any replacement Notes, Coupons and

Talons which the Issuer may determine to issue in place of Notes, Coupons and Talons

which have been lost, stolen, mutilated, defaced or destroyed.

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13.3

 In the case of a mutilated or defaced Note, the Agent shall ensure that (unless otherwise

covered by such indemnity as the Issuer may reasonably require) any replacement Note

will only have attached

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30

to it Coupons and Talons corresponding to those (if any) attached to the mutilated or

defaced Note which is presented for replacement.

13.4

 The Agent shall not issue any replacement Note, Coupon or Talon unless and until the

claimant therefor shall have:

(a)

 paid such costs and expenses as may be incurred in connection therewith;

(b)

 furnished it with such evidence and indemnity as the Issuer may reasonably require;

and

(c)

 in the case of any mutilated or defaced Note, Coupon or Xxxxx, surrendered it to the

Agent.

13.5

 The Agent shall cancel any mutilated or defaced Notes, Coupons and Talons in respect of

which replacement Notes, Coupons and Talons have been issued pursuant to this clause

and shall furnish the Issuer with a certificate stating the serial numbers of the Notes,

Coupons and Talons so cancelled and, unless otherwise instructed by the Issuer in writing,

shall destroy such cancelled Notes, Coupons and Talons and furnish the Issuer with a

destruction certificate containing the information specified in subclause

12.3.

13.6

 The Agent shall, on issuing any replacement Note, Coupon or Talon, forthwith inform the

Issuer and the other Paying Agents of the serial number of such replacement Note, Coupon

or Talon issued and (if known) of the serial number of the Note, Coupon or Talon in place

of which such replacement Note, Coupon or Talon has been issued. Whenever

replacement Coupons or Talons are issued pursuant to the provisions of this clause, the

Agent shall also notify the other Paying Agents of the maturity dates of the lost, stolen,

mutilated, defaced or destroyed Coupons or Talons and of the replacement Coupons or

Talons issued.

13.7

 The Agent shall keep a full and complete record of all replacement Notes, Coupons and

Talons issued and shall make such record available at all reasonable times to the Issuer,

the Guarantor and any persons authorised by it for inspection and for the taking of copies

thereof or extracts therefrom.

13.8

 Whenever any Note, Coupon or Talon for which a replacement Note, Coupon or Talon has

been issued and in respect of which the serial number is known is presented to the Agent

or any of the other Paying Agents for payment, the Agent or, as the case may be, the

relevant other Paying Agent shall immediately send notice thereof to the Issuer and the

other Paying Agents.

14.

 COPIES OF DOCUMENTS AVAILABLE FOR INSPECTION OR COLLECTION

14.1

 The Paying Agents shall hold available for inspection or collection at their specified office

during normal business hours copies of all documents required to be so available by the

Conditions of any Notes. For these purposes, the Issuer, failing which the Guarantor, shall

furnish the Paying Agents with sufficient copies of each of the relevant documents.

14.2

 Each Paying Agent shall provide by email to a Noteholder copies of all documents required

to be so available by the Conditions of any Notes, following the Noteholder’s prior written

request and provision of proof of holding and identity (in a form satisfactory to the relevant

Paying Agent).

15.

 MEETINGS OF NOTEHOLDERS

15.1

 The provisions of

Schedule 4

 hereto shall apply to meetings of the Noteholders and shall

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have effect in the same manner as if set out in this Agreement.

15.2

 Without prejudice to subclause

15.1,

 each of the Agent and the other Paying Agents on the

request of any Noteholder shall issue voting certificates and block voting instructions in

accordance with

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Schedule 4

 and shall forthwith give notice to the Issuer in writing of any revocation or

amendment of a block voting instruction. Each of the Agent and the other Paying Agents

will keep a full and complete record of all voting certificates and block voting instructions

issued by it and will, not less than 24 hours before the time appointed for holding a meeting

or adjourned meeting, deposit at such place as the Agent shall designate or approve, full

particulars of all voting certificates and block voting instructions issued by it in respect of

such meeting or adjourned meeting. The Issuer shall provide to the Agent sufficient

supplies of such voting certificates and block voting instructions for such purposes.

16.

 COMMISSIONS, EXPENSES AND REVIEW OF FEES AND EXPENSES

16.1

 The Issuer, failing which the Guarantor agrees to pay to the Agent such fees and

commissions as the Issuer, the Guarantor and the Agent shall separately agree in respect

of the services of the Agent and the other Paying Agents hereunder together with any

expenses reasonably incurred (including legal, printing, postage, fax, cable and advertising

expenses) incurred by the Agent and the other Paying Agents in connection with their said

services.

16.2

 The Agent will make payment of the fees and commissions due hereunder to the other

Paying Agents and will reimburse their expenses promptly after the receipt of the relevant

moneys from the Issuer or, as the case may be, the Guarantor. Neither the Issuer nor the

Guarantor shall be responsible for any such payment or reimbursement by the Agent to the

other Paying Agents.

16.3

 The parties to this Agreement agree that, at the request of the Agent, the fees and

expenses payable under this clause

16

 may be reviewed and increased from time to time in

accordance with the Agent’s or any other relevant Paying Agent’s then current fee levels.

In addition, the Agent reserves the right at any time and from time to time to charge the

Issuer properly incurred additional fees and expenses in respect of the performance by the

Agent or such other Paying Agent of services hereunder in respect of any exercise by the

Issuer or the Noteholders of any call or put option, exchanges, conversions, solicitations,

offers, tenders or any other process that requires communication with the Noteholders.

17.

 INDEMNITY

17.1

 The Issuer, failing which the Guarantor, agrees to indemnify, defend and hold the Agent

and its officers, directors, employees, agents and shareholders harmless from and against

any and all liabilities that are properly incurred by each of them and their respective officers,

directors, employees, agents and shareholders arising directly or indirectly out of or in

connection with this Agreement (including value added tax or similar tax pursuant to clause

1.4 of this Agreement and stamp and other documentary taxes and duties pursuant to

clause 27 of this Agreement, but excluding all other taxes), including, without limitation, any

payment made by the Agent relying on information received by it pursuant to clause 7 and

the legal costs and expenses as such expenses are incurred (including, without limitation,

the expenses of any experts, counsel, agents or other professional advisers) of

investigating, preparing for or defending itself against any action, claim or liability in

connection with its performance hereunder. In no event however, shall the Issuer or the

Guarantor be obliged to indemnify the Agent and keep the Agent harmless from any fees,

expenses, charges and/or liabilities (i) incurred by the Agent as a result of its own fraud,

wilful misconduct or negligence, or (ii) the reimbursement of which is governed by another

clause of this Agreement.

17.2

 The indemnity set out above shall survive the resignation or removal of the Agent or any

termination or expiry of this Agreement including any termination under any bankruptcy law

or similar.

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18.

 REPAYMENT BY THE AGENT

Upon the Issuer or, as the case may be, the Guarantor being discharged from its obligation

to make payments in respect of any Notes pursuant to the relevant Conditions, and

provided that there is no outstanding,

bona fide

and proper claim in respect of any such

payments, the Agent shall forthwith on demand pay to the Issuer or, as the case may be,

the Guarantor sums equivalent to any amounts paid to it by the Issuer or, as the case may

be, the Guarantor for the purposes of such payments.

19.

 CONDITIONS OF APPOINTMENT

19.1

 The Agent shall be entitled to deal with money paid to it by the Issuer or the Guarantor for

the purpose of this Agreement in the same manner as other money paid to a banker by its

customers except:

(a)

 that it shall not exercise any right of set-off, lien or similar claim in respect thereof;

(b)

 as provided in subclause

19.2

 below; and

(c)

 that it shall not be liable to account to the Issuer or the Guarantor for any interest

thereon.

19.2

 In acting hereunder and in connection with the Notes, the Agent and the other Paying

Agents shall act solely as agents of the Issuer and the Guarantor and will not thereby

assume any obligations towards or relationship of agency or trust for or with any of the

owners or holders of the Notes, Coupons or Talons.

19.3

 The Agent and the other Paying Agents hereby undertake to the Issuer and the Guarantor

to perform such obligations and duties, and shall be obliged to perform such duties and

only such duties as are herein (including Schedule 8 in the case of the Agent), in the

Conditions and in the Procedures Memorandum specifically set forth and no implied duties

or obligations shall be read into this Agreement or the Notes against the Agent and the

other Paying Agents. Each of the Paying Agents (other than the Agent) agrees that if any

information that is required by the Agent to perform the duties set out in Schedule 8

becomes known to it, it will promptly provide such information to the Agent.

19.4

 The Agent may consult with legal and other professional advisers and the opinion of such

advisers shall be full and complete protection in respect of any action taken, omitted or

suffered hereunder in good faith and in accordance with the opinion of such advisers.

19.5

 Each of the Agent and the other Paying Agents shall be protected and shall incur no liability

for or in respect of any action taken, omitted or suffered in reliance upon any instruction,

request or order from the Issuer or the Guarantor or any notice, resolution, direction,

consent, certificate, affidavit, Note, statement, cable, telex or other paper or document

which it reasonably believes to be genuine and to have been delivered, signed or sent by

the proper party or parties or upon written instructions from the Issuer or the Guarantor.

19.6

 Any of the Agent and the other Paying Agents and their officers, directors and employees

may become the owner of, or acquire any interest in, any Notes, Coupons or Talons with

the same rights that it or they would have if the Agent or the relevant other Paying Agent,

as the case may be, concerned were not appointed xxxxxxxxx, and may engage or be

interested in any financial or other transaction with the Issuer or the Guarantor and may act

on, or as depositary, trustee or agent for, any committee or body of holders of Notes or

Coupons or in connection with any other obligations of the Issuer or the Guarantor as freely

as if the Agent or the relevant other Paying Agent, as the case may be, were not appointed

hereunder.

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19.7

 The Issuer and the Guarantor shall provide the Agent with a certified copy of the list of

persons authorised to execute documents and take action on its behalf in connection with

this Agreement and shall notify the Agent immediately in writing if any of such persons

ceases to be so authorised or if any additional person becomes so authorised together, in

the case of an additional authorised person, with evidence satisfactory to the Agent that

such person has been so authorised.

19.8

 Notwithstanding any provision of this Agreement to the contrary, the Agent shall not in any

event be liable for indirect, punitive or consequential loss or damage of any kind

whatsoever (including but not limited to lost profits), whether or not foreseeable, even if the

Agent has been advised of the likelihood of such loss or damage and regardless of whether

the claim for loss or damage is made in negligence, for breach of contract or otherwise.

19.9

 Notwithstanding anything to the contrary in the transaction documents, the Agent shall not

be liable to any person for any matter or thing done or omitted in any way in connection

with the transaction documents save in relation to its own wilful default, negligence, fraud or

wilful misconduct, including that of its officers and employees.

19.10

 The Agent shall not be under any obligation to take (and the Agent shall be entitled to

refrain from taking without liability) any action under this Agency Agreement (including

without limitation, any legal action or proceedings under or in connection with this Agency

Agreement) or the other transaction documents which in its reasonable opinion may be

illegal or contrary to any law or regulation applicable to it (including, without limitation, the

laws of the United States of America or any jurisdiction forming part of it or England and

Wales or Luxembourg) or any direction or regulation of any agency of any such state or

jurisdiction. The Agent may without liability do anything which is, in its reasonable opinion,

necessary to comply with any such law, directive, policy or regulation. In such event, the

Agent shall, where legally permissible and reasonably practicable, take all reasonable steps

to notify the Issuer that it has so refrained.

20.

 RELEASE OF THE GUARANTOR

20.1

 If the Guarantee terminates and the Guarantor is released from its obligations in respect of

the Notes pursuant to Condition 2(c) (

Termination of Guarantee

), the Guarantor will be

deemed to be simultaneously released from its rights and obligations as the Guarantor

under this Agreement from (and including) the Guarantee Termination Date, without

prejudice to any obligations which may have accrued prior to that time, without the need for

any further act or thing to be done.

20.2

 Pursuant to the terms of Condition 2(c), the Issuer shall deliver to the Agent a notice of

such termination as soon as reasonably practicable after such termination.

21.

 COMMUNICATION BETWEEN THE PARTIES

A copy of all communications relating to the subject matter of this Agreement between the

Issuer, the Guarantor and the Noteholders or Couponholders and any of the Paying Agents

(other than the Agent) shall be sent to the Agent by the other relevant Paying Agent.

22.

 CHANGES IN AGENT AND OTHER PAYING AGENTS

22.1

 Each of the Issuer and the Guarantor agrees that, for so long as any Note is outstanding, or

until moneys for the payment of all amounts in respect of all outstanding Notes have been

made available to the Agent and have been returned to the Issuer or, as the case may be,

the Guarantor as provided herein:

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35

(a)

 so long as any Notes are listed on any Stock Exchange, there will at all times be a

Paying Agent (which may be the Agent) with a specified office in such place as may

be required by the rules and regulations of the relevant Stock Exchange or other

relevant authority;

(b)

 there will at all times be a Paying Agent with a specified office outside Norway; and

(c)

 there will at all times be an Agent.

In addition, the Issuer and the Guarantor shall forthwith appoint a Paying Agent having a

specified office in New York City in the circumstances described in the second paragraph of

Condition 4(d). Any variation, termination, appointment or change shall only take effect

(other than in the case of insolvency (as provided in subclause

22.5

 below), when it shall be

of immediate effect) after not less than 30 nor more than 45 days' prior notice thereof shall

have been given to the Noteholders in accordance with Condition 12.

22.2

 The Agent may (subject as provided in subclause

22.4

 below) at any time resign as Agent

by giving at least 90 days' written notice to the Issuer and the Guarantor of such intention

on its part, specifying the date on which its desired resignation shall become effective.

22.3

 The Agent may (subject as provided in subclause

22.4

 below) be removed at any time by

the Issuer and the Guarantor on at least 30 days' notice by the filing with it of an instrument

in writing signed on behalf of the Issuer and the Guarantor specifying such removal and the

date when it shall become effective.

22.4

 Any resignation under subclause

22.2

 or removal under subclauses

22.3

 or

22.5

 shall only

take effect upon the appointment by the Issuer and the Guarantor as hereinafter provided,

of a successor Agent and (other than in cases of insolvency of the Agent) on the expiry of

the notice to be given under clause

24.

 The Issuer and the Guarantor agree with the Agent

that if, by the day falling ten days before the expiry of any notice under subclause

22.2,

 the

Issuer and the Guarantor have not appointed a successor Agent, then the Agent shall be

entitled, on behalf of the Issuer and the Guarantor to appoint as a successor Agent in its

place a reputable financial institution of good standing which the Issuer shall approve (such

approval not to be unreasonably withheld or delayed).

22.5

 In case at any time the Agent resigns, or is removed, or becomes incapable of acting, or is

adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or makes an

assignment for the benefit of its creditors or consents to the appointment of an

administrator, liquidator or administrative or other receiver of all or a substantial part of its

property, or admits in writing its inability to pay or meet its debts as they mature or

suspends payment thereof, or if any order of any court is entered approving any petition

filed by or against it under the provisions of any applicable bankruptcy or insolvency law or

if a receiver of it or of all or a substantial part of its property is appointed or if any officer

takes charge or control of it or of its property or affairs for the purpose of rehabilitation,

conservation or liquidation, a successor Agent, which shall be a reputable financial

institution of good standing may be appointed by the Issuer and the Guarantor by an

instrument in writing filed with the successor Agent. Upon the appointment as aforesaid of

a successor Agent and acceptance by the latter of such appointment and (other than in

case of insolvency of the Agent when it shall be of immediate effect) upon expiry of the

notice to be given under clause

24

 the Agent so superseded shall cease to be the Agent

hereunder.

22.6

 Subject to subclause

22.1,

 the Issuer and the Guarantor may, after prior consultation with

the Agent, terminate the appointment of any of the other Paying Agents at any time and/or

appoint one or more further other Paying Agents by giving to the Agent, and to the relevant

other Paying Agent at least 45 days' notice in writing to that effect (other than in the case of

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insolvency of the other Paying Agent).

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22.7

 Subject to subclause

22.1,

 all or any of the Paying Agents may resign their respective

appointments hereunder at any time by giving the Issuer, the Guarantor and the Agent at

least 45 days' written notice to that effect.

22.8

 Upon its resignation or removal becoming effective, the Agent or the relevant Paying Agent:

(a)

 shall forthwith transfer all moneys held by it hereunder and, if applicable, deliver the

records referred to in subclauses

12.4

 and

13.7

 to the successor Agent xxxxxxxxx;

and

(b)

 shall be entitled to the payment by the Issuer, failing which the Guarantor of its

commissions, fees and expenses for the services theretofore rendered hereunder in

accordance with the terms of clause

16.

22.9

 Upon its appointment becoming effective, a successor Agent and any new Paying Agent

shall, without further act, deed or conveyance, become vested with all the authority, rights,

powers, trusts, immunities, duties and obligations of its predecessor or, as the case may be,

a Paying Agent with like effect as if originally named as Agent or (as the case may be) a

Paying Agent hereunder.

22.10

 If either the Issuer or Guarantor is required to withhold or deduct any FATCA Withholding in

connection with any payments due on the Notes and such FATCA Withholding would not

have arisen but for the Paying Agent not being or having ceased to be a person to whom

payments are free from FATCA Withholding, the Issuer or Guarantor will be entitled, during

the period in which that Paying Agent is not a person to whom payments are free from

FATCA Withholding, to terminate the Paying Agent with 10 days’ notice and such

termination will be effective from any such time specified in writing to such Paying Agent.

23.

 MERGER AND CONSOLIDATION

Any corporation into which the Agent or any other Paying Agent may be merged or

converted, or any corporation with which the Agent or any of the other Paying Agents may

be consolidated, or any corporation resulting from any merger, conversion or consolidation

to which the Agent or any of the other Paying Agents shall be a party, or any corporation to

which the Agent or any of the other Paying Agents shall sell or otherwise transfer all or

substantially all the assets of the Agent or any other Paying Agent, or any corporation to

which the Agent or any other Paying Agent shall sell or otherwise transfer all or

substantially all of its corporate trust business shall, on the date when such merger,

conversion, consolidation or transfer becomes effective and to the extent permitted by any

applicable laws, become the successor Agent or, as the case may be, other Paying Agent

under this Agreement without the execution or filing of any paper or any further act on the

part of the parties hereto, unless otherwise required by the Issuer or the Guarantor, and

after the said effective date all references in this Agreement to the Agent or, as the case

may be, such other Paying Agent shall be deemed to be references to such corporation.

Written notice of any such merger, conversion, consolidation or transfer shall forthwith be

given to the Issuer and the Guarantor by the Agent or other Paying Agent.

24.

 NOTIFICATION OF CHANGES TO PAYING AGENTS

Following receipt of notice of resignation from the Agent or any other Paying Agent and

forthwith upon appointing a successor Agent or, as the case may be, further or other

Paying Agents or on giving notice to terminate the appointment of the Agent or, as the case

may be, other Paying Agent, the Agent (on behalf of and at the expense of the Issuer,

failing which the Guarantor) shall give or cause to be given not more than 45 days' nor less

than 30 days' notice thereof to the Noteholders in accordance with the Conditions.

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25.

 CHANGE OF SPECIFIED OFFICE

If the Agent or any other Paying Agent determines to change its specified office it shall

(after having, in any such case other than a change of specified office within the same city,

obtained the prior written approval of the Issuer and the Guarantor thereto) give to the

Issuer, the Guarantor and (if applicable) the Agent written notice of such determination

giving the address of the new specified office which shall be in the same city and stating the

date on which such change is to take effect, which shall not be less than 45 days thereafter.

The Agent (on behalf of the Issuer, failing which the Guarantor) but at its own expense)

shall within 15 days of receipt of such notice (unless the appointment of the Agent or the

other relevant Paying Agent, as the case may be, is to terminate pursuant to clause

22

 on

or prior to the date of such change) give or cause to be given not more than 45 days' nor

less than 30 days' notice thereof to the Noteholders in accordance with the Conditions.

26.

 NOTICES AND COMMUNICATION

26.1

 Any notice or communication given hereunder shall be sufficiently given or served:

(a)

 if delivered in person to the relevant address specified on the signature pages

hereof or such other address as may be notified by the recipient in accordance with

this clause and, if so delivered, shall be deemed to have been delivered at time of

receipt; or

(b)

 if by email, when sent, subject to no delivery failure notification being received by

the sender within 24 hours of the time of sending, to the relevant email address

specified on the signature pages hereof or such other email address as may be

notified by the recipient in accordance with this clause; or

(c)

 if sent by facsimile to the relevant number specified on the signature pages hereof

or such other address as may be notified by the recipient in accordance with this

clause and, if so sent, shall be deemed to have been delivered immediately after

transmission provided such transmission is confirmed when an acknowledgement of

receipt is received.

26.2

 Where a communication is received after business hours it shall be deemed to be received

and become effective on the next business day. Every communication shall be irrevocable

save in respect of any manifest error therein.

26.3

 In no event shall the Agent or any other entity of The Bank of New York Mellon Group be

liable for any losses arising to the Agent or any other entity of The Bank of New York

Mellon Group receiving or transmitting any data from any Issuer, any Authorised Person or

any party to the transaction via any non-secure method of transmission or communication,

such as, but without limitation, by facsimile or email. The parties hereto accept that some

methods of communication are not secure and the Agent or any other entity of The Bank of

New York Mellon Group shall incur no liability for receiving Instructions via any such non-

secure method. The Agent or any other entity of The Bank of New York Mellon Group is

authorised to comply with and rely upon any such notice, Instructions or other

communications believed by it to have been sent or given by an Authorised Person or an

appropriate party to the transaction (or authorised representative thereof). The Issuer or

authorised officer of the Issuer shall use all reasonable endeavours to ensure that

Instructions transmitted to the Agent or any other entity of The Bank of New York Mellon

Group pursuant to this Agreement are complete and correct. Any Instructions shall be

conclusively deemed to be valid Instructions from the Issuer or authorised officer of the

Issuer to the Agent or any other entity of The Bank of New York Mellon Group for the

purposes of this Agreement.

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27.

 TAXES AND STAMP DUTIES

The Issuer, failing which the Guarantor, agrees to pay any and all stamp and other

documentary taxes or duties which may be payable in connection with the execution,

delivery, performance and enforcement of this Agreement.

28.

 CURRENCY INDEMNITY

If, under any applicable law and whether pursuant to a judgment being made or registered

against the Issuer and/or the Guarantor or in the liquidation, insolvency or analogous

process of the Issuer and/or the Guarantor or for any other reason, any payment under or

in connection with this Agreement is made or falls to be satisfied in a currency (the

other

currency

) other than that in which the relevant payment is expressed to be due (the

required currency

) under this Agreement, then, to the extent that the payment (when

converted into the required currency at the rate of exchange on the date of payment or, if it

is not practicable for the Agent or the relevant other Paying Agent to purchase the required

currency with the other currency on the date of payment, at the rate of exchange as soon

thereafter as it is practicable for it to do so or, in the case of a liquidation, insolvency or

analogous process at the rate of exchange on the latest date permitted by applicable law

for the determination of liabilities in such liquidation, insolvency or analogous process)

actually received by the Agent or the relevant other Paying Agent falls short of the amount

due under the terms of this Agreement, the Issuer and the Guarantor jointly and severally

undertake that they shall, as a separate and independent obligation, indemnify and hold

harmless the Agent and each other Paying Agent against the amount of such shortfall. For

the purpose of this clause,

rate of exchange

means the rate at which the Agent or the

relevant other Paying Agent is able on the relevant date to purchase the required currency

with the other currency and shall take into account any premium and other costs of

exchange.

29.

 AMENDMENTS

This Agreement may be amended in writing by agreement between the Issuer, the

Guarantor, the Agent and the other Paying Agents, but without the consent of any

Noteholder or Couponholder, for the purpose of curing any ambiguity or of curing,

correcting or supplementing any defective provision contained herein or in any manner

which the parties may mutually deem necessary or desirable and which shall not be

materially prejudicial to the interests of the Noteholders. The Issuer, the Guarantor and the

Agent may also agree any modification pursuant to Condition 13 of the Notes.

30.

 DESCRIPTIVE HEADINGS

The descriptive headings in this Agreement are for convenience of reference only and shall

not define or limit the provisions hereof.

31.

 CONTRACT (RIGHTS OF THIRD PARTIES) ACT 1999

A person who is not a party to this Agency Agreement or any agency agreement

supplemental hereto has no right under the Contracts (Rights of Third Parties) Act 1999 to

enforce any term of this Agency Agreement or any agency agreement supplemental hereto,

but this does not affect any right or remedy of a third party which exists or is available apart

from that Act.

32.

 GOVERNING LAW AND SUBMISSION TO JURISDICTION

32.1

 This Agreement and any non-contractual obligations arising out of or in connection

with it are governed by, and shall be construed in accordance with, English law.

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40

32.2

 The courts of England are to have exclusive jurisdiction to settle any disputes which may

arise of out of or in connection with this Agreement (including a dispute relating to any non-

contractual obligations arising out of or in connection with this Agreement) and accordingly

any legal action or proceedings arising out of or in connection with this Agreement

(

Proceedings

) (including any Proceedings relating to any non-contractual obligations

arising out of or in connection with this Agreement) may be brought in such courts. The

Issuer irrevocably submits to the jurisdiction of such courts and waives any objection to

Proceedings in any such courts whether on the ground of venue or on the ground that

Proceedings have been brought in an inconvenient forum. This submission is made for the

benefit of each of the Paying Agents and, to the extent allowed by applicable law, shall not

limit the right of any of them to take Proceedings in any other court of competent jurisdiction

nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of

Proceedings in any other jurisdiction (whether concurrently or not).

The Issuer and the Guarantor irrevocably appoints Equinor UK Limited (whose offices are

at the date of this Agreement at One Kingdom Street, Paddington Central, London W2

6BD) as their authorised agent for service of process in England. If for any reason such

agent shall cease to be such agent for service of process, the Issuer and/or the Guarantor,

as the case may be, shall forthwith, on request of the Agent, appoint a new agent for

service of process in England and deliver to the Agent a copy of the new agent's

acceptance of that appointment within 30 days. Nothing in this Agreement shall affect the

right to serve process in any other manner permitted by law.

33.

 COUNTERPARTS

33.1

 This Agreement may be executed by any one or more of the parties hereto in any number

of counterparts, each of which shall be deemed to be an original, but all such counterparts

shall together constitute one and the same instrument.

34.

 GENERAL

34.1

 If any provision in or obligation under this Agreement is or becomes invalid, illegal or

unenforceable in any respect under the law of any jurisdiction, that will not affect or impair

(i) the validity, legality or enforceability under the law of that jurisdiction of any other

provision in or obligation under this Agreement, and (ii) the validity, legality or enforceability

under the law of any other jurisdiction of that or any other provision in or obligation under

this Agreement.

35.

 EU CONTRACTUAL RECOGNITION OF BAIL-IN

Notwithstanding and to the exclusion of any other term of this Agreement or any other

agreements, arrangements, or understanding between the parties to this Agreement, each

of the parties to this Agreement acknowledges and accepts that a BRRD Liability arising

under this Agreement may be subject to the exercise of Bail-in Powers by the Relevant

Resolution Authority, and acknowledges, accepts, and agrees to be bound by:

(a)

 the effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation

to any BRRD Liability of any BRRD Entity (a

Relevant BRRD Party

) to any other party

under this Agreement, that (without limitation) may include and result in any of the

following, or some combination thereof:

(i) the reduction of all, or a portion, of the BRRD Liability or outstanding amounts due

thereon;

(ii) the conversion of all, or a portion, of the BRRD Liability into shares, other securities

or other obligations of the Relevant BRRD Party or another person, and the issue to

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41

or conferral on any other party to this Agreement of such shares, securities or

obligations;

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42

(iii) the cancellation of any BRRD Liability; and

(iv) the amendment or alteration of the amounts due in relation to any BRRD Liability,

including any interest, if applicable, thereon, or the date on which any payments are

due, including by suspending payment for a temporary period; and

(b)

 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

Resolution Authority.

For the purposes of this clause

35:

Bail-in Legislation

means, in relation to a member state of the European Economic Area

which has implemented, or which at any time implements, the BRRD, the relevant

implementing law, regulation, rule or requirement as described in the EU Bail-in Legislation

Schedule from time to time;

Bail-in Powers

means any Write-down and Conversion Powers as defined in the EU Bail-

in Legislation Schedule, in relation to the relevant Bail-in Legislation;

BRRD

means Directive 2014/59/EU of 15 May 2014 establishing the framework for the

recovery and resolution of credit institutions and investment firms, as amended or replaced

from time to time;

BRRD Entity

means any party to this Agreement that is subject to Bail-in Powers;

BRRD Liability

means any liability in respect of which the relevant Bail-in Powers may be

exercised;

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;

and

Relevant Resolution Authority

means, in respect of any Relevant BRRD Party, the

resolution authority with the ability to exercise any Bail-in Powers in relation to such

Relevant BRRD Party.

IN WITNESS WHEREOF

the parties hereto have executed this Agreement as of the date first

above written.

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SCHEDULE 1

TERMS AND CONDITIONS OF THE NOTES OTHER THAN VPS NOTES

The following are the Terms and Conditions of the Notes other than VPS Notes which will be

incorporated by reference into each global Note and each definitive Note, in the latter case

only if permitted by the relevant stock exchange or listing authority (if any) and agreed by the

Issuer and the relevant Dealer at the time of issue but, if not so permitted and agreed, such

definitive Note will have endorsed thereon or attached thereto such Terms and Conditions.

The applicable Final Terms (or the relevant provisions thereof) will be endorsed upon, or

attached to, each temporary global Note, permanent global Note and definitive Note.

Reference should be made to "Form of Final Terms" above for a description of the content of

Final Terms which will include certain terms used in the following Terms and Conditions or

specify which of such terms are to apply in relation to the relevant Notes.

This Note is one of a Series (as defined below) of Notes issued by Xxxxxxx XXX (the

Issuer

)

pursuant to the Agency Agreement (as defined below).

References herein to the

Notes

shall be references to the Notes of this Series and shall

mean:

(i) in relation to any Notes represented by a global Note, units of each Specified

Denomination in the Specified Currency;

(ii) definitive Notes issued in exchange for a global Note; and

(iii) any global Note.

The Notes and the Coupons (as defined below) also have the benefit of an amended and

restated Agency Agreement (such Agency Agreement, as modified and/or restated and/or

supplemented from time to time, the

Agency Agreement

) dated 9 May 2022 and made

among the Issuer, Equinor Energy AS (the

Guarantor

), The Bank of New York Mellon,

London Branch as issuing and principal paying agent and agent bank (the

Agent

, which

expression shall include any successor agent specified in the applicable Final Terms) and

the other paying agents named therein (together with the Agent, the

Paying Agents

, which

expression shall include any additional or successor paying agents).

If so indicated in the applicable Final Terms, the Notes will (subject to Condition 2(c)

(

Termination of Guarantee

)) have the benefit of the deed of guarantee executed by the

Guarantor (such deed as modified and/or restated and/or supplemented from time to time,

the

Guarantee

) dated 13 May 2020.

Interest bearing definitive Notes have interest coupons (

Coupons

) and in the case of Notes

which, when issued in definitive form, have more than 27 interest payments remaining talons

for further Coupons (

Talons

) attached on issue. Any reference herein to Coupons or

coupons shall, unless the context otherwise requires, be deemed to include a reference to

Talons or talons.

The final terms for this Note (or the relevant provisions thereof) are set out in Part A of the

Final Terms attached to or endorsed on this Note and complete these Terms and

Conditions. References to the

applicable Final Terms

are to Part A of the Final Terms (or

the relevant provisions thereof) attached to or endorsed on this Note.

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44

Any reference to

Noteholders

shall mean the holders of the Notes, and shall, in relation to

any Notes represented by a global Note, be construed as provided below. Any reference

herein to

Couponholders

shall mean the holders of any Coupons, and shall, unless the

context otherwise requires, include the holders of any Talons.

As used herein,

Tranche

means all Notes with the same Issue Date and which are subject

to the same Final Terms and

Series

means a Tranche of Notes together with any further

Tranche or Tranches of Notes which are (i) expressed to be consolidated and form a single

series and (ii) identical in all respects (including as to listing and admission to trading) except

for their respective Issue Dates, Interest Commencement Dates and/or Issue Prices.

The Noteholders and the Couponholders are entitled to the benefit of the Deed of Covenant

(such Deed of Covenant, as modified and/or restated and/or supplemented from time to

time, the

Deed of Covenant

) dated 13 May 2020 and made by the Issuer. The original of

the Deed of Covenant is held by a common depositary on behalf of Euroclear (as defined

below) and Clearstream, Luxembourg (as defined below).

Copies of the Agency Agreement and the Deed of Covenant (i) are available for inspection

or collection during normal business hours at the specified office of each of the Agent and

the other Paying Agents or (ii) may be provided by email to a Noteholder following their prior

written request to the Agent or any other Paying Agent and provision of proof of holding and

identity (in a form satisfactory to the Agent or the relevant Paying Agent, as the case may

be). When the Notes are to be admitted to trading on the main market of the London Stock

Exchange plc, the applicable Final Terms will be published on the website of the London

Stock Exchange plc through a regulatory information service. The applicable Final Terms

will, during normal business hours, be available for viewing at and copies may be obtained

from the registered office of the Issuer and from the specified office of each of the Paying

Agents by a Noteholder upon such Noteholder producing evidence satisfactory to the

relevant Paying Agent as to its holding of such Notes and its identity. The Noteholders and

the Couponholders are deemed to have notice of, and are entitled to the benefit of, all the

provisions of the Agency Agreement and the applicable Final Terms which are applicable to

them.

Words and expressions defined in the Agency Agreement or used in the applicable Final

Terms shall have the same meanings where used in these Terms and Conditions unless the

context otherwise requires or unless otherwise stated and provided that, in the event of

inconsistency between the Agency Agreement and the applicable Final Terms, the

applicable Final Terms will prevail.

1. Form, Denomination and Title

The Notes are in bearer form and, in the case of definitive Notes, serially numbered, in the

currency (the

Specified Currency

) and the denominations (the

Specified

Denomination(s)

) specified in the applicable Final Terms. Notes of one Specified

Denomination may not be exchanged for Notes of another Specified Denomination.

This Note may be a Fixed Rate Note, a Floating Rate Note, a Zero Coupon Note or a

combination of any of the foregoing, depending upon the Interest Basis shown in the

applicable Final Terms.

Definitive Notes are issued with Coupons attached, unless they are Zero Coupon Notes in

which case references to Coupons and Couponholders in these Terms and Conditions are

not applicable.

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Subject as set out below, title to the Notes and Coupons will pass by delivery. The Issuer,

the Guarantor, and any Paying Agent may deem and treat the bearer of any Note or Coupon

as the absolute owner thereof (whether or not overdue and notwithstanding any notice of

ownership or writing thereon or notice of any previous loss or theft thereof) for all purposes

but, in the case of any global Note, without prejudice to the provisions set out in the next

succeeding paragraph.

For so long as any of the Notes is represented by a global Note held on behalf of Euroclear

Bank SA/NV (

Euroclear

) and/or Clearstream Banking S.A. (

Clearstream, Luxembourg

)

each person (other than Euroclear or Clearstream, Luxembourg) who is for the time being

shown in the records of Euroclear or of Clearstream, Luxembourg as the holder of a

particular nominal amount of such Notes (in which regard any certificate or other document

issued by Euroclear or Clearstream, Luxembourg as to the nominal amount of such Notes

standing to the account of any person shall be conclusive and binding for all purposes save

in the case of manifest error) shall be treated by the Issuer, the Guarantor (in the case of

Notes having the benefit of the Guarantee), the Agent and any other Paying Agent as the

holder of such nominal amount of such Notes for all purposes other than with respect to the

payment of principal or interest on such nominal amount of such Notes, for which purpose

the bearer of the relevant global Note shall be treated by the Issuer, the Guarantor (in the

case of Notes having the benefit of the Guarantee), the Agent and any other Paying Agent

as the holder of such nominal amount of such Notes in accordance with and subject to the

terms of the relevant global Note and the expressions

Noteholder

and

holder of Notes

and

related expressions shall be construed accordingly. Notes which are represented by a global

Note will be transferable only in accordance with the rules and procedures for the time being

of Euroclear or of Clearstream, Luxembourg, as the case may be.

2. Status of the Notes and the Guarantee

(a) Status of the Notes

The Notes and the relative Coupons (if any) constitute unsecured and unsubordinated

obligations of the Issuer and shall at all times rank

pari passu

and without any preference

among themselves. The payment obligations of the Issuer under the Notes and the relative

Coupons (if any) shall, save for such exceptions as may be provided by applicable

legislation, at all times rank at least equally with all its other present and future unsecured

and unsubordinated obligations.

(b) Status of Guarantee

The obligations of the Guarantor under the Guarantee constitute unsecured and

unsubordinated obligations of the Guarantor and shall at all times rank

pari passu

and

without any preference among themselves and (with the exception of obligations in respect

of national and local taxes and certain other statutory exceptions and subject as aforesaid)

at least equally with all its other present and future unsecured and unsubordinated

obligations.

(c) Termination of Guarantee

(i) The Guarantee shall automatically and unconditionally be terminated on the

Guarantee Termination Date. As soon as reasonably practicable after such

termination (and by no later than 15 Business Days (as defined in Condition 3(b)(i)

(

Interest Payment Dates

)) after the Guarantee Termination Date), the Guarantor or

the Issuer shall provide notice of such termination to the Noteholders and

Couponholders in accordance with Condition 12 (

Notices

).

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For the purposes of this Condition 2(c)(i):

Guarantee Termination Date

means the first date on which the aggregate amount

of indebtedness for borrowed money for which the Guarantor is an obligor (as a

guarantor, co-issuer or borrower) does not exceed 10 per cent. of the aggregate

principal amount of indebtedness for borrowed money of the Issuer and its

Subsidiaries (as defined in Condition 8 (

Events of Default

)), on a consolidated basis,

as of such time; and

the amount of the Guarantor's indebtedness for borrowed money shall not include (A)

any Notes subject to this Condition 2(c) (

Termination of Guarantee

), (B) any other

debt the terms of which permit the termination of the Guarantor's guarantee of such

debt under similar circumstances, as long as the Guarantor's obligations in respect of

such other debt are terminated at substantially the same time as the Guarantee, and

(C) any debt that is being refinanced at substantially the same time that the

Guarantee of the Notes is being terminated,

provided that

any obligations of the

Guarantor in respect of the debt that is incurred in the refinancing shall be included in

the calculation of the Guarantor's indebtedness for borrowed money.

(ii) For the avoidance of doubt, the Notes may not be declared due and payable

pursuant to Condition 8(e) (

Events of Default

) as a result of the Guarantee being

terminated pursuant to this Condition 2(c) (

Termination of Guarantee

).

3. Interest

(a) Interest on Fixed Rate Notes

Each Fixed Rate Note bears interest from (and including) the Interest Commencement Date

at the rate(s) per annum equal to the Rate(s) of Interest payable in arrear on the Interest

Payment Date(s) in each year and on the Maturity Date if that does not fall on an Interest

Payment Date.

If the Notes are in definitive form, except as provided in the applicable Final Terms, the

amount of interest payable on each Interest Payment Date in respect of the Fixed Interest

Period ending on (but excluding) such date will amount to the Fixed Coupon Amount.

Payments of interest on any Interest Payment Date will, if so specified in the applicable Final

Terms, amount to the Broken Amount(s) so specified.

As used in these Conditions,

Fixed Interest Period

means the period from (and including)

an Interest Payment Date (or the Interest Commencement Date) to (but excluding) the next

(or first) Interest Payment Date.

Except in the case of Notes in definitive form where a Fixed Coupon Amount or Broken

Amount is specified in the applicable Final Terms, interest shall be calculated in respect of

any period by applying the Rate of Interest to:

(A) in the case of Fixed Rate Notes which are represented by a Global Note, the

aggregate outstanding nominal amount of the Fixed Rate Notes represented by such

Global Note; or

(B) in the case of Fixed Rate Notes in definitive form, the Calculation Amount,

and, in each case, multiplying such sum by the applicable Day Count Fraction.

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The resultant figure (including after application of any Fixed Coupon Amount or Broken

Amount to the Calculation Amount in the case of Fixed Rate Notes in definitive form) shall be

rounded to the nearest sub-unit of the relevant Specified Currency, half of any such sub-unit

being rounded upwards or otherwise in accordance with applicable market convention.

Where the Specified Denomination of a Fixed Rate Note in definitive form is a multiple of the

Calculation Amount, the amount of interest payable in respect of such Fixed Rate Note shall

be the product of the amount (determined in the manner provided above) for the Calculation

Amount and the amount by which the Calculation Amount is multiplied to reach the Specified

Denomination, without any further rounding.

In these Conditions,

Day Count Fraction

means, in respect of the calculation of an amount

of interest in accordance with this Condition 3(a) (

Interest on Fixed Rate Notes

):

(i) if "Actual/Actual (ICMA)" is specified in the applicable Final Terms:

(a) in the case of Notes where the number of days in the relevant period from

(and including) the most recent Interest Payment Date (or, if none, the Interest

Commencement Date) to (but excluding) the relevant payment date (the

Accrual Period) is equal to or shorter than the Determination Period during

which the Accrual Period ends, the number of days in such Accrual Period

divided by the product of (1) the number of days in such Determination Period

and (2) the number of Determination Dates (as specified in the applicable

Final Terms) that would occur in one calendar year; or

(b) in the case of Notes where the Accrual Period is longer than the

Determination Period during which the Accrual Period ends, the sum of:

(1) the number of days in such Accrual Period falling in the Determination

Period in which the Accrual Period begins divided by the product of (x)

the number of days in such Determination Period and (y) the number

of Determination Dates (as specified in the applicable Final Terms)

that would occur in one calendar year; and

(2) the number of days in such Accrual Period falling in the next

Determination Period divided by the product of (x) the number of days

in such Determination Period and (y) the number of Determination

Dates that would occur in one calendar year; and

(ii) if "30/360" is specified in the applicable Final Terms, the number of days in the period

from (and including) the most recent Interest Payment Date (or, if none, the Interest

Commencement Date) to (but excluding) the relevant payment date (such number of

days being calculated on the basis of a year of 360 days with 12 30-day months)

divided by 360.

In these Conditions:

Determination Period

means each period from (and including) a Determination Date to but

excluding the next Determination Date (including, where either the Interest Commencement

Date or the final Interest Payment Date is not a Determination Date, the period commencing

on the first Determination Date prior to, and ending on the first Determination Date following

after, such date); and

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sub-unit

means, with respect to any currency other than euro, the lowest amount of such

currency that is available as legal tender in the country of such currency and, with respect to

euro, means one cent.

(b) Interest on Floating Rate Notes

(i)

Interest Payment Dates

Each Floating Rate Note bears interest from (and including) the Interest

Commencement Date and such interest will be payable in arrear on either:

(A) the Specified Interest Payment Date(s) (each an

Interest Payment Date

) in

each year specified in the applicable Final Terms; or

(B) if no Specified Interest Payment Date(s) is/are specified in the applicable Final

Terms, each date (each an

Interest Payment Date

) which falls the number of

months or other period specified as the Specified Period in the applicable

Final Terms after the preceding Interest Payment Date or, in the case of the

first Interest Payment Date, after the Interest Commencement Date.

Such interest will be payable in respect of each Interest Period (which expression,

shall, in these Terms and Conditions, mean the period from (and including) an

Interest Payment Date (or the Interest Commencement Date) to (but excluding) the

next (or first) Interest Payment Date or the relevant payment date if the Notes

become payable on a date other than an Interest Payment Date).

If a Business Day Convention is specified in the applicable Final Terms and (x) if

there is no numerically corresponding day in the calendar month in which an Interest

Payment Date should occur or (y) if any Interest Payment Date would otherwise fall

on a day which is not a Business Day, then, if the Business Day convention specified

is:

(1) in any case where Specified Periods are specified in accordance with

Condition 3(b)(i)(B) above, the Floating Rate Convention, such Interest

Payment Date (i) in the case of (x) above, shall be the last day that is a

Business Day in the relevant month and the provisions of

(B) below

 shall

apply

mutatis mutandis

or (ii) in the case of (y) above, shall be postponed to

the next day which is a Business Day unless it would thereby fall into the next

calendar month, in which event (A) such Interest Payment Date shall be

brought forward to the immediately preceding Business Day and (B) each

subsequent Interest Payment Date shall be the last Business Day in the

month which falls in the Specified Period after the preceding applicable

Interest Payment Date occurred; or

(2) the Following Business Day Convention, such Interest Payment Date shall be

postponed to the next day which is a Business Day; or

(3) the Modified Following Business Day Convention, such Interest Payment Date

shall be postponed to the next day which is a Business Day unless it would

thereby fall into the next calendar month, in which event such Interest

Payment Date shall be brought forward to the immediately preceding

Business Day; or

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(4) the Preceding Business Day Convention, such Interest Payment Date shall be

brought forward to the immediately preceding Business Day.

In this Condition,

Business Day

means:

(A) a day on which commercial banks and foreign exchange markets settle

payments and are open for general business (including dealing in foreign

exchange and foreign currency deposits) in any Additional Business Centre

(other than TARGET2 System) specified in the applicable Final Terms;

(B) if TARGET2 System is specified as an Additional Business Centre in the

applicable Final Terms, a day on which the Trans-European Automated Real-

Time Gross Settlement Express Transfer (TARGET2) System (the

TARGET2

System

) is open; and

(C) either (1) in relation to any sum payable in a Specified Currency other than

euro, a day on which commercial banks and foreign exchange markets settle

payments and are open for general business (including dealing in foreign

exchange and foreign currency deposits) in the principal financial centre of the

country of the relevant Specified Currency (which if the Specified Currency is

New Zealand dollars shall be Auckland) or (2) in relation to any sum payable

in euro, a day on which the TARGET2 System is open.

(ii)

Rate of Interest

The Rate of Interest payable from time to time in respect of Floating Rate Notes will

be determined in the manner specified in the applicable Final Terms.

(A) ISDA Determination for Floating Rate Notes

Where ISDA Determination is specified in the applicable Final Terms as the manner

in which the Rate of Interest is to be determined, the Rate of Interest for each Interest

Period will be the relevant ISDA Rate plus or minus (as indicated in the applicable

Final Terms) the Margin (if any). For the purposes of this sub-paragraph

(A)

,

ISDA

Rate

for an Interest Period means a rate equal to the Floating Rate that would be

determined by the Agent or the Calculation Agent, as applicable, under an interest

rate swap transaction if the Agent or the Calculation Agent, as applicable, were acting

as Calculation Agent (as defined in the ISDA Definitions (as defined below)) for that

swap transaction under the terms of an agreement incorporating (i) if “2006 ISDA

Definitions” is specified in the applicable Final Terms, the 2006 ISDA Definitions as

amended and updated as at the Issue Date of the first Tranche of the Notes,

published by the International Swaps and Derivatives Association, Inc. (

ISDA

); or (ii)

if “2021 ISDA Definitions” is specified in the applicable Final Terms, the latest

version of the 2021 ISDA Interest Rate Derivatives Definitions as at the Issue Date of

the first Tranche of the Notes, published by ISDA (together, the

ISDA Definitions

)

and under which:

(1) the Floating Rate Option is as specified in the applicable Final Terms;

(2) the Designated Maturity, if applicable, is a period specified in the applicable

Final Terms;

(3) the relevant Reset Date is the day specified in the applicable Final Terms;

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(4) if the Floating Rate Option is an Overnight Floating Rate Option, the

Overnight Rate Compounding Method is one of the following as specified in

the applicable Final Terms:

(A) Compounding with Lookback;

(B) Compounding with Observation Period Shift; or

(C) Compounding with Lockout; and

(5) if the Floating Rate Option is a Compounded Index Floating Rate Option, the

Index Method is Compounded Index Method with Observation Period Shift, as

specified in the applicable Final Terms.

In connection with the Overnight Rate Compounding Method, references in the ISDA

Definitions to numbers or other items specified in the relevant confirmation shall be

deemed to be references to the numbers or other items specified for such purpose in

the applicable Final Terms.

For the purposes of this sub-paragraph

(A),

 (i)

Floating Rate

,

Floating Rate Option

,

Designated Maturity

,

Reset Date

,

Overnight Floating Rate Option

,

Overnight

Rate Compounding Method

,

Compounding with Lookback

,

Compounding with

Observation Period Shift

,

Compounding with Lockout

,

Averaging with

Lookback

,

Averaging with Observation Period Shift

,

Averaging with Lockout

,

Compounded Index Floating Rate Option

,

Index Method

and

Compounded

Index Method with Observation Period Shift

have the meanings given to those

terms in the ISDA Definitions, (ii) the definition of

Banking Day

in the ISDA

Definitions shall be amended to insert after the words "are open for" in the second

line, the word "general" and (iii)

Euro-zone

means the region comprised of Member

States of the European Union that adopt the single currency in accordance with the

Treaty on European Union.

(B) Screen Rate Determination for Floating Rate Notes – Term Rate

Where “Screen Rate Determination” is specified in the applicable Final Terms as the

manner in which the Rate of Interest is to be determined and “Term Rate” is specified

in the applicable Final Terms to be “Applicable”, the Rate of Interest for each Interest

Period will, subject to Condition 3(b)(viii) (

Benchmark Discontinuation

) and subject as

provided below, be either:

(1) the offered quotation; or

(2) the arithmetic mean (rounded if necessary to the fifth decimal place, with

0.000005 being rounded upwards) of the offered quotations,

(expressed as a percentage rate per annum) for the Reference Rate (being either

EURIBOR or NIBOR or XXXXXX, in each case for the relevant currency and/or

period, all as specified in the applicable Final Terms) which appears or appear, as the

case may be, on the Relevant Screen Page (or such replacement page on that

service which displays the information) as at the Specified Time on the Interest

Determination Date in question plus or minus (as indicated in the applicable Final

Terms) the Margin (if any), all as determined by the Agent or the Calculation Agent,

as applicable. If five or more of such offered quotations are available on the Relevant

Screen Page, the highest (or, if there is more than one such highest quotation, one

0010155-0003327 UKO2: 2004375908.9

51

only of such quotations) and the lowest (or, if there is more than one such lowest

quotation, one only of such quotations) shall be disregarded by the Agent or the

Calculation Agent, as applicable, for the purpose of determining the arithmetic mean

(rounded as provided above) of such offered quotations.

If, other than in the circumstances described in Condition 3(b)(viii) (

Benchmark

Discontinuation

) below, the Relevant Screen Page is not available or if, in the case of

Condition 3(b)(ii)(B)(1), no such offered quotation appears or, in the case of Condition

3(b)(ii)(B)(2), fewer than three such offered quotations appear, in each case as at the

time specified in Condition 3(b)(ii)(B) the Agent or the Calculation Agent, as

applicable, shall request each of the Reference Banks to provide the Agent or the

Calculation Agent, as applicable, with its offered quotation (expressed as a

percentage rate per annum) for the Reference Rate at approximately the Specified

Time on the Interest Determination Date in question. If two or more of the Reference

Banks provide the Agent or the Calculation Agent, as applicable, with such offered

quotations, the Rate of Interest for such Interest Period shall be the arithmetic mean

(rounded if necessary to the fifth decimal place with 0.000005 being rounded

upwards) of such offered quotations plus or minus (as appropriate) the Margin (if

any), all as determined by the Agent or the Calculation Agent, as applicable.

If on any Interest Determination Date one only or none of the Reference Banks

provides the Agent or the Calculation Agent, as applicable, with such offered

quotations as provided in the preceding paragraph, the Rate of Interest for the

relevant Interest Period shall be the rate per annum which the Agent or the

Calculation Agent, as applicable, determines as being the arithmetic mean (rounded

if necessary to the fifth decimal place, with 0.000005 being rounded upwards) of the

rates, as communicated to (and at the request of) the Agent or the Calculation Agent,

as applicable, by the Reference Banks or any two or more of them, at which such

banks were offered, at approximately the Specified Time on the relevant Interest

Determination Date, deposits in the Specified Currency for a period equal to that

which would have been used for the Reference Rate by leading banks in the Euro-

zone inter-bank market (if the Reference Rate is EURIBOR) or the Norwegian inter-

bank market (if the Reference Rate is NIBOR) or the Stockholm inter-bank market (if

the Reference Rate is XXXXXX) plus or minus (as appropriate) the Margin (if any) or,

if fewer than two of the Reference Banks provide the Agent or the Calculation Agent,

as applicable, with such offered rates, the offered rate for deposits in the Specified

Currency for a period equal to that which would have been used for the Reference

Rate, or the arithmetic mean (rounded as provided above) of the offered rates for

deposits in the Specified Currency for a period equal to that which would have been

used for the Reference Rate, at which, at approximately the Specified Time on the

relevant Interest Determination Date, any one or more banks (which bank or banks is

or are in the opinion of the Issuer suitable for such purpose) informs the Agent or the

Calculation Agent, as applicable, it is quoting to leading banks in the Euro-zone inter-

bank market (if the Reference Rate is EURIBOR) or the Norwegian inter-bank market

(if the Reference Rate is NIBOR) or the Stockholm inter-bank market (if the

Reference Rate is XXXXXX) plus or minus (as appropriate) the Margin (if any),

provided that, if the Rate of Interest cannot be determined in accordance with the

foregoing provisions of this paragraph, the Rate of Interest shall be determined as at

the last preceding Interest Determination Date (though substituting, where a different

Margin is to be applied to the relevant Interest Period from that which applied to the

last preceding Interest Period, the Margin relating to the relevant Interest Period, in

place of the Margin relating to that last preceding Interest Period).

0010155-0003327 UKO2: 2004375908.9

52

Reference Banks

means, in the case of Condition 3(b)(ii)(B)(1) above, those banks

whose offered rates were used to determine such quotation when such quotation last

appeared on the Relevant Screen Page and, in the case of Condition 3(b)(ii)(B)(2)

above, those banks whose offered quotations last appeared on the Relevant Screen

Page when no fewer than three such offered quotations appeared, and in each case,

as selected by the Issuer.

Specified Time

means 11.00 a.m. (Brussels time) if the Reference Rate is

EURIBOR, 11.00 a.m. (Stockholm time) if the Reference Rate is XXXXXX or 12.00

noon (Oslo time) if the Reference Rate is NIBOR.

(C)

Screen Rate Determination for Floating Rate Notes – Compounded Daily XXXXX –

Non-Index Determination

Where the applicable Final Terms specifies: (1) “Screen Rate Determination” as the

manner in which the Rate of Interest is to be determined and “Overnight Rate” to be

“Applicable”; (2) “Compounded Daily XXXXX” as the Reference Rate; and (3) “Index

Determination” to be “Not Applicable”, the Rate of Interest for an Interest Period will,

subject to Condition 3(b)(viii) (

Benchmark Discontinuation

) and as provided below, be

Compounded Daily XXXXX Formula Rate with respect to such Interest Period plus or

minus (as indicated in the applicable Final Terms) the applicable Margin (if any).

As used in these Conditions,

Compounded Daily XXXXX Formula Rate

means,

with respect to an Interest Period, the rate of return of a daily compound interest

investment during the Observation Period corresponding to such Interest Period (with

the daily XXXXX reference rate as reference rate for the calculation of interest) as

calculated by the Agent or the Calculation Agent, as applicable, as at the relevant

Interest Determination Date, in accordance with the following formula (and the

resulting percentage will be rounded, if necessary, to the fifth decimal place, with

0.000005 being rounded upwards):

where:

d

is the number of calendar days in:

(1) where “Lag” is specified as the Observation Method in the applicable

Final Terms, the relevant Interest Period; or

(2) where “Observation Shift” is specified as the Observation Method in

the applicable Final Terms, the relevant Observation Period;

d

o

is the number of London Banking Days in:

(1) where “Lag” is specified as the Observation Method in the applicable

Final Terms, the relevant Interest Period; or

(2) where “Observation Shift” is specified as the Observation Method in

the applicable Final Terms, the relevant Observation Period;

0010155-0003327 UKO2: 2004375908.9

53

i

is a series of whole numbers from one to d

o

, each representing a London

Banking Day in chronological order from, and including, the first London

Banking Day in:

(1) where “Lag” is specified as the Observation Method in the applicable

Final Terms, the relevant Interest Period; or

(2) where “Observation Shift” is specified as the Observation Method in

the applicable Final Terms, the relevant Observation Period;

London Banking Day

means any day on which commercial banks are open

for general business (including dealing in foreign exchange and foreign

currency deposits) in London;

n

i

, for any London Banking Day "i", means the number of calendar days from

(and including) such London Banking Day "i" up to (but excluding) the

following London Banking Day;

Observation Period

means, in respect of an Interest Period, the period from

(and including) the date falling "p" London Banking Days prior to the first day

of such Interest Period to (but excluding) the date falling "p" London Banking

Days prior to (1) the Interest Payment Date for such Interest Period or (2)

such earlier date, if any, on which the Notes become due and payable;

p

means:

(1) where “Lag” is specified as the Observation Method in the applicable

Final Terms, the number of London Banking Days specified as the

“Lag Period” in the applicable Final Terms (or, if no such number is so

specified, five London Banking Days); or

(2) where “Observation Shift” is specified as the Observation Method in

the applicable Final Terms, the number of London Banking Days

specified as the “Observation Shift Period” in the applicable Final

Terms (or, if no such number is so specified, five London Banking

Days);

XXXXX reference rate

means, in respect of any London Banking Day (

LBD

x

),

a reference rate equal to the daily Sterling Overnight Index Average (

XXXXX

)

rate for LBD

x

as provided by the administrator of XXXXX to authorised

distributors and as then published on the Relevant Screen Page (or, if the

Relevant Screen Page is unavailable, as otherwise published by such

authorised distributors) on the London Banking Day immediately following

LBD

x

; and

XXXXX

i

means the XXXXX reference rate for:

(1) where “Lag” is specified as the Observation Method in the applicable

Final Terms, the London Banking Day falling "p" London Banking

Days prior to the relevant London Banking Day "i"; or

(2) where “Observation Shift” is specified as the Observation Method in

the applicable Final Terms, the relevant London Banking Day "i".

0010155-0003327 UKO2: 2004375908.9

54

If, where any Rate of Interest is to be calculated pursuant to this Condition

3(b)(ii)(C)

,

in respect of any London Banking Day for which the XXXXX reference rate is required

to be determined, the Agent or the Calculation Agent, as applicable, determines that

the applicable XXXXX reference rate is not available on the Relevant Screen Page

and has not otherwise been published by the relevant authorised distributors, then

(unless the Agent or the Calculation Agent, as applicable, has been notified of any

Successor Rate or Alternative Rate (and any related Adjustment Spread and/or

Benchmark Amendments) pursuant to Condition 3(b)(viii) (

Benchmark

Discontinuation

), if applicable) the XXXXX reference rate in respect of such London

Banking Day shall be:

(1) (I) the Bank of England’s Bank Rate (the

Bank Rate

) prevailing at 5.00 p.m.

(London time) (or, if earlier, the close of business) on such London Banking

Day; plus (II) the mean of the spread of the XXXXX reference rate to the Bank

Rate over the previous five London Banking Days on which a XXXXX

reference rate has been published, excluding the highest spread (or, if there

is more than one highest spread, one only of those highest spreads) and

lowest spread (or, if there is more than one lowest spread, one only of those

lowest spreads) to the Bank Rate; or

(2) if the Bank Rate under (1)(I) above is not available at the relevant time, either

(I) the XXXXX reference rate published on the Relevant Screen Page (or

otherwise published by the relevant authorised distributors) for the first

preceding London Banking Day on which the XXXXX reference rate was

published on the Relevant Screen Page (or otherwise published by the

relevant authorised distributors) or (II) if this is more recent, the latest rate

determined under (1) above,

and, in each case, references to the "XXXXX reference rate" in this Condition

3(b)(ii)(C)

 shall be construed accordingly.

In the event that the Rate of Interest cannot be determined in accordance with the

foregoing provisions, the Rate of Interest shall (subject to Condition 3(b)(viii)

(

Benchmark Discontinuation

)) be:

(1) that determined as at the last preceding Interest Determination Date (though

substituting, where a different Margin, Maximum Rate of Interest and/or

Minimum Rate of Interest is to be applied to the relevant Interest Period from

that which applied to the last preceding Interest Period, the Margin, Maximum

Rate of Interest and/or Minimum Rate of Interest (as the case may be)

relating to the relevant Interest Period, in place of the Margin, Maximum Rate

of Interest and/or Minimum Rate of Interest (as applicable) relating to that last

preceding Interest Period); or

(2) if there is no such preceding Interest Determination Date, the initial Rate of

Interest which would have been applicable to such Notes for the first

scheduled Interest Period had the Notes been in issue for a period equal in

duration to the first scheduled Interest Period but ending on (and excluding)

the Interest Commencement Date (but applying the Margin and, if applicable,

any Maximum Rate of Interest and/or Minimum Rate of Interest, applicable to

the first scheduled Interest Period).

0010155-0003327 UKO2: 2004375908.9

55

If the Notes become due and payable in accordance with Condition 8 (

Events of

Default

), the final Rate of Interest shall be calculated for the period from (and

including) the previous Interest Payment Date to (but excluding) the date on which

the Notes become so due and payable, and such Rate of Interest shall continue to

apply to the Notes for so long as interest continues to accrue thereon as provided in

Condition

3(c)

 (

Accrual of Interest

).

(D)

Screen Rate Determination for Floating Rate Notes – Compounded Daily XXXXX –

Index Determination

Where the applicable Final Terms specifies: (1) “Screen Rate Determination” as the

manner in which the Rate of Interest is to be determined and “Overnight Rate” to be

“Applicable”; (2) “Compounded Daily XXXXX” as the Reference Rate; and (3) “Index

Determination” to be “Applicable”, the Rate of Interest for an Interest Period will,

subject to Condition 3(b)(viii) (

Benchmark Discontinuation

) and as provided below, be

the Compounded Daily XXXXX Index Rate with respect to such Interest Period plus or

minus (as indicated in the applicable Final Terms) the applicable Margin (if any).

Compounded Daily XXXXX Index Rate

means, with respect to an Interest Period,

the rate of return of a daily compound interest investment as calculated by the Agent

or the Calculation Agent, as applicable, on the relevant Interest Determination Date in

accordance with the following formula (and the resulting percentage will be rounded,

if necessary, to the fifth decimal place, with 0.000005 being rounded upwards):

where:

d

is the number of calendar days from (and including) the day in relation to

which XXXXX Compounded Index

Start

is determined to (but excluding) the day

in relation to which XXXXX Xxxxxxxxxx Index

End

is determined;

London Banking Day

has the meaning set out in Condition

3(b)(ii)(C)

 above;

Relevant Number

is the number specified as such in the applicable Final

Terms (or, if no such number is specified, five);

XXXXX Compounded Index

End

means the XXXXX Xxxxxxxxxx Index value

relating to the London Banking Day falling the Relevant Number of London

Banking Days prior to (1) the Interest Payment Date for the relevant Interest

Period or (2) such earlier date, if any, on which the Notes become due and

payable;

XXXXX Xxxxxxxxxx Index

Start

means the XXXXX Xxxxxxxxxx Index value

relating to the London Banking Day falling the Relevant Number of London

Banking Days prior to the first day of the relevant Interest Period; and

the

XXXXX Xxxxxxxxxx Index

means, with respect to any London Banking

Day, the value of the XXXXX compounded index that is provided by the

administrator of the XXXXX reference rate to authorised distributors and as

then published on the Relevant Screen Page (or, if the Relevant Screen Page

is unavailable, as otherwise published by such authorised distributors) in

respect of such London Banking Day.

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56

If, where any Rate of Interest is to be calculated pursuant to this Condition

3(b)(ii)(D)

,

the Agent or the Calculation Agent, as applicable, determines that the relevant

XXXXX Compounded Index value required to determine XXXXX Compounded

Index

Start

or XXXXX Compounded Index

End

is not available on the Relevant Screen

Page and has not otherwise been published by the relevant authorised distributors by

5.00 p.m. (London time) (or, if later, by the time falling one hour after the customary

or scheduled time for publication thereof in accordance with the then-prevailing

operational procedures of the administrator of the XXXXX reference rate or of such

other information service, as the case may be) on the relevant Interest Determination

Date, the Compounded Daily XXXXX Index Rate for the applicable Interest Period for

which the relevant XXXXX Compounded Index value is not available shall be

"Compounded Daily XXXXX Formula Rate" determined in accordance with Condition

3(b)(ii)(C)

 above as if Index Determination had been specified as being Not

Applicable in the applicable Final Terms, and for these purposes: (1) the

"Observation Method" shall be deemed to be "Observation Shift" and (2) the

"Observation Shift Period" shall be deemed to be equal to the Relevant Number of

London Banking Days, as if those alternative elections had been made in the

applicable Final Terms.

If the Notes become due and payable in accordance with Condition 8 (

Events of

Default

), the final Rate of Interest shall be calculated for the period from (and

including) the previous Interest Payment Date to (but excluding) the date on which

the Notes become so due and payable, and such Rate of Interest shall continue to

apply to the Notes for so long as interest continues to accrue thereon as provided in

Condition

3(c)

 (

Accrual of Interest

).

(E)

Screen Rate Determination for Floating Rate Notes – Compounded Daily SOFR –

Non-Index Determination

Where the applicable Final Terms specifies: (1) “Screen Rate Determination” as the

manner in which the Rate of Interest is to be determined and “Overnight Rate” to be

“Applicable”; (2) “Compounded Daily SOFR” as the Reference Rate; and (3) “Index

Determination” to be “Not Applicable”, the Rate of Interest for an Interest Period will,

subject to Condition

3(b)(ix)

 (

Benchmark Discontinuation – SOFR

) and as provided

below, be Compounded Daily SOFR Formula Rate with respect to such Interest

Period plus or minus (as indicated in the applicable Final Terms) the applicable

Margin (if any).

Compounded Daily SOFR Formula Rate

means, with respect to an Interest Period,

the rate of return of a daily compound interest investment in U.S. dollars (with the

Secured Overnight Financing Rate as the reference rate for the calculation of

interest) as calculated by the Agent or the Calculation Agent, as applicable, on the

relevant Interest Determination Date in accordance with the following formula (and

the resulting percentage will be rounded, if necessary, to the nearest fifth decimal

place, with 0.000005 being rounded upwards):

where:

d

is the number of calendar days in:

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57

(1) where "Lookback" or “Lock-out” is specified as the Observation

Method in the applicable Final Terms, the relevant Interest Period; or

(2) where "Observation Shift" is specified as the Observation Method in

the applicable Final Terms, the relevant Observation Period;

d

o

is the number of U.S. Government Securities Business Days in:

(1) where "Lookback" or “Lock-out” is specified as the Observation

Method in the applicable Final Terms, the relevant Interest Period; or

(2) where "Observation Shift" is specified as the Observation Method in

the applicable Final Terms, the relevant Observation Period;

i

is a series of whole numbers from one to d

o

, each representing the relevant

U.S. Government Securities Business Day in chronological order from, and

including, the first U.S. Government Securities Business Day in:

(1) where "Lookback" or “Lock-out” is specified as the Observation

Method in the applicable Final Terms, the relevant Interest Period; or

(2) where "Observation Shift" is specified as the Observation Method in

the applicable Final Terms, the relevant Observation Period;

Lock-out Period

means the period from (and including) the day following the

Interest Determination Date to (but excluding) the corresponding Interest

Payment Date;

n

i

, for any U.S. Government Securities Business Day "i", means the number

of calendar days from (and including) such U.S. Government Securities

Business Day "i" up to (but excluding) the following U.S. Government

Securities Business Day;

Observation Period

means, in respect of an Interest Period, the period from

(and including) the date falling "p" U.S. Government Securities Business Days

prior to the first day of such Interest Period to (but excluding) the date falling

"p" U.S. Government Securities Business Days prior to (1) the Interest

Payment Date for such Interest Period or (2) such earlier date, if any, on

which the Notes become due and payable;

p

means:

(1) where "Lookback" is specified as the Observation Method in the

applicable Final Terms, the number of U.S. Government Securities

Business Days specified as the "Lookback Period (

p

)" in the

applicable Final Terms (or, if no such number is so specified, five U.S.

Government Securities Business Days); or

(2) where “Lock-out” is specified as the Observation Method in the

applicable Final Terms, zero U.S. Government Securities Business

Days; or

(3) where "Observation Shift" is specified as the Observation Method in

the applicable Final Terms, the number of U.S. Government Securities

0010155-0003327 UKO2: 2004375908.9

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Business Days specified as the "Observation Shift Period" in the

applicable Final Terms (or, if no such number is so specified, five U.S.

Government Securities Business Days);

Reference Day

means each U.S. Government Securities Business Day in the

relevant Interest Period, other than any U.S. Government Securities Business

Day in the Lock-out Period;

SOFR

means, in respect of any U.S. Government Securities Business Day, a

rate determined in accordance with the following provisions:

(1) the Secured Overnight Financing Rate published for such U.S.

Government Securities Business Day that appears on the SOFR

Administrator's Website at or about 3.00 p.m. (New York City time) on

the U.S. Government Securities Business Day immediately following

such U.S. Government Securities Business Day; and

(2) if the rate specified in paragraph (1) above does not so appear, unless

both a Benchmark Transition Event and its related Benchmark

Replacement Date have occurred, then the Agent or the Calculation

Agent, as applicable, shall use the Secured Overnight Financing Rate

published on the SOFR Administrator's Website for the first preceding

U.S. Government Securities Business Day on which the Secured

Overnight Financing Rate was published on the SOFR Administrator's

Website;

SOFR

i

means, in respect of any U.S. Government Securities Business Day

"i":

(1) where "Lookback" is specified as the Observation Method in the

applicable Final Terms, SOFR in respect of the U.S. Government

Securities Business Day falling "

p

" U.S. Government Securities

Business Days prior to the relevant U.S. Government Securities

Business Day "i"; or

(2) where “Lock-out” is specified as the Observation Method in the

applicable Final Terms:

(I) in respect of each U.S. Government Securities Business Day

“i” that is a Reference Day, SOFR in respect of the U.S.

Government Securities Business Day immediately preceding

such Reference Day; or

(II) in respect of each U.S. Government Securities Business Day

“i” that is not a Reference Day (being a U.S. Government

Securities Business Day in the Lock-out Period), SOFR in

respect of the U.S. Government Securities Business Day

immediately preceding the last Reference Day of the relevant

Interest Period (such last Reference Day coinciding with the

Interest Determination Date); or

(3) where "Observation Shift" is specified as the Observation Method in

the applicable Final Terms, SOFR in respect of such U.S. Government

Securities Business Day "i"; and

0010155-0003327 UKO2: 2004375908.9

59

U.S. Government Securities Business Day

means any day except for a

Saturday, a Sunday or a day on which the Securities Industry and Financial

Markets Association recommends that the fixed income departments of its

members be closed for the entire day for purposes of trading in U.S.

government securities.

Certain other capitalised terms used in the foregoing terms and provisions

relating to determination of the Compounded Daily SOFR Formula Rate have

the meanings set forth under Condition

3(b)(ix)

 (

Benchmark Discontinuation –

SOFR

) below.

Notwithstanding anything to the contrary, if both a Benchmark Transition Event and

its related Benchmark Replacement Date have occurred with respect to the

Compounded Daily SOFR Formula Rate (or any component part thereof), the

benchmark replacement provisions set forth in Condition

3(b)(ix)

 (

Benchmark

Discontinuation – SOFR

) below shall apply for the purposes of all determinations of

the Rate of Interest in respect of the Notes.

If the Notes become due and payable in accordance with Condition 8 (

Events of

Default

), the final Rate of Interest shall be calculated for the period from (and

including) the previous Interest Payment Date to (but excluding) the date on which

the Notes become so due and payable, and such Rate of Interest shall continue to

apply to the Notes for so long as interest continues to accrue thereon as provided in

Condition

3(c)

 (

Accrual of Interest

).

(F)

Screen Rate Determination for Floating Rate Notes – Compounded Daily SOFR –

Index Determination

Where the applicable Final Terms specifies: (1) “Screen Rate Determination” as the

manner in which the Rate of Interest is to be determined and “Overnight Rate” to be

“Applicable”; (2) “Compounded Daily SOFR” as the Reference Rate; and (3) “Index

Determination” to be “Applicable”, the Rate of Interest for an Interest Period will,

subject to Condition 3(b)(ix) (

Benchmark Discontinuation – SOFR

) and as provided

below, be the Compounded Daily SOFR Index Rate with respect to such Interest

Period plus or minus (as indicated in the applicable Final Terms) the applicable

Margin (if any).

Compounded SOFR Index Rate

means, with respect to an Interest Period, the rate

of return of a daily compound interest investment as calculated by the Agent or the

Calculation Agent, as applicable, on the relevant Interest Determination Date in

accordance with the following formula (and the resulting percentage will be rounded,

if necessary, to the nearest fifth decimal place, with 0.000005 being rounded

upwards):

where:

d

is the number of calendar days from (and including) the day in relation to

which "SOFR Index

Start

" is determined to (but excluding) the day in relation to

which "SOFR Index

End

" is determined;

0010155-0003327 UKO2: 2004375908.9

60

Relevant Number

is the number specified as such in the applicable Final

Terms (or, if no such number is specified, five);

SOFR Index

End

means the SOFR Index value relating to the U.S. Government

Securities Business Day falling the Relevant Number of U.S. Government

Securities Business Days prior to (1) the Interest Payment Date for the

relevant Interest Period or (2) such earlier date, if any, on which the Notes

become due and payable;

SOFR Index

Start

means the SOFR Index value relating to the U.S.

Government Securities Business Day falling the Relevant Number of U.S.

Government Securities Business Days prior to the first date of the relevant

Interest Period;

the

SOFR Index

means, with respect to any U.S. Government Securities

Business Day, prior to a Benchmark Replacement Date, the SOFR Index

published for such U.S. Government Securities Business Day as such value

appears on the SOFR Administrator's Website at 3:00 p.m. (New York City

time) on such U.S. Government Securities Business Day; and

U.S. Government Securities Business Day

has the meaning set out in

Condition

3(b)(ii)(E)

 above.

Certain other capitalised terms used in the foregoing terms and provisions

relating to determination of the Compounded SOFR Index Rate have the

meanings set forth under Condition

3(b)(ix)

 (

Benchmark Discontinuation –

SOFR

) below.

If, where any Rate of Interest is to be calculated pursuant to this Condition

3(b)(ii)(F)

,

the Agent or the Calculation Agent, as applicable, determines that the SOFR

Index

Start

or the SOFR Index

End

does not appear on the SOFR Administrator's

Website by 3.00 p.m. (New York City time) on the relevant Interest Determination

Date and a Benchmark Transition Event and its related Benchmark Replacement

Date have not occurred with respect to the Compounded SOFR Index Rate (or any

component part thereof), the Compounded SOFR Index Rate for the applicable

Interest Period for which such SOFR Index value is not available shall be the

"Compounded Daily SOFR Formula Rate" determined in accordance with Condition

3(b)(ii)(E)

 above as if Index Determination had been specified as being Not

Applicable in the applicable Final Terms, and for these purposes: (1) the

"Observation Method" shall be deemed to be "Observation Shift", and (2) the

"Observation Shift Period" shall be deemed to be equal to the Relevant Number of

U.S. Government Securities Business Days, as if those alternative elections had

been made in the applicable Final Terms.

Notwithstanding anything to the contrary, if both a Benchmark Transition Event and

its related Benchmark Replacement Date have occurred with respect to the

Compounded SOFR Index Rate (or any component part thereof), the benchmark

replacement provisions set forth in Condition

3(b)(ix)

 (

Benchmark Discontinuation –

SOFR

) below shall apply for the purposes of all determinations of the Rate of Interest

in respect of the Notes.

If the Notes become due and payable in accordance with Condition 8 (

Events of

Default

), the final Rate of Interest shall be calculated for the period from (and

including) the previous Interest Payment Date to (but excluding) the date on which

0010155-0003327 UKO2: 2004375908.9

61

the Notes become so due and payable, and such Rate of Interest shall continue to

apply to the Notes for so long as interest continues to accrue thereon as provided in

Condition

3(c)

 (

Accrual of Interest

).

(G)

Screen Rate Determination for Floating Rate Notes – Average SOFR

Where the applicable Final Terms specifies: (1) “Screen Rate Determination” as the

manner in which the Rate of Interest is to be determined and “Overnight Rate” to be

“Applicable”; (2) “Average SOFR” as the Reference Rate; and (3) “Index

Determination” to be “Not Applicable”, the Rate of Interest for an Interest Period will,

subject to Condition 3(b)(ix) (

Benchmark Discontinuation – SOFR

) and as provided

below, be the Average SOFR Rate with respect to such Interest Period plus or minus

(as indicated in the applicable Final Terms) the applicable Margin (if any).

Average SOFR Rate

means, with respect to an Interest Period, the arithmetic mean

of SOFR in effect during such Interest Period as calculated by the Agent or the

Calculation Agent, as applicable, on the relevant Interest Determination Date in

accordance with the following formula (and the resulting percentage will be rounded,

if necessary, to the nearest fifth decimal place, with 0.000005 being rounded

upwards):

where

d

o

,

i

,

SOFR

,

SOFR

i

,

n

i

and

d

have the meanings set out in Condition

3(b)(ii)(E)

 above.

Notwithstanding anything to the contrary, if both a Benchmark Transition Event and

its related Benchmark Replacement Date have occurred with respect to the Average

SOFR Rate (or any component part thereof), the benchmark replacement provisions

set forth in Condition

3(b)(ix)

 (

Benchmark Discontinuation – SOFR

) below shall apply

for the purposes of all determinations of the Rate of Interest in respect of the Notes.

If the Notes become due and payable in accordance with Condition 8 (

Events of

Default

), the final Rate of Interest shall be calculated for the period from (and

including) the previous Interest Payment Date to (but excluding) the date on which

the Notes become so due and payable, and such Rate of Interest shall continue to

apply to the Notes for so long as interest continues to accrue thereon as provided in

Condition

3(c)

 (

Accrual of Interest

).

(iii)

Minimum and/or Maximum Rate of Interest

If the applicable Final Terms specifies a Minimum Rate of Interest for any Interest

Period, then, in the event that the Rate of Interest in respect of such Interest Period

determined in accordance with the provisions of paragraph

(ii) above

 is less than

such Minimum Rate of Interest, the Rate of Interest for such Interest Period shall be

such Minimum Rate of Interest. If the applicable Final Terms specifies a Maximum

Rate of Interest for any Interest Period, then, in the event that the Rate of Interest in

respect of such Interest Period determined in accordance with the provisions of

paragraph

(ii) above

 is greater than such Maximum Rate of Interest, the Rate of

Interest for such Interest Period shall be such Maximum Rate of Interest.

(iv)

Determination of Rate of Interest and Calculation of Interest Amounts

0010155-0003327 UKO2: 2004375908.9

62

The Agent or the Calculation Agent, as applicable, will at or as soon as practicable

after each time at which the Rate of Interest is to be determined, determine the Rate

of Interest for the relevant Interest Period.

The Agent or the Calculation Agent, as applicable, will calculate the amount of

interest (the

Interest Amount

) payable on the Floating Rate Notes for the relevant

Interest Period by applying the Rate of Interest to:

(A) in the case of Floating Rate Notes which are represented by a Global Note,

the aggregate outstanding nominal amount of the Notes represented by such

Global Note; or

(B) in the case of Floating Rate Notes in definitive form, the Calculation Amount;

and, in each case, multiplying such sum by the applicable Day Count Fraction, and

rounding the resultant figure to the nearest sub-unit of the relevant Specified

Currency half of any such sub-unit being rounded upwards or otherwise in

accordance with applicable market convention. Where the Specified Denomination of

a Floating Rate Note in definitive form is a multiple of the Calculation Amount, the

Interest Amount payable in respect of such Note shall be the product of the amount

(determined in the manner provided above) for the Calculation Amount and the

amount by which the Calculation Amount is multiplied to reach the Specified

Denomination, without any further rounding.

Day Count Fraction

means, in respect of the calculation of an amount of interest in

accordance with this Condition 3 (

Interest

):

(i) if "Actual/Actual (ISDA)" or "Actual/Actual" is specified in the applicable Final

Terms, the actual number of days in the Interest Period divided by 365 (or, if

any portion of that Interest Period falls in a leap year, the sum of (I) the actual

number of days in that portion of the Interest Period falling in a leap year

divided by 366 and (II) the actual number of days in that portion of the Interest

Period falling in a non-leap year divided by 365);

(ii) if "Actual/365 (Fixed)" is specified in the applicable Final Terms, the actual

number of days in the Interest Period divided by 365;

(iii) if "Actual/365 (Sterling)" is specified in the applicable Final Terms, the actual

number of days in the Interest Period divided by 365 or, in the case of an

Interest Payment Date falling in a leap year, 366;

(iv) if "Actual/360" is specified in the applicable Final Terms, the actual number of

days in the Interest Period divided by 360;

(v) if "30/360", "360/360" or "Bond Basis" is specified in the applicable Final

Terms, the number of days in the Interest Period divided by 360, calculated on

a formula basis as follows:

[360

(Y

2

 Y

1

)]

[30

(M

2

M

1

)] (D

2

D

1

)

DayCount Fraction

where:

360

0010155-0003327 UKO2: 2004375908.9

63

"Y

1

" is the year, expressed as a number, in which the first day of the Interest

Period falls:

"Y

2

" is the year, expressed as a number, in which the day immediately

following the last day of the Interest Period falls;

"M

1

" is the calendar month, expressed as a number, in which the first day of

the Interest Period falls;

"M

2

" is the calendar month, expressed as a number, in which the day

immediately following the last day of the Interest Period falls;

"D

1

" is the first calendar day, expressed as a number, of the Interest Period,

unless such number is 31, in which case D

1

will be 30; and

"D

2

" is the calendar day, expressed as a number, immediately following the

last day included in the Interest Period, unless such number would be 31 and

D

1

is greater than 29, in which case D

2

will be 30;

(vi) if "30E/360" or "Eurobond Basis" is specified in the applicable Final Terms,

the number of days in the Interest Period divided by 360, calculated on a

formula basis as follows:

[360

(Y

2

 Y

1

)]

[30

(M

2

M

1

)] (D

2

D

1

)

DayCount Fraction

where:

360

"Y

1

" is the year, expressed as a number, in which the first day of the Interest

Period falls:

"Y

2

" is the year, expressed as a number, in which the day immediately

following the last day of the Interest Period falls;

"M

1

" is the calendar month, expressed as a number, in which the first day of

the Interest Period falls;

"M

2

" is the calendar month, expressed as a number, in which the day

immediately following the last day of the Interest Period falls;

"D

1

" is the first calendar day, expressed as a number, of the Interest Period,

unless such number would be 31, in which case D

1

will be 30; and

"D

2

" is the calendar day, expressed as a number, immediately following the

last day included in the Interest Period, unless such number would be 31, in

which case D

2

will be 30; or

(vii) if "30E/360 (ISDA)" is specified in the applicable Final Terms, the number of

days in the Interest Period divided by 360, calculated on a formula basis as

follows:

DayCount Fraction

[360

(Y

2

 Y

1

)]

[30

(M

2

M

1

)] (D

2

D

1

)

360

0010155-0003327 UKO2: 2004375908.9

64

where:

"Y

1

" is the year, expressed as a number, in which the first day of the Interest

Period falls:

"Y

2

" is the year, expressed as a number, in which the day immediately

following the last day of the Interest Period falls;

"M

1

" is the calendar month, expressed as a number, in which the first day of

the Interest Period falls;

"M

2

" is the calendar month, expressed as a number, in which the day

immediately following the last day of the Interest Period falls;

"D

1

" is the first calendar day, expressed as a number, of the Interest Period,

unless (i) that day is the last day of February or (ii) such number would be 31,

in which case D1 will be 30; and

"D

2

" is the calendar day, expressed as a number, immediately following the

last day included in the Interest Period, unless (i) that day is the last day of

February but not the Maturity Date or (ii) such number would be 31 and D

2

will

be 30.

(v)

Linear Interpolation

Where Linear Interpolation is specified as applicable in respect of an Interest Period

in the applicable Final Terms, the Rate of Interest for such Interest Period shall be

calculated by the Agent or the Calculation Agent, as applicable, by straight line linear

interpolation by reference to two rates based on the relevant Reference Rate (where

Screen Rate Determination is specified as applicable in the applicable Final Terms)

or the relevant Floating Rate Option (where ISDA Determination is specified as

applicable in the applicable Final Terms), one of which shall be determined as if the

Designated Maturity were the period of time for which rates are available next shorter

than the length of the relevant Interest Period and the other of which shall be

determined as if the Designated Maturity were the period of time for which rates are

available next longer than the length of the relevant Interest Period provided however

that if there is no rate available for a period of time next shorter or, as the case may

be, next longer, then the Agent or the Calculation Agent, as applicable, shall

determine such rate at such time and by reference to such sources as an

independent adviser, appointed by the Issuer and acting in good faith and in a

commercially reasonable manner as an expert, determines appropriate.

Designated Maturity

means, in relation to Screen Rate Determination, the period of

time designated in the Reference Rate.

(vi)

Notification of Rate of Interest and Interest Amounts

(A) Except where “Screen Rate Determination” is specified in the applicable Final

Terms as the manner in which the Rate of Interest is to be determined and

“Overnight Rate” is specified in the applicable Final Terms to be “Applicable”,

the Agent or the Calculation Agent, as applicable, will cause the Rate of

Interest and each Interest Amount for each Interest Period and the relevant

Interest Payment Date to be notified to the Issuer and any stock exchange on

which the relevant Floating Rate Notes are for the time being listed and notice

0010155-0003327 UKO2: 2004375908.9

65

thereof to be published in accordance with Condition

12

 (

Notices

) as soon as

possible after their determination but in no event later than the fourth London

Business Day thereafter. Each Interest Amount and Interest Payment Date so

notified may subsequently be amended (or appropriate alternative

arrangements made by way of adjustment) without prior notice in the event of

an extension or shortening of the Interest Period. Any such amendment will be

promptly notified to each stock exchange on which the relevant Floating Rate

Notes are for the time being listed and to the Noteholders in accordance with

Condition

12

 (

Notices

). For the purposes of this paragraph, the expression

London Business Day

means a day (other than a Saturday or a Sunday) on

which banks and foreign exchange markets are open for general business in

London.

(B) Where “Screen Rate Determination” is specified in the applicable Final Terms

as the manner in which the Rate of Interest is to be determined and

“Overnight Rate” is specified in the applicable Final Terms to be “Applicable”,

the Agent or the Calculation Agent, as applicable, will cause the Rate of

Interest and each Interest Amount for each Interest Period and the relevant

Interest Payment Date to be notified to the Issuer and any stock exchange on

which the relevant Floating Rate Notes are for the time being listed and notice

thereof to be published in accordance with Condition 12 (

Notices

) as soon as

possible after their determination but in no event later than (1) where the

applicable Final Terms specifies the Reference Rate as “Compounded Daily

XXXXX”, the second London Banking Day thereafter or (2) where the

applicable Final Terms specifies the Reference Rate as “Compounded Daily

SOFR” or “Average SOFR”, the second U.S. Government Securities Business

Day thereafter. Each Rate of Interest, Interest Amount and Interest Payment

Date so notified may subsequently be amended (or appropriate alternative

arrangements made by way of adjustment) without prior notice in the event of

an extension or shortening of the relevant Interest Period. Any such

amendment or alternative arrangements will promptly be notified to each stock

exchange on which the relevant Floating Rate Notes are for the time being

listed and to the Noteholders in accordance with Condition 12 (

Notices

).

(vii)

Certificates to be Final

All certificates, communications, opinions, determinations, calculations, quotations

and decisions given, expressed, made or obtained for the purposes of the provisions

of this Condition

3(b)

 (

Interest on Floating Rate Notes

) by the Agent, an Independent

Adviser (as defined below) or the Calculation Agent, as applicable, shall (in the

absence of wilful default, bad faith or manifest error) be binding on the Issuer, the

Issuer’s designee (as defined below), the Guarantor (in the case of Notes having the

benefit of the Guarantee), the Agent, the Calculation Agent, the other Paying Agents

and all Noteholders and Couponholders and (in the absence as aforesaid) no liability

to the Issuer, the Issuer’s designee, the Guarantor (in the case of Notes having the

benefit of the Guarantee), the Noteholders or the Couponholders shall attach to the

Agent, an Independent Adviser or the Calculation Agent, as applicable, in connection

with the exercise or non-exercise by it of its powers, duties and discretions pursuant

to such provisions.

(viii)

Benchmark Discontinuation

Notwithstanding the foregoing provisions of this Condition 3(b) (

Interest on Floating

Rate Notes

), if:

0010155-0003327 UKO2: 2004375908.9

66

(1) the Reference Rate specified in the applicable Final Terms is neither

Compounded Daily SOFR nor Average SOFR; and

(2) the Issuer determines that a Benchmark Event (as defined below) has

occurred in relation to a Reference Rate at any time when any Rate of

Interest (or the relevant component thereof) remains to be determined by

reference to such Reference Rate,

then the following provisions shall apply:

(A) the Issuer shall use reasonable endeavours to appoint, as soon as reasonably

practicable, an Independent Adviser (as defined below) to determine (without

any requirement for any consent or approval of the Noteholders or the

Couponholders), no later than 10 days prior to the relevant Interest

Determination Date relating to the next succeeding Interest Period (the

IA

Determination Cut-off Date

), a Successor Rate (as defined below) or,

alternatively, if there is no Successor Rate, an Alternative Reference Rate (as

defined below), and in either case an Adjustment Spread (as defined below),

for the purposes of determining the Rate of Interest (or the relevant

component part thereof) applicable to the Notes;

(B) if a Successor Rate or, failing which, an Alternative Reference Rate (as

applicable) is determined in accordance with paragraph (A) above, such

Successor Rate or, failing which, such Alternative Reference Rate (as

applicable) shall be the Reference Rate for each of the future Interest Periods

for which the Rate of Interest (or the relevant component thereof) was

otherwise to be determined by reference to the relevant Reference Rate

(subject to the subsequent operation of, and to adjustment as provided in, this

Condition 3(b)(viii) (

Benchmark Discontinuation

));

(C) if the Independent Adviser determines a Successor Rate or, failing which, an

Alternative Reference Rate (as applicable) in accordance with the above

provisions, the Independent Adviser, following consultation with the Issuer,

may also specify changes to these Conditions, including but not limited to the

Day Count Fraction, Relevant Screen Page, Specified Time, Business Day

Convention, Business Day, Interest Determination Date, Reference Banks,

Additional Business Centre and/or the definition of Reference Rate applicable

to the Notes, and/or the method for determining the fallback to the Reference

Rate in relation to the Notes, in each case in order to follow market practice in

relation to the Successor Rate or the Alternative Reference Rate (as

applicable). If a Successor Rate or Alternative Rate is determined in

accordance with the foregoing provisions, the Independent Adviser (in

consultation with the Issuer) will determine the Adjustment Spread to be

applied to such Successor Rate or Alternative Rate (as the case may be) for

each subsequent determination of a relevant Rate of Interest (or a relevant

component part thereof) by reference to such Successor Rate or Alternative

Rate (as applicable). For the avoidance of doubt, the Issuer shall be obliged,

and the Issuer shall direct the Agent (if applicable) who (upon such direction)

shall be obliged, in each case without the requirement for any consent or

approval of the Noteholders or the Couponholders, to use its reasonable

endeavours to effect such amendments to the Agency Agreement and these

Conditions, as applicable, as may be specified by the Independent Adviser

following consultation with the Issuer in order to give effect to this Condition

3(b)(viii)(C) (such amendments, the

Benchmark Amendments

). For the

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67

avoidance of doubt, no Noteholder or Couponholder consent shall be required

in connection with effecting the Benchmark Amendments or such other

changes, including for the execution of any documents, amendments or other

steps by the Issuer, the Guarantor (in the case of Notes having the benefit of

the Guarantee) or the Agent (if required). Notwithstanding the foregoing

provisions of this Condition, the Agent shall not be required to agree to the

amendments and changes referred to above that in the Agent’s opinion,

acting reasonably and in good faith, imposes more onerous obligations upon it

or exposes it to additional duties, responsibilities or liability, or reduces or

amends the protective provisions afforded to the Agent in the Agency

Agreement.

(D) the Issuer shall promptly, following the determination of any Successor Rate

or Alternative Reference Rate (as applicable), the applicable Adjustment

Spread and the specific terms of any Benchmark Amendments give notice

thereof to the Agent and, in accordance with Condition 12 (

Notices

), the

Noteholders and the Couponholders (which notice shall be irrevocable);

(E) if a Successor Rate or an Alternative Reference Rate or, in either case, the

applicable Adjustment Spread, is not determined by an Independent Adviser

in accordance with the above provisions prior to the relevant IA Determination

Cut-off Date, then the Rate of Interest for the next Interest Period shall be

determined by reference to the original Reference Rate and the fallback

provisions set out in Condition

3(b)(ii)

(B), (C) or (D), as applicable; for the

avoidance of doubt, in such circumstances the Rate of Interest for any

subsequent Interest Periods shall be subject to the subsequent operation of,

and to adjustment as provided in, this Condition 3(b)(viii) (

Benchmark

Discontinuation

); and

(F) an Independent Adviser appointed pursuant to this Condition 3(b)(viii)

(

Benchmark Discontinuation

) shall act in good faith and in a commercially

reasonable manner and in accordance with the provisions of this Condition

3(b)(viii) (

Benchmark Discontinuation

) in respect of any determination made

by it pursuant to this Condition 3(b)(viii) (

Benchmark Discontinuation

).

The occurrence of a Benchmark Event shall be determined by the Issuer and

promptly notified by the Issuer to the Agent, the Calculation Agent and the Paying

Agents. For the avoidance of doubt, none of the Agent, the Calculation Agent or the

Paying Agents shall have any responsibility for making such determination.

For the purposes of this Condition 3(b)(viii) (

Benchmark Discontinuation

):

Adjustment Spread

means the spread (which may be positive, negative or zero),

quantum or formula or methodology for calculating a spread, which the Independent

Adviser (in consultation with the Issuer) determines is required to be applied to the

Successor Rate or the Alternative Reference Rate (as applicable) and is the spread,

quantum, formula or methodology which:

(1) in the case of a Successor Rate, is formally recommended in relation to the

replacement of the Reference Rate with the Successor Rate by any Relevant

Nominating Body (as defined below); or

(2) in the case of a Successor Rate for which no such recommendation as referred

to in (1) above has been made, or in the case of an Alternative Reference Rate,

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68

the Independent Adviser (in consultation with the Issuer) determines is

recognised or acknowledged as being in customary market usage in international

debt capital markets transactions which reference the Reference Rate, where

such rate has been replaced by the Successor Rate or the Alternative Reference

Rate (as applicable); or

(3) if the Independent Adviser determines that neither (1) nor (2) above applies, the

Independent Adviser (in consultation with the Issuer) in its discretion determines

(acting in good faith and in a commercially reasonable manner) to be

appropriate;

Alternative Reference Rate

means the rate that the Independent Adviser (in

consultation with the Issuer) determines (acting in good faith and in a commercially

reasonable manner) has replaced the relevant Reference Rate in customary market

usage in the international debt capital markets for the purposes of determining

floating rates of interest (or the relevant component thereof) in respect of bonds

denominated in the Specified Currency and with an interest period of a comparable

duration to the relevant Interest Period, or, if the Independent Adviser (in consultation

with the Issuer) determines that there is no such rate, such other rate as the

Independent Adviser (in consultation with the Issuer) determines in its sole discretion

is most comparable to the relevant Reference Rate;

Benchmark Event

means, with respect to a Reference Rate:

(1) the Reference Rate (A) ceasing to be published for a period of at least five

consecutive Business Days or (B) ceasing to exist or be administered; or

(2) the later of (A) the making of a public statement by the administrator of such

Reference Rate that it will, on or before a specified date, cease publishing such

Reference Rate permanently or indefinitely (in circumstances where no

successor administrator has been appointed that will continue publication of such

Reference Rate) and (B) the date falling six months prior to the specified date

referred to in (2)(A); or

(3) the making of a public statement by the supervisor of the administrator of such

Reference Rate that such Reference Rate has been permanently or indefinitely

discontinued; or

(4) the later of (A) the making of a public statement by the supervisor of the

administrator of such Reference Rate that such Reference Rate will, on or before

a specified date, be permanently or indefinitely discontinued and (B) the date

falling six months prior to the specified date referred to in (4)(A); or

(5) the later of (A) the making of a public statement by the supervisor of the

administrator of such Reference Rate that means such Reference Rate will be

prohibited from being used or that its use will be subject to restrictions or adverse

consequences, in each case on or before a specified date and (B) the date

falling six months prior to the specified date referred to in (5)(A); or

(6) a public statement by the supervisor of the administrator of such Reference Rate

that, in the view of such supervisor, such Reference Rate is no longer

representative of its underlying market; or

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69

(7) the later of (A) a public statement by the supervisor of the administrator of such

Reference Rate that, in the view of such supervisor, such Reference Rate will, as

of a specified date, no longer be representative of its underlying market and (B)

the date falling six months prior to the specified date referred to in (7)(A); or

(8) it has, or will prior to the next Interest Determination Date become unlawful for

the Issuer, the Agent, the Calculation Agent, any other party specified in the

applicable Final Terms as being responsible for calculating the Rate of Interest

or any Paying Agent to calculate any payments due to be made to any

Noteholder or Couponholder using such Reference Rate;

Independent Adviser

means an independent financial institution of international

repute or other independent financial adviser experienced in the international debt

capital markets, in each case appointed by the Issuer at its own expense. For the

avoidance of doubt, neither the Agent nor the Calculation Agent shall act as the

Independent Adviser unless it accepts such appointment in writing;

Relevant Nominating Body

means, in respect of a Reference Rate:

(1) the central bank for the currency to which the Reference Rate relates, or any

central bank or other supervisory authority which is responsible for supervising

the administrator of the Reference Rate; or

(2) any working group or committee sponsored by, chaired or co-chaired by or

constituted at the request of (a) the central bank for the currency to which the

Reference Rate relates, (b) any central bank or other supervisory authority which

is responsible for supervising the administrator of the Reference Rate, (c) a

group of the aforementioned central banks or other supervisory authorities, or (d)

the Financial Stability Board or any part thereof; and

Successor Rate

means the rate that the Independent Adviser (in consultation with

the Issuer) determines (acting in good faith and in a commercially reasonable

manner) is a successor to or replacement of the Reference Rate which is formally

recommended by any Relevant Nominating Body.

(ix)

Benchmark Discontinuation – SOFR

Notwithstanding the foregoing provisions of this Condition 3(b) (

Interest on Floating

Rate Notes

), if:

(1) the Reference Rate specified in the applicable Final Terms is either

Compounded Daily SOFR or Average SOFR; and

(2) any Rate of Interest (or any component part thereof) remains to be

determined by reference to the Benchmark,

then the following provisions shall apply:

(A)

Benchmark Replacement

If the Issuer or its designee determines prior to the Reference Time on the relevant

Interest Determination Date that a Benchmark Transition Event and its related

Benchmark Replacement Date have occurred with respect to the then-current

Benchmark, the Benchmark Replacement will replace the then-current Benchmark for

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70

all purposes relating to the Notes in respect of all determinations on such date and all

determinations on all subsequent dates (subject to any subsequent application of this

Condition

3(b)(ix)

 with respect to such Benchmark Replacement).

In the event that the Issuer or its designee is unable to, or does not, determine a

Benchmark Replacement, or a Benchmark Replacement is not implemented in

accordance with this Condition

3(b)(ix)

, prior to 5:00 p.m. (New York City time) on the

relevant Interest Determination Date, the Rate of Interest for the relevant Interest

Period shall be:

(1) that determined as at the last preceding Interest Determination Date (though

substituting, where a different Margin, Maximum Rate of Interest and/or

Minimum Rate of Interest is to be applied to the relevant Interest Period from

that which applied to the last preceding Interest Period, the Margin, Maximum

Rate of Interest and/or Minimum Rate of Interest (as the case may be)

relating to the relevant Interest Period, in place of the Margin, Maximum Rate

of Interest and/or Minimum Rate of Interest (as applicable) relating to that last

preceding Interest Period); or

(2) if there is no such preceding Interest Determination Date, the initial Rate of

Interest which would have been applicable to such Series of Notes for the first

scheduled Interest Period had the Notes been in issue for a period equal in

duration to the first scheduled Interest Period but ending on (and excluding)

the Interest Commencement Date (and applying the Margin and, if applicable,

any Maximum Rate of Interest and/or Minimum Rate of Interest, applicable to

the first scheduled Interest Period).

(B)

Benchmark Replacement Conforming Changes

In connection with the implementation of a Benchmark Replacement, the Issuer or its

designee will have the right to make Benchmark Replacement Conforming Changes

from time to time.

The Issuer shall be obliged, and the Issuer shall direct the Agent (if applicable) who

(upon such direction) shall be obliged, in each case without the requirement for any

consent or approval of the Noteholders or the Couponholders, to use its reasonable

endeavours to effect any Benchmark Replacement Conforming Changes (including,

inter alia

, by the execution of a supplemental Agency Agreement). For the avoidance

of doubt, no Noteholder or Couponholder consent shall be required in connection with

effecting the Benchmark Replacement Conforming Changes or such other changes,

including for the execution of any documents, amendments or other steps by the

Issuer, the Guarantor (in the case of Notes having the benefit of the Guarantee) or

the Agent (if required).

Notwithstanding the foregoing provisions of this Condition, the Agent shall not be

required to agree to the amendments and changes referred to above that in the

Agent’s opinion, acting reasonably and in good faith, imposes more onerous

obligations upon it or exposes it to additional duties, responsibilities or liability, or

reduces or amends the protective provisions afforded to the Agent in the Agency

Agreement.

(C)

Decisions and Determinations

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71

Any determination, decision or election that may be made by the Issuer or its

designee pursuant to this Condition

3(b)(ix)

, including (without limitation) any

determination with respect to a tenor, rate or adjustment or of the occurrence or non-

occurrence of an event, circumstance or date and any decision to take or refrain from

taking any action or any selection, will be conclusive and binding absent manifest

error, may be made in the Issuer's or its designee's sole discretion (as applicable),

and, notwithstanding anything to the contrary in these Conditions, shall become

effective without any requirement for the consent or approval of Noteholders,

Couponholders or any other party. Neither the Agent nor the Calculation Agent (if

applicable) shall have any responsibility to make any such determinations or exercise

discretion with respect to the foregoing.

In connection with any Benchmark Replacement Conforming Changes in accordance

with this Condition

3(b)(ix)

, if and for so long as the Notes are admitted to trading and

listed on the official list of a stock exchange, the Issuer shall comply with the rules of

that stock exchange.

The Agent and the Calculation Agent (if applicable) shall be entitled to conclusively

rely on any determination made by the Issuer or its designee and, in the absence of

fraud, negligence or wilful default, will have no liability for actions taken at the

direction of the Issuer or its designee.

(D)

Notice and Certification

Any Benchmark Replacement Conforming Changes determined under this Condition

3(b)(ix)

 shall be notified promptly by the Issuer to the Agent, the Calculation Agent (if

applicable) and, in accordance with Condition 12 (

Notices

), the Noteholders. Such

notice shall be irrevocable and shall specify the effective date of such Benchmark

Replacement Conforming Changes.

(E)

Definitions

In this Condition

3(b)(ix):

Benchmark

means, initially, SOFR (provided that if a Benchmark Transition Event

and its related Benchmark Replacement Date have occurred with respect to SOFR

(or the published daily SOFR used in the calculation thereof) or any Benchmark

which has replaced it in accordance with this Condition

3(b)(ix)

, then the term

"

Benchmark

" means the applicable Benchmark Replacement);

Benchmark Replacement

means the first alternative set forth in the order below that

can be determined by the Issuer or its designee as of the Benchmark Replacement

Date:

(1) the sum of: (I) the alternate rate of interest that has been selected or

recommended by the Relevant Governmental Body as the replacement for

the then-current Benchmark and (II) the Benchmark Replacement

Adjustment;

(2) the sum of: (I) the ISDA Fallback Rate and (II) the Benchmark Replacement

Adjustment; or

(3) the sum of: (I) the alternate rate of interest that has been selected by the

Issuer or its designee as the replacement for the then-current Benchmark

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72

giving due consideration to any industry-accepted rate of interest as a

replacement for the then-current Benchmark for U.S. dollar denominated

floating rate notes at such time and (II) the Benchmark Replacement

Adjustment;

Benchmark Replacement Adjustment

means the first alternative set forth in the

order below that can be determined by the Issuer or its designee as of the

Benchmark Replacement Date:

(1) the spread adjustment, or method for calculating or determining such spread

adjustment, (which may be a positive or negative value or zero) that has been

selected or recommended by the Relevant Governmental Body for the

applicable Unadjusted Benchmark Replacement;

(2) if the applicable Unadjusted Benchmark Replacement is equivalent to the

ISDA Fallback Rate, then the ISDA Fallback Adjustment; or

(3) the spread adjustment (which may be a positive or negative value or zero)

that has been selected by the Issuer or its designee giving due consideration

to any industry-accepted spread adjustment, or method for calculating or

determining such spread adjustment, for the replacement of the then-current

Benchmark with the applicable Unadjusted Benchmark Replacement for U.S.

dollar denominated floating rate notes at such time;

Benchmark Replacement Conforming Changes

means, with respect to any

Benchmark Replacement, any technical, administrative or operational changes

(including changes to the definition of Interest Period, timing and frequency of

determining rates and making payments of interest, rounding amounts or tenors, and

other administrative matters) that the Issuer or its designee decides may be

appropriate to reflect the adoption of such Benchmark Replacement in a manner

substantially consistent with market practice (or, if the Issuer or its designee decides

that adoption of any portion of such market practice is not administratively feasible or

if the Issuer or its designee determines that no market practice for use of the

Benchmark Replacement exists, in such other manner as the Issuer or its designee

determines is reasonably necessary);

Benchmark Replacement Date

means the earliest to occur of the following events

with respect to the then-current Benchmark (including the daily published component

used in the calculation thereof):

(1) in the case of paragraph (1) or (2) of the definition of "Benchmark Transition

Event", the later of (1) the date of the public statement or publication of

information referenced therein and (2) the date on which the administrator of

the Benchmark permanently or indefinitely ceases to provide the Benchmark

(or such component); or

(2) in the case of paragraph (3) of the definition of "Benchmark Transition Event",

the date of the public statement or publication of information referenced

therein.

For the avoidance of doubt, if the event giving rise to the Benchmark Replacement

Date occurs on the same day as, but earlier than, the Reference Time on the relevant

Interest Determination Date, the Benchmark Replacement Date will be deemed to

have occurred prior to the Reference Time for such determination;

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73

Benchmark Transition Event

means the occurrence of one or more of the following

events with respect to the then-current Benchmark (including the daily published

component used in the calculation thereof):

(1) a public statement or publication of information by or on behalf of the

administrator of the Benchmark (or such component) announcing that such

administrator has ceased or will cease to provide the Benchmark (or such

component), permanently or indefinitely, provided that, at the time of such

statement or publication, there is no successor administrator that will continue

to provide the Benchmark (or such component);

(2) a public statement or publication of information by the regulatory supervisor

for the administrator of the Benchmark (or such component), the central bank

for the currency of the Benchmark (or such component), an insolvency official

with jurisdiction over the administrator for the Benchmark (or such

component), a resolution authority with jurisdiction over the administrator for

the Benchmark (or such component) or a court or an entity with similar

insolvency or resolution authority over the administrator for the Benchmark (or

such component), which states that the administrator of the Benchmark (or

such component) has ceased or will cease to provide the Benchmark (or such

component) permanently or indefinitely, provided that, at the time of such

statement or publication, there is no successor administrator that will continue

to provide the Benchmark (or such component); or

(3) a public statement or publication of information by the regulatory supervisor

for the administrator of the Benchmark announcing that the Benchmark is no

longer representative;

designee

means an affiliate or any other agent of the Issuer;

ISDA Definitions

means the 2006 ISDA Definitions published by ISDA or any

successor thereto, as amended or supplemented from time to time, or any successor

definitional booklet for interest rate derivatives published from time to time;

ISDA Fallback Adjustment

means the spread adjustment (which may be a positive

or negative value or zero) that would apply for derivatives transactions referencing

the ISDA Definitions to be determined upon the occurrence of an index cessation

event with respect to the Benchmark;

ISDA Fallback Rate

means the rate that would apply for derivatives transactions

referencing the ISDA Definitions to be effective upon the occurrence of an index

cessation date with respect to the Benchmark for the applicable tenor excluding the

applicable ISDA Fallback Adjustment;

Reference Time

with respect to any determination of the Benchmark means (1) if the

Benchmark is SOFR, 3:00 p.m. (New York City time) or such other time as is

reasonably agreed between the Issuer or its designee and the Agent or the

Calculation Agent, as applicable and (2) if the Benchmark is not SOFR, the time

determined by the Issuer or its designee in accordance with the Benchmark

Replacement Conforming Changes;

Relevant Governmental Body

means the Federal Reserve Board and/or the

Federal Reserve Bank of New York, or a committee officially endorsed or convened

0010155-0003327 UKO2: 2004375908.9

74

by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any

successor thereto;

SOFR

with respect to any day means the Secured Overnight Financing Rate

published for such day by the SOFR Administrator on the SOFR Administrator's

Website;

SOFR Administrator

means the Federal Reserve Bank of New York (or a successor

administrator of SOFR);

SOFR Administrator's Website

means the website of the Federal Reserve Bank of

New York, or any successor source; and

Unadjusted Benchmark Replacement

means the Benchmark Replacement

excluding the Benchmark Replacement Adjustment.

(c) Accrual of Interest

Each Note (or in the case of the redemption of part only of a Note, that part only of such

Note) will cease to bear interest (if any) from the date for its redemption unless payment of

principal is improperly withheld or refused. In such event, interest will continue to accrue until

whichever is the earlier of:

(i) the date on which all amounts due in respect of such Note have been paid; and

(ii) five days after the date on which the full amount of the moneys payable in respect of

such Note has been received by the Agent and notice to that effect has been given to

the Noteholders in accordance with Condition

12

 (

Notices

).

4. Payments

(a) Method of Payment

Subject as provided below:

(i) payments in a Specified Currency other than euro will be made by transfer to an

account in the relevant Specified Currency maintained by the payee with, or at the

option of the payee by a cheque in such Specified Currency drawn on, a bank in the

principal financial centre of the country of such Specified Currency (which, if the

Specified Currency is New Zealand dollars, shall be Auckland); and

(ii) payments in euro will be made by credit or transfer to a euro account (or any other

account to which euro may be credited or transferred) specified by the payee or at

the option of the payee, by a euro cheque.

Payments will be subject in all cases to any fiscal or other laws and regulations applicable

thereto in the place of payment, but without prejudice to the provisions of Condition

6

(

Taxation

).

(b) Presentation of definitive Notes and Coupons

Payments of principal in respect of definitive Notes will (subject as provided below) be made

in the manner provided in paragraph

(a) above

 only against presentation and surrender (or,

in the case of part payment of any sum due, endorsement) of definitive Notes, and payments

0010155-0003327 UKO2: 2004375908.9

75

of interest in respect of definitive Notes will (subject as provided below) be made as

aforesaid only against presentation and surrender (or, in the case of part payment of any

sum due, endorsement) of Coupons, in each case at the specified office of any Paying Agent

outside the United States (which expression, as used herein, means the United States of

America (including the States and the District of Columbia and its possessions)).

Fixed Rate Notes in definitive form should be presented for payment together with all

unmatured Coupons appertaining thereto (which expression shall for this purpose include

Coupons falling to be issued on exchange of matured Talons), failing which the amount of

any missing unmatured Coupon (or, in the case of payment not being made in full, the same

proportion of the amount of such missing unmatured Coupon as the sum so paid bears to

the sum due) will be deducted from the sum due for payment. Each amount of principal so

deducted will be paid in the manner mentioned above against surrender of the relative

missing Coupon at any time before the expiry of 10 years after the Relevant Date (as

defined in Condition

6

 (

Taxation

)) in respect of such principal (whether or not such Coupon

would otherwise have become void under Condition 7 (

Prescription

)) or, if later, five years

from the date on which such Coupon would otherwise have become due, but in no event

thereafter.

Upon any Fixed Rate Note in definitive form becoming due and repayable prior to its Maturity

Date, all unmatured Talons (if any) appertaining thereto will become void and no further

Coupons will be issued in respect thereof.

Upon the date on which any Floating Rate Note in definitive form becomes due and

repayable, unmatured Coupons and Talons (if any) relating thereto (whether or not attached)

shall become void and no payment or, as the case may be, exchange for further Coupons

shall be made in respect thereof.

If the due date for redemption of any definitive Note is not an Interest Payment Date, interest

(if any) accrued in respect of such Note from (and including) the preceding Interest Payment

Date or, as the case may be, the Interest Commencement Date shall be payable only

against surrender of the relevant definitive Note.

(c) Payments in respect of global Notes

Payments of principal and interest (if any) in respect of Notes represented by any global

Note will (subject as provided below) be made in the manner specified above in relation to

definitive Notes or otherwise in the manner specified in the relevant global Note, where

applicable against presentation or surrender, as the case may be, of such global Note at the

specified office of any Paying Agent outside the United States.

A record of each payment made against presentation or surrender of such global Note,

distinguishing between any payment of principal and any payment of interest, will be made

on such global Note either by the Paying Agent to which it was presented or in the records of

Euroclear and Clearstream, Luxembourg, as applicable.

(d) General provisions applicable to payments

The holder of a global Note shall be the only person entitled to receive payments in respect

of Notes represented by such global Note and the Issuer or, as the case may be, the

Guarantor will be discharged by payment to, or to the order of, the holder of such global

Note in respect of each amount so paid. Each of the persons shown in the records of

Euroclear or Clearstream, Luxembourg as the beneficial holder of a particular nominal

amount of Notes represented by such global Note must look solely to Euroclear or

0010155-0003327 UKO2: 2004375908.9

76

Clearstream, Luxembourg, as the case may be, for their share of each payment so made by

the Issuer or, as the case may be, the Guarantor to, or to the order of, the holder of such

global Note.

Notwithstanding the foregoing provisions of this Condition, if any amount of principal and/or

interest in respect of Notes is payable in U.S. dollars, such U.S. dollar payments of principal

and/or interest in respect of such Notes will be made at the specified office of a Paying

Agent in the United States if:

(i) the Issuer has appointed Paying Agents with specified offices outside the United

States with the reasonable expectation that such Paying Agents would be able to

make payment in U.S. dollars at such specified offices outside the United States of the

full amount of principal and interest on the Notes in the manner provided above when

due;

(ii) payment of the full amount of such principal and interest at all such specified offices

outside the United States is illegal or effectively precluded by exchange controls or

other similar restrictions on the full payment or receipt of principal and interest in U.S.

dollars; and

(iii) such payment is then permitted under United States law without involving, in the

opinion of the Issuer and the Guarantor (in the case of Notes having the benefit of the

Guarantee), adverse tax consequences to the Issuer and the Guarantor (in the case of

Notes having the benefit of the Guarantee).

(e) Payment Day

If the date for payment of any amount in respect of any Note or Coupon is not a Payment

Day, the holder thereof shall not be entitled to payment until the next following Payment Day

in the relevant place and shall not be entitled to further interest or other payment in respect

of such delay. For these purposes,

Payment Day

means any day which (subject to

Condition 7 (

Prescription

)) is:

(i) a day on which commercial banks and foreign exchange markets settle payments

and are open for general business (including dealing in foreign exchange and foreign

currency deposits) in:

(a) in the case of Notes in definitive form only, the relevant place of presentation;

(b) each Additional Financial Centre (other than TARGET2 System) specified in

the applicable Final Terms;

(ii) if TARGET2 System is specified as an Additional Financial Centre in the applicable

Final Terms, a day on which the TARGET2 System is open; and

(iii) either (1) in relation to any sum payable in a Specified Currency other than euro, a day

on which commercial banks and foreign exchange markets settle payments and are

open for general business (including dealing in foreign exchange and foreign currency

deposits) in the principal financial centre of the country of the relevant Specified

Currency (which if the Specified Currency is New Zealand dollars shall be Auckland) or

(2) in relation to any sum payable in euro, a day on which the TARGET2 System is

open.

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77

(f) Interpretation of Principal and Interest

Any reference in these Terms and Conditions to principal in respect of the Notes shall be

deemed to include, as applicable:

(i) any additional amounts which may be payable with respect to principal under

Condition 6 (

Taxation

);

(ii) the Final Redemption Amount of the Notes;

(iii) the Early Redemption Amount of the Notes;

(iv) the Optional Redemption Amount(s) (if any) of the Notes;

(v) the Make-Whole Redemption Amount(s) (if any) of the Notes;

(vi) the Residual Call Early Redemption Amount (if any) of the Notes; and

(vii) any premium and any other amounts (other than interest) which may be payable by

the Issuer under or in respect of the Notes.

Any reference in these Terms and Conditions to interest in respect of the Notes shall be

deemed to include, as applicable, any additional amounts which may be payable with

respect to interest under Condition 6 (

Taxation

).

5. Redemption and Purchase

(a) At Maturity

Unless previously redeemed or purchased and cancelled as specified below, each Note will

be redeemed by the Issuer at its Final Redemption Amount specified in, or determined in the

manner specified in, the applicable Final Terms in the relevant Specified Currency on the

Maturity Date.

(b) Redemption for Tax Reasons

The Notes may be redeemed at the option of the Issuer in whole, but not in part, at any time

(if this Note is not a Floating Rate Note) or on any Interest Payment Date (if this Note is a

Floating Rate Note), on giving not less than 30 nor more than 60 days' notice to the

Noteholders (which notice shall be irrevocable), if:

(i) on the occasion of the next payment due under the Notes, the Issuer has or will

become obliged to pay additional amounts as provided or referred to in Condition 6

(

Taxation

) or (in the case of Notes having the benefit of the Guarantee) the Guarantor

would be unable for reasons outside its control to procure payment by the Issuer and

in making payment itself would be required to pay such additional amounts, in each

case as a result of any change in, or amendment to, the laws or regulations of the

Kingdom of Norway or any political subdivision or any authority thereof or therein

having power to tax, or any change in the application or official interpretation of such

laws or regulations, which change or amendment becomes effective on or after the

Issue Date of the first Tranche of the Notes; and

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78

(ii) such obligation cannot be avoided by the Issuer or, as the case may be, the Guarantor

(in the case of Notes having the benefit of the Guarantee) taking reasonable measures

available to it,

provided that no such notice of redemption shall be given earlier than 90 days (or, in the

case of Floating Rate Notes, a number of days which is equal to the aggregate of the

number of days falling within the then current interest period applicable to the Floating Rate

Notes plus 60 days) prior to the earliest date on which the Issuer or, as the case may be, the

Guarantor (in the case of Notes having the benefit of the Guarantee) would be obliged to pay

such additional amounts were a payment in respect of the Notes then due.

Prior to the publication of any notice of redemption pursuant to this Condition 5(b)

(

Redemption for Tax Reasons

), the Issuer shall deliver to the Agent a certificate signed by

one director of the Issuer or, as the case may be, one director of the Guarantor (in the case

of Notes having the benefit of the Guarantee) stating that the Issuer is entitled to effect such

redemption and setting forth a statement of facts showing that the conditions precedent to

the right of the Issuer so to redeem have occurred, and an opinion of independent legal

advisers of recognised standing to the effect that the Issuer or, as the case may be, the

Guarantor (in the case of Notes having the benefit of the Guarantee) has or will become

obliged to pay such additional amounts as a result of such change or amendment.

Notes redeemed pursuant to this Condition 5(b) (

Redemption for Tax Reasons

) will be

redeemed at their Early Redemption Amount referred to in paragraph

(g) below

 together (if

appropriate) with interest accrued to (but excluding) the date of redemption.

(c) Redemption at the Option of the Issuer (Issuer Call)

If Issuer Call is specified as being applicable in the applicable Final Terms, the Issuer shall,

having given:

(i) not less than 15 nor more than 30 days' notice to the Noteholders in accordance with

Condition

12

 (

Notices

); and

(ii) not less than 15 days before the giving of the notice referred to in (i), notice to the

Agent;

(which notices shall be irrevocable), redeem all or, if so specified in the applicable Final

Terms, some only of the Notes then outstanding on any Optional Redemption Date and at

the Optional Redemption Amount(s) specified in, or determined in the manner specified in,

the applicable Final Terms together, if appropriate, with interest accrued to (but excluding)

the relevant Optional Redemption Date. Any such redemption must be of a nominal amount

not less than the Minimum Redemption Amount and not more than a Higher Redemption

Amount in each case as may be specified in the applicable Final Terms. In the case of a

partial redemption of Notes, the Notes to be redeemed (

Redeemed Notes

) will be selected

individually by lot, in the case of Redeemed Notes represented by definitive Notes, and in

accordance with the rules of Euroclear and/or Clearstream, Luxembourg, (to be reflected in

the records of Euroclear and Clearstream, Luxembourg as either a pool factor or a reduction

in nominal amount, at their discretion) in the case of Redeemed Notes represented by a

global Note, not more than 30 days prior to the date fixed for redemption (such date of

selection being hereinafter called the

Selection Date

). In the case of Redeemed Notes

represented by definitive Notes, a list of the serial numbers of such Redeemed Notes will be

published in accordance with Condition

12

 (

Notices

) not less than 15 days prior to the date

fixed for redemption. No exchange of the relevant global Note will be permitted during the

period from (and including) the Selection Date to (and including) the date fixed for

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79

redemption pursuant to this paragraph

(c)

 and notice to that effect shall be given by the

Issuer to the Noteholders in accordance with Condition

12

 (

Notices

) at least 15 days prior to

the Selection Date.

(d) Make-Whole Redemption

If Make-Whole Redemption is specified as being applicable in the applicable Final Terms,

the Issuer may, having given not less than 15 nor more than 60 days' notice (or such other

notice period as may be specified in the applicable Final Terms) to the Noteholders in

accordance with Condition

12

 (

Notices

) (which notice shall be irrevocable and shall specify

the date fixed for redemption (the

Make-Whole Redemption Date

)), redeem all or (if

redemption in part is specified as being applicable in the applicable Final Terms) some only

of the Notes then outstanding on any Make-Whole Redemption Date and at the Make-Whole

Redemption Amount together, if appropriate, with interest accrued to (but excluding) the

relevant Make-Whole Redemption Date. If redemption in part is specified as being applicable

in the applicable Final Terms, any such redemption must be of a nominal amount not less

than the Minimum Redemption Amount and not more than the Maximum Redemption

Amount in each case as may be specified in the applicable Final Terms.

In the case of a partial redemption of Notes, the Redeemed Notes will be selected

individually by lot, in the case of Redeemed Notes represented by definitive Notes, and in

accordance with the rules of Euroclear and/or Clearstream, Luxembourg (to be reflected in

the records of Euroclear and Clearstream, Luxembourg as either a pool factor or a reduction

in nominal amount, at their discretion), in the case of Redeemed Notes represented by a

Global Note, on a Selection Date not more than 30 days prior to the Make-Whole

Redemption Date. In the case of Redeemed Notes represented by definitive Notes, a list of

the serial numbers of such Redeemed Notes will be published in accordance with Condition

12

 (

Notices

) not less than 15 days prior to the Make-Whole Redemption Date. No exchange

of the relevant Global Note will be permitted during the period from (and including) the

Selection Date to (and including) the Make-Whole Redemption Date pursuant to this

paragraph

(d)

 and notice to that effect shall be given by the Issuer to the Noteholders in

accordance with Condition

1

2 (

Notices

) at least 15 days prior to the Selection Date.

In this Condition 5(d) (

Make-Whole Redemption

),

Make-Whole Redemption Amount

means (A) the outstanding principal amount of the relevant Note or (B) if higher, the sum, as

determined by the Make-Whole Calculation Agent, of the present values of the remaining

scheduled payments of principal and interest on the Notes to be redeemed (not including

any portion of such payments of interest accrued to the date of redemption) discounted to

the Make-Whole Redemption Date on an annual basis at the Reference Rate plus the Make-

Whole Redemption Margin specified in the applicable Final Terms, where:

CA Selected Bond

means a government security or securities (which, if the Specified

Currency is euro, will be a German Bundesobligationen) selected by the Make-Whole

Calculation Agent as having a maturity comparable to the remaining term of the Notes to be

redeemed that would be utilised, at the time of selection and in accordance with customary

financial practice, in pricing new issues of corporate debt securities of comparable maturity

to the remaining term of such Notes;

Make-Whole Calculation Agent

means an independent investment, merchant or

commercial bank or financial institution selected by the Issuer for the purposes of calculating

the Make-Whole Redemption Amount, and notified to the Noteholders in accordance with

Condition

12

 (

Notices

);

0010155-0003327 UKO2: 2004375908.9

80

Reference Bond

means (A) if CA Selected Bond is specified in the applicable Final Terms,

the relevant CA Selected Bond or (B) if CA Selected Bond is not specified in the applicable

Final Terms, the security specified in the applicable Final Terms, provided that if the Make-

Whole Calculation Agent advises the Issuer that, for reasons of illiquidity or otherwise, the

relevant security specified is not appropriate for such purpose, such other central bank or

government security as the Make-Whole Calculation Agent may, with the advice of

Reference Market Makers, determine to be appropriate;

Reference Bond Price

means (i) the average of three Reference Market Maker Quotations

for the relevant Make-Whole Redemption Date, after excluding the highest and lowest

Reference Market Maker Quotations, (ii) if the Make-Whole Calculation Agent obtains fewer

than three, but more than one, such Reference Market Maker Quotations, the average of all

such quotations, or (iii) if only one such Reference Market Maker Quotation is obtained, the

amount of the Reference Market Maker Quotation so obtained;

Reference Market Maker Quotations

means, with respect to each Reference Market

Maker and any Make-Whole Redemption Date, the average, as determined by the Make-

Whole Calculation Agent, of the bid and asked prices for the Reference Xxxx (expressed in

each case as a percentage of its principal amount) quoted in writing to the Make-Whole

Calculation Agent at the Quotation Time specified in the applicable Final Terms on the

Reference Rate Determination Day specified in the applicable Final Terms;

Reference Market Makers

means three brokers or market makers of securities such as the

Reference Bond selected by the Make-Whole Calculation Agent or such other three persons

operating in the market for securities such as the Reference Bond as are selected by the

Make-Whole Calculation Agent in consultation with the Issuer; and

Reference Rate

means, with respect to any Make-Whole Redemption Date, the rate per

annum equal to the equivalent yield to maturity of the Reference Bond, calculated using a

price for the Reference Bond (expressed as a percentage of its principal amount) equal to

the Reference Bond Price for such Make-Whole Redemption Date. The Reference Rate will

be calculated on the Reference Rate Determination Day specified in the applicable Final

Terms.

(e) Issuer Residual Call

If Issuer Residual Call is specified as being applicable in the applicable Final Terms and, at

any time, the outstanding aggregate nominal amount of the Notes is equal to or less than 25

per cent. (or such other percentage as may be specified in the applicable Final Terms as

being the Residual Call Threshold) of the aggregate nominal amount of the Series issued

(other than as a result of a partial redemption of the Notes pursuant to Condition 5(c)

(

Redemption at the Option of the Issuer (Issuer Call)

) or Condition 5(d) (

Make-Whole

Redemption

)), the Notes may be redeemed at the option of the Issuer in whole, but not in

part, at any time (if this Note is not a Floating Rate Note) or on any Interest Payment Date (if

this Note is a Floating Rate Note), on giving not less than 15 and not more than 60 days’

notice (or such other notice period as may be specified in the applicable Final Terms) to the

Noteholders in accordance with Condition 12 (

Notices

) (which notice shall be irrevocable

and shall specify the date fixed for redemption) at the Residual Call Early Redemption

Amount together, if appropriate, with interest accrued to (but excluding) the date of

redemption.

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(f) Redemption at the Option of the Noteholders (Investor Put)

If Investor Put is specified as being applicable in the applicable Final Terms, upon the holder

of any Note giving to the Issuer in accordance with Condition 12 (

Notices

) not less than 15

nor more than 30 days' notice the Issuer will, upon the expiry of such notice, redeem, in

whole (but not in part), such Note on the Optional Redemption Date and at the Optional

Redemption Amount specified in the applicable Final Terms together, if appropriate, with

interest accrued to (but excluding) the Optional Redemption Date.

If this Note is in definitive form and held outside Euroclear and Clearstream, Luxembourg, to

exercise the right to require redemption of this Note the holder of this Note must deliver such

Note at the specified office of any Paying Agent at any time during normal business hours of

such Paying Agent falling within the notice period, accompanied by a duly completed and

signed notice of exercise in the form (for the time being current) obtainable from any

specified office of any Paying Agent (a

Put Notice

) and in which the holder must specify a

bank account (or, if payment is by cheque, an address) to which payment is to be made

under this Condition accompanied by this Note or evidence satisfactory to the Paying Agent

concerned that this Note will, following delivery of the Put Notice, be held to its order or

under its control. If this Note is represented by a global Note or is in definitive form and held

through Euroclear or Clearstream, Luxembourg, to exercise the right to require redemption

of this Note the holder of this Note must, within the notice period, give notice to the Agent of

such exercise in accordance with the standard procedures of Euroclear and Clearstream,

Luxembourg (which may include notice being given on their instruction by Euroclear or

Clearstream, Luxembourg or any common depositary or common safekeeper, as the case

may be, for them to the Agent by electronic means) in a form acceptable to Euroclear and

Clearstream, Luxembourg from time to time.

Any Put Notice or other notice given in accordance with the standard procedures of

Euroclear and Clearstream, Luxembourg given by a holder of any Note pursuant to this

paragraph shall be irrevocable except where prior to the due date of redemption an Event of

Default shall have occurred and be continuing in which event such holder, at its option, may

elect by notice to the Issuer to withdraw the notice given pursuant to this paragraph and

instead to declare such Note forthwith due and payable pursuant to Condition 8 (

Events of

Default

).

(g) Early Redemption Amounts

For the purpose of paragraph

(b) above

 and Condition 8 (

Events of Default

), the Notes will

be redeemed at the Early Redemption Amount calculated as follows:

(i) in the case of Notes with a Final Redemption Amount equal to the Issue Price, at the

Final Redemption Amount thereof;

(ii) in the case of Notes (other than Zero Coupon Notes) with a Final Redemption Amount

which is or may be less or greater than the Issue Price or which is payable in a

Specified Currency other than that in which the Notes are denominated, at the amount

specified in, or determined in the manner specified in, the applicable Final Terms or, if

no such amount or manner is so specified in the Final Terms, at their nominal amount;

or

(iii) in the case of Zero Coupon Notes, at its Early Redemption Amount calculated in

accordance with the following formula:

Early Redemption Amount = RP x (1 + AY)

y

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82

where:

RP

means the Reference Price;

AY

means the Xxxxxxx Xxxxx expressed as a decimal; and

y

is the Day Count Fraction specified in the applicable Final Terms which will be

either (i) 30/360 (in which case the numerator will be equal to the number of days

(calculated on the basis of a 360 day year consisting of 12 months of 30 days each)

from (and including) the Issue Date of the first Tranche of the Notes to (but

excluding) the date fixed for redemption or (as the case may be) the date upon which

such Note becomes due and repayable and the denominator will be 360 (ii)

Actual/360 (in which case the numerator will be equal to the actual number of days

from (and including) the Issue Date of the first Tranche of the Notes to (but

excluding) the date fixed for redemption or (as the case may be) the date upon which

such Note becomes due and repayable and the denominator will be 360) or (iii)

Actual/365 (in which case the numerator will be equal to the actual number of days

from (and including) the Issue Date of the first Tranche of the Notes to (but

excluding) the date fixed for redemption or (as the case may be) the date upon which

such Note becomes due and repayable and the denominator will be 365).

(h) Purchases

The Issuer or the Guarantor (in the case of Notes having the benefit of the Guarantee) may

at any time purchase Notes (provided that, in the case of definitive Notes, all unmatured

Coupons and Talons appertaining thereto are purchased therewith) at any price in the open

market or otherwise. Such Notes may be held, reissued, resold or, at the option of the Issuer

or the Guarantor (in the case of Notes having the benefit of the Guarantee), surrendered to

any Paying Agent for cancellation.

(i) Cancellation

All Notes which are redeemed will forthwith be cancelled (together with all unmatured

Coupons attached thereto or surrendered therewith at the time of redemption). All Notes so

cancelled and the Notes purchased and cancelled pursuant to paragraph

(g) above

 (together

with all unmatured Coupons cancelled therewith) shall be forwarded to the Agent and cannot

be reissued or resold.

(j) Late payment on Zero Coupon Notes

If the amount payable in respect of any Zero Coupon Note upon redemption of such Zero

Coupon Note pursuant to paragraph

(a)

,

(b)

,

(c)

, (d), (e) or (f) above or upon its becoming

due and repayable as provided in Condition 8 (

Events of Default

) is improperly withheld or

refused, the amount due and repayable in respect of such Zero Coupon Note shall be the

amount calculated as provided in paragraph

(g)

(iii) above

 as though the references therein

to the date fixed for the redemption or the date upon which such Zero Coupon Note

becomes due and payable were replaced by references to the date which is the earlier of:

(i) the date on which all amounts due in respect of such Zero Coupon Note have been

paid; and

(ii) five days after the date on which the full amount of the moneys payable has been

received by the Agent and notice to that effect has been given to the Noteholders in

accordance with Condition 12 (

Notices

).

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6. Taxation

All payments of principal and interest in respect of the Notes and Coupons by the Issuer or

(in the case of Notes having the benefit of the Guarantee) the Guarantor shall be made free

and clear of, and without withholding or deduction for, any taxes, duties, assessments or

governmental charges (

Taxes

) of whatever nature imposed, levied, collected, withheld or

assessed by or within the Kingdom of Norway or any authority therein or thereof having

power to tax, unless such withholding or deduction is required by law. In such event, the

Issuer or, as the case may be, the Guarantor (in the case of Notes having the benefit of the

Guarantee) shall pay such additional amounts as will result in receipt by the holders of the

Notes or Coupons of such amounts as would have been received by them had no such

withholding or deduction been required, except that no such additional amounts shall be

payable with respect to any Note or Coupon:

(a) presented for payment in the Kingdom of Norway; or

(b) the holder or beneficial owner of which is liable for such Taxes in respect of such

Note or Coupon by reason of the holder or beneficial owner having some connection

with the Kingdom of Norway other than the mere holding of such Note or Coupon; or

(c) presented for payment more than 30 days after the Relevant Date except to the

extent that the holder thereof would have been entitled to such additional amounts on

presenting the same for payment on such thirtieth day; or

(d) on account of any Taxes that are payable pursuant to the Norwegian Tax Act section

10-80 on payments to related companies or undertakings (as such term is defined in

the Norwegian Tax Act section 10-82) tax resident in a low-tax jurisdiction (as such

term is defined in the Norwegian Tax Act section 10-63).

In addition, any amounts to be paid on the Notes will be paid net of any deduction or

withholding imposed or required pursuant to sections 1471 through 1474 of the U.S. Internal

Revenue Code of 1986 (or any regulations thereunder or official interpretations thereof)

(

FATCA

) or any intergovernmental agreement with the United States to implement FATCA

(

IGA

) (or any law implementing such an intergovernmental agreement), and no additional

amounts will be required to be paid on account of any such deduction or withholding.

Relevant Date

means whichever is the later of (i) the date on which such payment first

becomes due and (ii) if the full amount payable has not been received by the Agent on or

prior to such due date, the date on which, the full amount having been so received, notice to

that effect is duly given to the Noteholders in accordance with Condition 12 (

Notices

).

7. Prescription

The Notes and Coupons will become void unless claims in respect of principal and/or

interest are made within a period of 10 years (in the case of principal) and five years (in the

case of interest) after the Relevant Date therefor.

There shall not be included in any Coupon sheet issued on exchange of a Talon any Coupon

the claim for payment in respect of which would be void pursuant to this Condition 7

(

Prescription

) or Condition 4(b) (

Presentation of definitive Notes and Coupons)

or any Talon

which would be void pursuant to Condition 4(b) (

Presentation of definitive Notes and

Coupons)

.

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84

8. Events of Default

If any one or more of the following events (each an

Event of Default

) shall occur and is

continuing:

(a) the Issuer or (in the case of Notes having the benefit of the Guarantee) the Guarantor

fails to pay any principal or interest on any of the Notes when due and such failure

continues, in the case of principal or interest, for a period of 30 days; or

(b) the Issuer or (in the case of Notes having the benefit of the Guarantee) the Guarantor

does not perform or comply with any one or more of its other obligations in the Notes

which default is incapable of remedy or is not remedied within 90 days after notice of

such default shall have been given to the Agent at its specified office by any

Noteholder; or

(c) the Issuer or (in the case of Notes having the benefit of the Guarantee) the Guarantor

is (or is, or could be, deemed by law or a court to be) insolvent or bankrupt or unable

to pay its debts, stops, suspends or threatens to stop or suspend payment of all or a

material part of (or of a particular type of) its debts, proposes or makes a general

assignment or an arrangement or composition with or for the benefit of the relevant

creditors in respect of any of such debts or a moratorium is agreed or declared in

respect of or affecting all or any part of (or of a particular type of) the debts of the

Issuer or (in the case of Notes having the benefit of the Guarantee) the Guarantor; or

(d) (A) an order is made or an effective resolution passed for the winding-up or dissolution

of the Issuer or (in the case of Notes having the benefit of the Guarantee) the

Guarantor, or (B) the Issuer or (in the case of Notes having the benefit of the

Guarantee) the Guarantor ceases or threatens to cease to carry on all or substantially

all of its business or operations, except:

(i) (in the case of sub-paragraph (B)) in the case of an Asset Transfer;

(ii) in the case of a Permitted Reorganisation; or

(iii) for the purpose of and followed by any other reconstruction, amalgamation,

reorganisation, merger or consolidation, on terms approved by an Extraordinary

Resolution of the Noteholders; or

(e) other than in respect of the termination of the Guarantee pursuant to Condition 2(c)

(

Termination of Guarantee

), if the Guarantee ceases to be, or is claimed by the Issuer

or the Guarantor not to be, in full force and effect; or

(f) any event occurs which under the laws of any relevant jurisdiction has an analogous

effect to any of the events referred to in

(c)

 to

(e) above,

then any Note may, by notice given in writing to the Agent at its specified office by the holder

be declared immediately due and payable whereupon it shall become immediately due and

payable at the Early Redemption Amount (as described in Condition 5(g) (

Early Redemption

Amounts

)), together with accrued interest (if any) to the date of repayment, without further

formality unless such Event of Default shall have been remedied prior to the receipt of such

notice by the Agent.

As used herein:

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85

Asset Transfer

means, at any particular time, any transfer or transfers by the Issuer or (in

the case of Notes having the benefit of the Guarantee) the Guarantor of all or substantially

all of its and its Subsidiaries' business or operations, taken as a whole, to one or more direct

or indirect wholly-owned Subsidiaries and/or, in the case of the Guarantor, to the Issuer;

Permitted Reorganisation

means any (i) consolidation by the Issuer or (in the case of

Notes having the benefit of the Guarantee) the Guarantor with, or merger of the Issuer or (in

the case of Notes having the benefit of the Guarantee) the Guarantor into, another person,

or (ii) conveyance, transfer or lease by the Issuer or (in the case of Notes having the benefit

of the Guarantee) the Guarantor of all or substantially all of its and its Subsidiaries'

properties and assets, taken as a whole, to any person, in each case where:

(a) the person formed by such consolidation into which the Issuer or the Guarantor, as

the case may be, is merged or the person which acquires by conveyance or transfer,

or which leases, all or substantially all of the properties and assets of the Issuer and

its Subsidiaries or the Guarantor and its Subsidiaries, in each case taken as a whole,

(such person, the Successor) shall be a corporation, partnership or trust, shall be

organised and validly existing under the laws of any jurisdiction and shall expressly

assume, by way of a deed of assumption governed by English law (the

Deed of

Assumption

), all obligations of the Issuer and/or the Guarantor, as applicable, under

the Notes and/or the Guarantee, as applicable; and

(b) the Issuer or the Guarantor, as the case may be, has delivered to the Agent (1) a

certificate signed by one director of the Issuer or, as the case may be, one director of

the Guarantor (in the case of Notes having the benefit of the Guarantee) stating that

such consolidation, merger, conveyance, transfer or lease comply with the

requirements of this definition and that all conditions precedent provided for in this

definition relating to such transaction have been complied with, and (2) legal opinions

from (A) a leading firm of lawyers to the Successor in the country of incorporation of

the Successor, and (B) a leading firm of lawyers to the Successor in England, in each

case to the effect that, as a matter of the relevant law, the Deed of Assumption

constitutes legal, valid and binding obligations of the Successor and is enforceable in

accordance with its terms, such opinions to be available for inspection by

Noteholders and Couponholders at the specified offices of the Agent; and

Subsidiary

means, at any particular time, a company of which the Issuer or (in the case of

Notes having the benefit of the Guarantee) the Guarantor directly or indirectly owns or

controls at least a majority of the outstanding voting stock having power to elect directors of

such company.

9. Replacement of Notes, Coupons and Talons

Should any Note, Coupon or Talon be lost, stolen, mutilated, defaced or destroyed, it may be

replaced at the specified office of the Agent or any Replacement Agent upon payment by the

claimant of such costs and expenses as may be incurred in connection therewith and on

such terms as to evidence and indemnity as the Issuer may reasonably require. Mutilated or

defaced Notes, Coupons or Talons must be surrendered before replacements will be issued.

10. Agent and Paying Agents

The names of the initial Agent and the other initial Paying Agents and their initial specified

offices are set out below.

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86

The Issuer and the Guarantor (in the case of Notes having the benefit of the Guarantee) is

entitled to vary or terminate the appointment of any Paying Agent and/or appoint additional

or other Paying Agents and/or approve any change in the specified office through which any

Paying Agent acts, provided that:

(i) so long as the Notes are listed on any stock exchange, there will at all times be a

Paying Agent with a specified office in such place as may be required by the rules and

regulations of the relevant stock exchange or other relevant authority;

(ii) there will at all times be a Paying Agent with a specified office outside Norway; and

(iii) there will at all times be an Agent.

In addition, the Issuer and the Guarantor (in the case of Notes having the benefit of the

Guarantee) shall forthwith appoint a Paying Agent having a specified office in New York City

in the circumstances described in the final paragraph of Condition 4(d) (

General provisions

applicable to payments

). Notice of any variation, termination, appointment or change in

Paying Agents will be given to the Noteholders promptly by the issuer in accordance with

Condition 12 (

Notices

).

11. Exchange of Talons

On and after the Interest Payment Date, on which the final Coupon comprised in any

Coupon sheet matures, the Talon (if any) forming part of such Coupon sheet may be

surrendered at the specified office of the Agent or any other Paying Agent in exchange for a

further Coupon sheet including (if such further Coupon sheet does not include Coupons to

(and including) the final date for the payment of interest due in respect of the Note to which it

appertains) a further Talon, subject to the provisions of Condition 7 (

Prescription

).

12. Notices

All notices regarding the Notes shall be published in a leading English language daily

newspaper of general circulation in London. It is expected that such publication will be made

in the Financial Times or any other daily newspaper in London. The Issuer shall also ensure

that notices are duly published in a manner which complies with the rules and regulations of

any stock exchange or other relevant authority on which the Notes are for the time being

listed or by which they have been admitted to trading including publication on the website of

the relevant stock exchange or relevant authority if required by those rules. Any such notice

will be deemed to have been given on the date of the first publication or, where required to

be published in both newspapers, on the date of the first publication in both such

newspapers.

Until such time as any definitive Notes are issued, there may (provided that, in the case of

Notes listed on any stock exchange or admitted to trading by another relevant authority,

such stock exchange or relevant authority permits), so long as the global Note(s) is or are

held in its/their entirety on behalf of Euroclear and Clearstream, Luxembourg, be substituted

for such publication in such newspaper(s) or such website the delivery of the relevant notice

to Euroclear and Clearstream, Luxembourg for communication by them to the holders of the

Notes. Any such notice shall be deemed to have been given to the holders of the Notes on

the day on which the said notice was given to Euroclear and Clearstream, Luxembourg.

Notices to be given by any holder of the Notes shall be in writing and given by lodging the

same, together (in the case of any Note in definitive form) with the relative Note or Notes,

with the Agent. Whilst any of the Notes are represented by a global Note, such notice may

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87

be given by any holder of a Note to the Agent via Euroclear and/or Clearstream,

Luxembourg, as the case may be, in such manner as the Agent and Euroclear and/or

Clearstream, Luxembourg, as the case may be, may approve for this purpose.

13. Meetings of Noteholders, Modification and Waiver

The Agency Agreement contains provisions for convening meetings (including by way of

conference call or by use of a videoconference platform) of Noteholders to consider matters

affecting their interests, including the sanctioning by Extraordinary Resolution of a

modification of any of these Conditions. Such a meeting may be convened by Noteholders

holding not less than 10 per cent. in nominal principal amount of the Notes for the time being

outstanding. The quorum for any meeting convened to consider an Extraordinary Resolution

will be two or more persons holding or representing a clear majority in nominal amount of the

Notes for the time being outstanding, or at any adjourned meeting one or more persons

being or representing Noteholders whatever the nominal amount of the Notes held or

represented, unless the business of such meeting includes consideration of proposals,

inter

alia

, (i) to modify the maturity of the Notes or the dates on which interest is payable in

respect of the Notes, (ii) to reduce or cancel the principal amount of interest on the Notes,

(iii) to change the currency of payment of the Notes or the Coupons, (iv) to modify the

provisions concerning the quorum required at any meeting of Noteholders or the majority

required to pass an Extraordinary Resolution, or (v) to modify or cancel the obligations of the

Guarantor under the Guarantee, in which case the necessary quorum will be two or more

persons holding or representing not less than 75 per cent., or at any adjourned meeting not

less than 25 per cent., in principal amount of the Notes for the time being outstanding. The

Agency Agreement provides that (i) a resolution passed at a meeting duly convened and

held in accordance with the Agency Agreement by a majority consisting of not less than 75

per cent. of the votes cast on such resolution, (ii) a resolution in writing signed by or on

behalf of the holders of not less than 75 per cent. in nominal amount of the Notes for the

time being outstanding or (iii) consent given by way of electronic consents through the

relevant clearing system(s) (in a form satisfactory to the Agent) by or on behalf of the

holders of not less than 75 per cent. in nominal amount of the Notes for the time being

outstanding, shall, in each case, be effective as an Extraordinary Resolution of the

Noteholders. Any Extraordinary Resolution duly passed shall be binding on Noteholders

(whether or not they were present at any meeting, and whether or not they voted on such

resolution) and on all Couponholders.

The Agent, the Issuer and (in the case of Notes having the benefit of the Guarantee) the

Guarantor may agree, without the consent of the Noteholders or Couponholders, to:

(i) any modification (except as mentioned above) of the Agency Agreement which is, in

the sole opinion of the Issuer and (in the case of Notes having the benefit of the

Guarantee) the Guarantor, not prejudicial to the interests of the Noteholders; or

(ii) any modification of the Notes, the Coupons or the Agency Agreement which is, in the

sole opinion of the Issuer and (in the case of Notes having the benefit of the

Guarantee) the Guarantor, of a formal, minor or technical nature or is made to correct

a manifest error or to comply with mandatory provisions of the law of the jurisdiction in

which the Issuer is incorporated.

Any such modification shall be binding on the Noteholders and the Couponholders and any

such modification shall be notified to the Noteholders in accordance with Condition 12

(

Notices

) as soon as practicable thereafter.

0010155-0003327 UKO2: 2004375908.9

88

In addition, the Agent shall be obliged to use its reasonable endeavours to effect any

Benchmark Amendments or Benchmark Replacement Confirming Changes in the

circumstances and as otherwise set out in Condition 3(b)(viii) (

Benchmark Discontinuation

)

or Condition

3(b)(ix)

 (

Benchmark Discontinuation – SOFR

) above (as applicable), without the

consent of the Noteholders or the Couponholders.

14. Substitution

The Issuer, or any previously substituted company, may at any time, without the consent of

the Noteholders or the Couponholders, substitute for itself as principal debtor under the

Notes and the Coupons a company (the

Substitute

) as principal debtor under the Notes or

Coupons in the manner specified in Schedule 6 to the Agency Agreement, provided that no

payment in respect of the Notes or the Coupons is at the relevant time overdue. The

substitution shall be made by a deed poll (the

Deed Poll

), to be substantially in the form

exhibited to the Agency Agreement, and may take place only if:

(i) the obligations of the Substitute under the Deed Poll, the Notes and the Coupons shall

be unconditionally and irrevocably guaranteed by Equinor ASA (in such capacity, the

New Guarantor

and such guarantee, the

New Guarantee

) and (in the case of Notes

having the benefit of the Guarantee) the Guarantor, by means of the Deed Poll;

(ii) all action, conditions and things required to be taken, fulfilled and done (including the

obtaining of any necessary consents) to ensure that the Deed Poll, the Notes and

Coupons represent valid, legally binding and enforceable obligations of the Substitute

and in the case of the Deed Poll of the New Guarantor and (in the case of Notes

having the benefit of the Guarantee) the Guarantor have been taken, fulfilled and done

and are in full force and effect;

(iii) the Substitute shall have become party to the Agency Agreement, with any appropriate

consequential amendments, as if it had been an original party to it;

(iv) each stock exchange or listing authority which has the Notes listed on such stock

exchange shall have confirmed that following the proposed substitution of the

Substitute the Notes would continue to be listed on such stock exchange;

(v) legal opinions addressed to the Noteholders shall have been delivered to them (care of

the Agent) from a lawyer or firm of lawyers with a leading securities practice in (i) the

Kingdom of Norway and, if applicable, any Substitute Jurisdiction (as defined in the

final paragraph of this Condition 14 (

Substitution

)) and (ii) England, in each case as to

the fulfilment of the preceding conditions of this Condition 14 (

Substitution

) and the

other matters specified in the Deed Poll; and

(vi) the Issuer shall have given at least 14 days' prior notice of such substitution to the

Noteholders, stating that copies, or, pending execution, the agreed text, of all

documents in relation to the substitution which are referred to above, or which might

otherwise reasonably be regarded as material to Noteholders, will be available for

inspection at the specified office of each of the Paying Agents. References in

Condition 8 (

Events of Default

) to obligations under the Notes shall be deemed to

include obligations under the Deed Poll, and the events listed in Condition 8 (

Events of

Default

) shall be deemed to include the New Guarantee not being (or being claimed by

the New Guarantor not to be) in full force and effect and the provisions of Condition

8(c) to 8(e) (

Events of Default

) inclusive (other than the words "other than in respect of

the

termination

of

the

Guarantee

pursuant

to

Condition

2(c)

(

Termination

of

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89

Guarantee

)" in Condition 8(e)) shall be deemed to apply in addition to the New

Guarantor.

In connection with any proposed substitution pursuant to this Condition 14 (

Substitution

), the

Issuer (or previously substituted company, as the case may be) or Substitute shall not be

required to have regard to, or be in any way liable for, the consequences of such substitution

for individual Noteholders or the Couponholders resulting from their being for any purpose

domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any

particular territory. No Noteholder or Couponholder shall, in connection with any such

substitution, be entitled to claim from the Issuer (or previously substituted company, as the

case may be) or Substitute any indemnification or payment in respect of any tax

consequence of any such substitution upon such individual Noteholders or Couponholders,

except to the extent already provided in Condition 6 (

Taxation

) as modified in accordance

with the following paragraph.

Where a substitution takes place pursuant to this Condition 14 (

Substitution

) and the

Substitute is subject, by reason of its incorporation or residence for tax purposes, to a

jurisdiction or any political subdivision or any authority thereof or therein having power to tax

(the

Substitute Jurisdiction

) other than the Kingdom of Norway (or, as the case may be,

the jurisdiction of incorporation or residence for tax purposes of the preceding substituted

company) or any political subdivision or any authority thereof or therein having power to tax

(the

Previous Jurisdiction

), references to the Previous Jurisdiction in Condition 5(b)

(

Redemption for Tax Reasons

) and Condition 6 (

Taxation

) shall, in respect of any payments

to be made by the Substitute (but not in respect of payments to be made by (A) the New

Guarantor under the New Guarantee or (B) (in the case of Notes having the benefit of the

Guarantee) the Guarantor), be deemed to be replaced by references to the Substitute

Jurisdiction, and Conditions 5(b) (

Redemption for Tax Reasons

) and 6 (

Taxation

) shall be

deemed to be modified accordingly when the substitution takes place.

15. Further Issues

The Issuer shall be at liberty from time to time without the consent of the Noteholders or

Couponholders to create and issue further notes having terms and conditions the same as

the Notes or the same in all respects save for the amount and date of the first payment of

interest thereon and so that the same shall be consolidated and form a single Series with the

outstanding Notes.

16. Contracts (Rights of Third Parties) Act 1999

A person who is not a Noteholder has no right under the Contracts (Rights of Third Parties)

Act 1999 (the Act) to enforce any term of the Notes, but this does not affect any right or

remedy of a third party which exists or is available apart from the Act.

17. Governing Law and Submission to Jurisdiction

(a) The Agency Agreement, the Guarantee, the Notes and the Coupons and any non-

contractual obligations arising out of or in connection with the Agency Agreement, the

Guarantee, the Notes and the Coupons are governed by, and shall be construed in

accordance with, English law.

(b) Subject to paragraph

(c) below

, the courts of England are to have jurisdiction to settle

any disputes (including a dispute relating to any non-contractual obligations) which

may arise out of or in connection with the Guarantee, the Notes or the Coupons and

accordingly any legal action or proceedings arising out of or in connection with the

0010155-0003327 UKO2: 2004375908.9

90

Guarantee, the Notes or the Coupons (

Proceedings

) may be brought in such courts.

Each of the Issuer and the Guarantor irrevocably submits to the jurisdiction of such

courts and waives any objection to Proceedings in any such courts whether on the

ground of venue or on the ground that the Proceedings have been brought in an

inconvenient forum.

(c) This paragraph

(c)

 is for the benefit of each of the Noteholders and Couponholders

only. To the extent permitted by applicable law, each of the Noteholders and

Couponholders may take Proceedings against the Issuer and/or the Guarantor in any

other court of competent jurisdiction and concurrent Proceedings in any number of

jurisdictions.

(d) Each of the Issuer and the Guarantor irrevocably appoints Equinor UK Limited at its

registered office in England for the time being at One Kingdom Street, Paddington

Central, London W2 6BD to receive service of process in any Proceedings in England

based on any of the Notes or Coupons. If for any reason the Issuer or Guarantor does

not have such an agent in England, it will promptly appoint a substitute process agent

and notify the Noteholders of such appointment. Nothing herein shall affect the right to

serve process in any other manner permitted by law.

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91

AGENT

The Bank of New York Mellon, London

Branch One Canada Square

London E14 5AL

United Kingdom

PAYING AGENT

The Bank of New York Xxxxxx XX/NV, Luxembourg Branch

Vertigo Building - Polaris

0-0 rue, Xxxxxx

Xxxxxxx L-2453

Luxembourg

and/or such other or further Agent and other or further Paying Agents and/or specified offices as

may from time to time be duly appointed by the Issuer and notice of which has been given to the

Noteholders.

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SCHEDULE 2

FORMS OF GLOBAL AND DEFINITIVE NOTES, COUPONS AND TALONS

PART 1

FORM OF TEMPORARY GLOBAL NOTE

EQUINOR ASA

TEMPORARY GLOBAL NOTE

Unconditionally and (subject to Condition 2(c)) irrevocably

guaranteed by EQUINOR ENERGY AS

This Global Note is a Temporary Global Note in respect of a duly authorised issue of Notes (the

Notes

) of Equinor ASA (the

Issuer

) described, and having the provisions specified, in Part A of the

attached Final Terms (the

Final Terms

). References in this Global Note to the Conditions shall be

to the Terms and Conditions of the Notes other than VPS Notes as set out in Schedule 1 to the

Agency Agreement (as defined below) as completed by the information set out in the Final Terms,

but in the event of any conflict between the provisions of (a) that Schedule or (b) this Global Note

and the information set out in the Final Terms, the Final Terms will prevail.

Words and expressions defined or set out in the Conditions and/or the Final Terms shall have the

same meaning when used in this Global Note.

This Global Note is issued subject to, and with the benefit of, the Conditions and an Agency

Agreement (the

Agency Agreement

, which expression shall be construed as a reference to that

agreement as the same may be amended, supplemented, novated or restated from time to time)

dated 13 May 2020 and made between the Issuer, Equinor Energy AS as guarantor (the

Guarantor

), The Bank of New York Mellon (the

Agent

) and the other agents named in it.

For value received the Issuer, subject to and in accordance with the Conditions, promises to pay to

the bearer of this Global Note on the Maturity Date and/or on such earlier date(s) as all or any of

the Notes represented by this Global Note may become due and repayable in accordance with the

Conditions, the amount payable under the Conditions in respect of the Notes represented by this

Global Note on each such date and to pay interest (if any) on the nominal amount of the Notes

from time to time represented by this Global Note calculated and payable as provided in the

Conditions together with any other sums payable under the Conditions, upon (if the Final Terms

indicates that this Global Note is not intended to be a New Global Note) presentation and, at

maturity, surrender of this Global Note to or to the order of the Agent or any of the other paying

agents located outside the United States (except as provided in the Conditions) from time to time

appointed by the Issuer and the Guarantor in respect of the Notes, but in each case subject to the

requirements as to certification provided below.

If the Final Terms indicates that this Global Note is intended to be a New Global Note, the nominal

amount of Notes represented by this Global Note shall be the aggregate nominal amount from time

to time entered in the records of both Euroclear Bank SA/NV and Clearstream Banking S.A.

(together, the

relevant Clearing Systems

). The records of the relevant Clearing Systems (which

expression in this Global Note means the records that each relevant Clearing System holds for its

customers which reflect the amount of such customer's interest in the Notes) shall be conclusive

evidence of the nominal amount of Notes represented by this Global Note and, for these purposes,

a statement issued by a relevant Clearing System stating the nominal amount of Notes

represented by this Global Note at any time (which statement shall be made

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93

available to the bearer upon request) shall be conclusive evidence of the records of the relevant

Clearing System at that time.

If the Final Terms indicates that this Global Note is not intended to be a New Global Note, the

nominal amount of the Notes represented by this Global Note shall be the amount stated in the

Final Terms or, if lower, the nominal amount most recently entered by or on behalf of the Issuer in

the relevant column in Part 2 or 3 of Schedule One or in Schedule Two.

On any redemption or payment of interest being made in respect of, or purchase and cancellation

of, any of the Notes represented by this Global Note the Issuer shall procure that:

(a)

 if the Final Terms indicates that this Global Note is intended to be a New Global Note,

details of such redemption, payment or purchase and cancellation (as the case may be)

shall be entered pro rata in the records of the relevant Clearing Systems and, upon any

such entry being made, the nominal amount of the Notes recorded in the records of the

relevant Clearing Systems and represented by this Global Note shall be reduced by the

aggregate nominal amount of the Notes so redeemed or purchased and cancelled; or

(b)

 if the Final Terms indicates that this Global Note is not intended to be a New Global Note,

details of such redemption, payment or purchase and cancellation (as the case may be)

shall be entered by or on behalf of the Issuer in Schedule One and the relevant space in

Schedule One recording any such redemption, payment or purchase and cancellation (as

the case may be) shall be signed by or on behalf of the Issuer. Upon any such redemption,

purchase and cancellation, the nominal amount of the Notes represented by this Global

Note shall be reduced by the nominal amount of the Notes so redeemed or purchased and

cancelled.

Payments due in respect of Notes for the time being represented by this Global Note shall be

made to the bearer of this Global Note and each payment so made will discharge the Issuer's

obligations in respect thereof. Any failure to make the entries referred to above shall not affect

such discharge.

Prior to the Exchange Date (as defined below), all payments (if any) on this Global Note will only

be made to the bearer hereof to the extent that there is presented to the Agent by a relevant

Clearing System a certificate to the effect that it has received from or in respect of a person entitled

to a particular nominal amount of the Notes (as shown by its records) a certificate of non-US

beneficial ownership in the form required by it. The bearer of this Global Note will not be entitled to

receive any payment of interest due on or after the Exchange Date unless upon due certification

exchange of this Global Note is improperly withheld or refused.

On or after the date (the

Exchange Date

) which is 40 days after the Issue Date this Global Note

may be exchanged in whole or in part (free of charge) for, as specified in the Final Terms, either:

(a)

 security printed Definitive Notes and (if applicable) Coupons and Talons in the form set out

in Part 3, Part 4 and Part 5 respectively of Schedule 2 to the Agency Agreement (on the

basis that all the appropriate details have been included on the face of such Definitive

Notes and (if applicable) Coupons and Talons and the Final Terms (or the relevant

provisions of the Final Terms) have been endorsed on or attached to such Definitive

Notes); or

(b)

 either, (i) if the Final Terms indicates that this Global Note is intended to be a New Global

Note, interests recorded in the records of the relevant Clearing Systems in a Permanent

Global Note or, (ii) if the Final Terms indicates that this Global Note is not intended to be a

New Global Note, a Permanent Global Note, which, in either case, is in or substantially in

the form set out in Part 2 of Schedule 6 to the Agency Agreement (together with the Final

Terms attached to it),

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94

in each case upon notice being given by a relevant Clearing System acting on the instructions of

any holder of an interest in this Global Note.

If Definitive Notes and (if applicable) Coupons and/or Talons have already been issued in

exchange for all the Notes represented for the time being by the Permanent Global Note, then this

Global Note may only thereafter be exchanged for Definitive Notes and (if applicable) Coupons

and/or Talons in accordance with the terms of this Global Note.

This Global Note may be exchanged by the bearer hereof on any day (other than a Saturday or

Sunday) on which banks are open for general business in London. The Issuer shall procure that,

as appropriate, (i) the Definitive Notes or (as the case may be) the Permanent Global Note issued

and delivered, or (ii) the interests in the Permanent Global Note (where the Final Terms indicates

that this Global Note is intended to be a New Global Note) shall be recorded in the records of the

relevant Clearing System, in each case in exchange for only that portion of this Global Note in

respect of which there shall have been presented to the Agent by a relevant Clearing System a

certificate to the effect that it has received from or in respect of a person entitled to a beneficial

interest in a particular nominal amount of the Notes (as shown by its records) a certificate of non-

US beneficial ownership from such person in the form required by it. The aggregate nominal

amount of Definitive Notes or interests in a Permanent Global Note issued upon an exchange of

this Global Note will, subject to the terms hereof, be equal to the aggregate nominal amount of this

Global Note submitted by the bearer for exchange.

On an exchange of the whole of this Global Note, this Global Note shall be surrendered to or to the

order of the Agent. On an exchange of part only of this Global Note, the Issuer shall procure that:

(a)

 if the Final Terms indicates that this Global Note is intended to be a New Global Note,

details of such exchange shall be entered pro rata in the records of the relevant Clearing

Systems; or

(b)

 if the Final Terms indicates that this Global Note is not intended to be a New Global Note,

details of such exchange shall be entered by or on behalf of the Issuer in Schedule Two

and the relevant space in Schedule Two recording such exchange shall be signed by or on

behalf of the Issuer, whereupon the nominal amount of this Global Note and the Notes

represented by this Global Note shall be reduced by the nominal amount so exchanged.

On any exchange of this Global Note for a Permanent Global Note, details of such

exchange shall also be entered by or on behalf of the Issuer in Schedule Two to the

Permanent Global Note and the relevant space in Schedule Two to the Permanent Global

Note recording such exchange shall be signed by or on behalf of the Issuer.

Until the exchange of the whole of this Global Note, the bearer of this Global Note shall in all

respects (except as otherwise provided in this Global Note) be entitled to the same benefits as if

he were the bearer of Definitive Notes and the relative Coupons and/or Talons (if any) represented

by this Global Note. Accordingly, except as ordered by a court of competent jurisdiction or as

required by law or applicable regulation, the Issuer and any Paying Agent may deem and treat the

holder of this Global Note as the absolute owner of this Global Note for all purposes.

In the event that this Global Note (or any part of it) has become due and repayable in accordance

with the Conditions or that the Maturity Date (if any) has occurred and, in either case, payment in

full of the amount due has not been made to the bearer in accordance with the provisions set out

above, then from 8.00 p.m. (London time) on such day each Noteholder will become entitled to

proceed directly against the Issuer on, and subject to, the terms of the Deed of Covenant executed

by the Issuer on 13 May 2020 (as amended, supplemented, novated and/or restated as at the

Issue Date) in respect of the Notes and the bearer will have no further rights under this Global

Note (but without prejudice to the rights which the bearer or any other person may have under the

Deed of Covenant).

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95

No rights are conferred on any person under the Contracts (Rights of Third Parties) Act 1999 to

enforce any term of this Global Note, but this does not affect any right or remedy of any person

which exists or is available apart from that Act.

If any provision in or obligation under this Global Note is or becomes invalid, illegal or

unenforceable in any respect under the law of any jurisdiction, that will not affect or impair (i) the

validity, legality or enforceability under the law of that jurisdiction of any other provision in or

obligation under this Global Note, and (ii) the validity, legality or enforceability under the law of any

other jurisdiction of that or any other provision in or obligation under this Global Note.

This Global Note and any non-contractual obligations arising out of or in connection with it are

governed by, and shall be construed in accordance with, English law.

This Global Note shall not be valid unless authenticated by the Agent and, if the Final Terms

indicates that this Global Note is intended to be a NGN (i) which is intended to be held in a manner

which would allow Eurosystem eligibility or (ii) in respect of which effectuation is applicable,

effectuated by the entity appointed as common safe-keeper by the relevant Clearing Systems.

IN WITNESS

whereof the Issuer has caused this Global Note to be duly executed on its behalf.

EQUINOR ASA

By:

Authenticated without recourse,

warranty or liability by

THE BANK OF NEW YORK

MELLON

By:

Effectuated without

recourse, warranty or

liability by

...................................................

as common safekeeper

By:

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SCHEDULE ONE TO THE TEMPORARY GLOBAL NOTE

1

PART 1

INTEREST PAYMENTS

Date made

Total amount of interest

payable

Amount of interest paid

Confirmation of payment

on

behalf of the Issuer

1

 Schedule One should only be completed where the Final Terms indicates that this Global Note is not intended to be a New

Global Note.

*

See the most recent entry in Part 2 or 3 of Schedule One or in Schedule Two in order to determine

this amount.

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PART 2

REDEMPTIONS

Date made

Total amount

of principal

payable

Amount of principal

paid

Remaining nominal

amount of this

Global Note

following such

redemption

*

Confirmation of

redemption on

behalf of the Issuer

*

See the most recent entry in Part 2 or 3 of Schedule One or in Schedule Two in order to determine

this amount.

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98

PART 3

PURCHASES AND CANCELLATIONS

Date made

Part of nominal

amount of this Global

Note

purchased and cancelled

Remaining nominal

amount of this Global Note

following such purchase

and

cancellation

*

Confirmation of

purchase and

cancellation on behalf

of the Issuer

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SCHEDULE TWO TO THE TEMPORARY GLOBAL NOTE

2

EXCHANGES

FOR DEFINITIVE NOTES OR PERMANENT GLOBAL NOTE

The following exchanges of a part of this Global Note for Definitive Notes or a Permanent Global

Note have been made:

Date made

Nominal amount of this

Global Note exchanged for

Definitive Notes or a

Permanent Global Note

Remaining nominal

amount of this Global

Note

following such exchange

*

Notation made on

behalf of the Issuer

2

 Schedule Two should only be completed where the Final Terms indicates that this Global Note is not intended to be a New

Global Note.

*

 See the most recent entry in Part 2 or 3 of Schedule One or in Schedule Two in order to determine this amount.

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PART 2

FORM OF PERMANENT GLOBAL NOTE

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO

LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS INCLUDING THE

LIMITATIONS PROVIDED IN SECTIONS 165(J) AND 1287(A) OF THE INTERNAL REVENUE

CODE.

EQUINOR ASA

PERMANENT GLOBAL NOTE

Unconditionally and (subject to Condition 2(c)) irrevocably

guaranteed by EQUINOR ENERGY AS

This Global Note is a Permanent Global Note in respect of a duly authorised issue of Notes (the

Notes

) of Equinor ASA (the

Issuer

) described, and having the provisions specified, in Part A of the

attached Final Terms (the

Final Terms

). References in this Global Note to the Conditions shall be

to the Terms and Conditions of the Notes other than VPS Notes as set out in Schedule 1 to the

Agency Agreement (as defined below) as completed by the information set out in the Final Terms,

but in the event of any conflict between the provisions of (a) that Schedule or (b) this Global Note

and the information set out in the Final Terms, the Final Terms will prevail.

Words and expressions defined or set out in the Conditions and/or the Final Terms shall have the

same meaning when used in this Global Note.

This Global Note is issued subject to, and with the benefit of, the Conditions and an Agency

Agreement (the

Agency Agreement

, which expression shall be construed as a reference to that

agreement as the same may be amended, supplemented, novated or restated from time to time)

dated 13 May 2020 and made between the Issuer, Equinor Energy AS (the

Guarantor

), The Bank

of New York Mellon (the

Agent

) and the other agents named in it.

For value received the Issuer, subject to and in accordance with the Conditions, promises to pay to

the bearer of this Global Note on the Maturity Date and/or on such earlier date(s) as all or any of

the Notes represented by this Global Note may become due and repayable in accordance with the

Conditions, the amount payable under the Conditions in respect of the Notes represented by this

Global Note on each such date and to pay interest (if any) on the nominal amount of the Notes

from time to time represented by this Global Note calculated and payable as provided in the

Conditions together with any other sums payable under the Conditions, upon (if the Final Terms

indicates that this Global Note is not intended to be a New Global Note) presentation and, at

maturity, surrender of this Global Note to or to the order of the Agent or any of the other paying

agents located outside the United States (except as provided in the Conditions) from time to time

appointed by the Issuer and the Guarantor in respect of the Notes.

If the Final Terms indicates that this Global Note is intended to be a New Global Note, the nominal

amount of Notes represented by this Global Note shall be the aggregate amount from time to time

entered in the records of both Euroclear Bank SA/NV and Clearstream Banking S.A. (together, the

relevant Clearing Systems

). The records of the relevant Clearing Systems (which expression in

this Global Note means the records that each relevant Clearing System holds for its customers

which reflect the amount of such customer's interest in the Notes) shall be conclusive evidence of

the nominal amount of Notes represented by this Global Note and, for these purposes, a statement

issued by a relevant Clearing System stating the nominal amount of Notes represented by this

Global Note at any time (which statement shall be made

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101

available to the bearer upon request) shall be conclusive evidence of the records of the relevant

Clearing System at that time.

If the Final Terms indicates that this Global Note is not intended to be a New Global Note, the

nominal amount of the Notes represented by this Global Note shall be the aggregate nominal

amount stated in the Final Terms or, if lower, the nominal amount most recently entered by or on

behalf of the Issuer in the relevant column in Part 2 or 3 of Schedule One or in Schedule Two.

On any redemption or payment of interest being made in respect of, or purchase and cancellation

of, any of the Notes represented by this Global Note the Issuer shall procure that:

(i)

 if the Final Terms indicates that this Global Note is intended to be a New Global Note,

details of such redemption, payment or purchase and cancellation (as the case may be)

shall be entered pro rata in the records of the relevant Clearing Systems and, upon any

such entry being made, the nominal amount of the Notes recorded in the records of the

relevant Clearing Systems and represented by this Global Note shall be reduced by the

aggregate nominal amount of the Notes so redeemed or purchased and cancelled; or

(ii)

 if the Final Terms indicates that this Global Note is not intended to be a New Global Note,

details of such redemption, payment or purchase and cancellation (as the case may be)

shall be entered by or on behalf of the Issuer in Schedule One and the relevant space in

Schedule One recording any such redemption, payment or purchase and cancellation (as

the case may be) shall be signed by or on behalf of the Issuer. Upon any such redemption

or purchase and cancellation, the nominal amount of the Notes represented by this Global

Note shall be reduced by the nominal amount of the Notes so redeemed or purchased and

cancelled.

Payments due in respect of Notes for the time being represented by this Global Note shall be

made to the bearer of this Global Note and each payment so made will discharge the Issuer's

obligations in respect thereof. Any failure to make the entries referred to above shall not affect

such discharge.

Where the Notes have initially been represented by one or more Temporary Global Notes, on any

exchange of any such Temporary Global Note for this Global Note or any part of it, the Issuer shall

procure that:

(i)

 if the Final Terms indicates that this Global Note is intended to be a New Global Note,

details of such exchange shall be entered in the records of the relevant Clearing Systems;

or

(ii)

 if the Final Terms indicates that this Global Note is not intended to be a New Global Note,

details of such exchange shall be entered by or on behalf of the Issuer in Schedule Two

and the relevant space in Schedule Two recording any such exchange shall be signed by

or on behalf of the Issuer, whereupon the nominal amount of the Notes represented by this

Global Note shall be increased by the nominal amount any such Temporary Global Note so

exchanged.

In certain circumstances further notes may be issued which are intended on issue to be

consolidated and form a single Series with the Notes. In such circumstances the Issuer shall

procure that:

(i)

 if the Final Terms indicates that this Global Note is intended to be a New Global Note,

details of such further notes shall be entered in the records of the relevant Clearing

Systems such that the nominal amount of Notes represented by this Global Note shall be

increased by the amount of such further notes so issued; or

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102

(ii)

 if the Final Terms indicates that this Global Note is not intended to be a New Global Note,

details of such further notes shall be entered by or on behalf of the Issuer in Schedule Two

and the relevant space in Schedule Two recording such further notes shall be signed by

or on behalf of the Issuer,

0010155-0003327 UKO2: 2004375908.9

103

whereupon the nominal amount of the Notes represented by this Global Note shall be

increased by the nominal amount of any such further notes so issued.

This Global Note may be exchanged in whole but not in part (free of charge) for security printed

Definitive Notes and (if applicable) Coupons and/or Talons in the form set out in Part 3, Part 4 and

Part 5 respectively of Schedule 2 to the Agency Agreement (on the basis that all the appropriate

details have been included on the face of such Definitive Notes and (if applicable) Coupons and

Talons and the Final Terms (or the relevant provisions of the Final Terms) have been endorsed on

or attached to such Definitive Notes) either, as specified in the Final Terms:

(a)

 upon not less than 60 days' written notice being given to the Agent by Euroclear and/or

Clearstream,

Luxembourg acting on the instructions of any holder of an interest in this Global Note; or

(b)

 only upon the occurrence of an Exchange Event.

An

Exchange Event

means:

(i)

 an Event of Default (as defined in Condition 8) has occurred and is continuing; or

(ii)

 the Issuer has been notified that both the relevant Clearing Systems have been closed for

business for a continuous period of 14 days (other than by reason of holiday, statutory or

otherwise) or have announced an intention permanently to cease business or have in fact

done so and no successor clearing system is available.

If this Global Note is only exchangeable following the occurrence of an Exchange Event:

(A)

 the Issuer will promptly give notice to Noteholders in accordance with Condition 12 upon

the occurrence of an Exchange Event; and

(B)

 in the event of the occurrence of any Exchange Event, one or more of the relevant Clearing

Systems acting on the instructions of any holder of an interest in this Global Note may give

notice to the Agent requesting exchange. Any such exchange shall occur no later than 45

days after the date of receipt of the first relevant notice by the Agent.

Any such exchange will be made on any day (other than a Saturday or Sunday) on which banks

are open for general business in London by the bearer of this Global Note. On an exchange of this

Global Note, this Global Note shall be surrendered to or to the order of the Agent. The aggregate

nominal amount of Definitive Notes issued upon an exchange of this Global Note will be equal to

the aggregate nominal amount of this Global Note at the time of such exchange.

Until the exchange of this Global Note, the bearer of this Global Note shall in all respects (except

as otherwise provided in this Global Note) be entitled to the same benefits as if he were the bearer

of Definitive Notes and the relative Coupons and/or Talons (if any) represented by this Global

Note. Accordingly, except as ordered by a court of competent jurisdiction or as required by law or

applicable regulation, the Issuer and any Paying Agent may deem and treat the holder of this

Global Note as the absolute owner of this Global Note for all purposes.

In the event that (a) this Global Note (or any part of it) has become due and repayable in

accordance with the Conditions or that the Maturity Date has occurred and, in either case, payment

in full of the amount due has not been made to the bearer in accordance with the provisions set out

above, or (b) following an Exchange Event, this Global Note is not duly exchanged for definitive

Notes by the day provided above, then from

8.00 p.m. (London time) on such day each Noteholder will become entitled to proceed directly

against the Issuer on, and subject to, the terms of the Deed of Covenant executed by the Issuer on

13 May 2020 (as amended, supplemented, novated and/or restated as at the Issue Date) in

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respect of the Notes and the bearer

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105

will have no further rights under this Global Note (but without prejudice to the rights which the

bearer or any other person may have under the Deed of Covenant).

No rights are conferred on any person under the Contracts (Rights of Third Parties) Act 1999 to

enforce any term of this Global Note, but this does not affect any right or remedy of any person

which exists or is available apart from that Act.

If any provision in or obligation under this Global Note is or becomes invalid, illegal or

unenforceable in any respect under the law of any jurisdiction, that will not affect or impair (i) the

validity, legality or enforceability under the law of that jurisdiction of any other provision in or

obligation under this Global Note, and (ii) the validity, legality or enforceability under the law of any

other jurisdiction of that or any other provision in or obligation under this Global Note.

This Global Note and any non-contractual obligations arising out of or in connection with it are

governed by, and shall be construed in accordance with, English law.

This Global Note shall not be valid unless authenticated by the Agent and, if the Final Terms

indicates that this Global Note is intended to be a NGN (i) which is intended to be held in a manner

which would allow Eurosystem eligibility or (ii) in respect of which effectuation is applicable,

effectuated by the entity appointed as common safekeeper by the relevant Clearing Systems.

IN WITNESS

whereof the Issuer has caused this Global Note to be duly executed on its behalf.

EQUINOR ASA

By:

Authenticated without recourse,

warranty or liability by

THE BANK OF NEW YORK

MELLON

By:

Effectuated without

recourse, warranty or

liability by

...................................................

as common safekeeper

By:

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106

SCHEDULE ONE TO THE PERMANENT GLOBAL NOTE

3

PART 1

INTEREST PAYMENTS

Date made

Total amount of interest

payable

Amount of interest paid

Confirmation of payment

on

behalf of the Issuer

3

 Schedule One should only be completed where the Final Terms indicates that this Global Note is not intended to be a New

Global Note.

*

See the most recent entry in Part 2 or 3 of Schedule One or in Schedule Two in order to determine

this amount.

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107

PART 2

REDEMPTIONS

Date

made

Total amount

of principal

payable

Amount of

principal paid

Remaining nominal

amount of this

Global Note

following such

redemption

*

Confirmation of

redemption on

behalf of the

Issuer

*

See the most recent entry in Part 2 or 3 of Schedule One or in Schedule Two in order to determine

this amount.

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PART 3

PURCHASES AND CANCELLATIONS

Date

made

Part of nominal amount

of this Global Note

purchased and

cancelled

Remaining nominal

amount of this Global Note

following such purchase

and cancellation

*

Confirmation of

purchase and

cancellation on behalf

of the Issuer

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SCHEDULE TWO TO THE PERMANENT GLOBAL NOTE

4

SCHEDULE OF EXCHANGES AND ISSUES OF FURTHER

NOTES

The following exchanges or further notes affecting the nominal amount of this Global Note have been

made:

Date

made

Nominal amount of

Temporary Global

Note exchanged for

this Global Note or

nominal amount of

further notes issued

Remaining nominal

amount of this Global

Note following such

exchange or further

notes issued

*

Notation made on

behalf of the Issuer

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110

4

 Schedule Two should only be completed where the Final Terms indicates that this Global Note is not intended to be a New

Global Note.

*

 See the most recent entry in Part 2 or 3 of Schedule One or in Schedule Two in order to determine this amount.

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PART 3

FORM OF DEFINITIVE NOTE

(

Face of Note

)

[ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO

LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS INCLUDING THE

LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE

CODE.]

(1)

EQUINOR ASA

unconditionally and (subject to Condition 2(c)) irrevocably

guaranteed by EQUINOR ENERGY AS

[

Specified Currency and Nominal Amount of Tranche

]

EURO MEDIUM TERM NOTES DUE [

Year of Maturity

]

This Note is one of a duly authorised issue of Euro Medium Term Notes denominated in the

Specified Currency maturing on the Maturity Date (the

Notes

) of Equinor ASA (the

Issuer

).

References herein to the Conditions shall be to the Terms and Conditions of the Notes other than

VPS Notes [endorsed hereon/set out in Schedule 1 to the Agency Agreement (as defined below)

which shall be incorporated by reference herein and have effect as if set out herein] as completed

by the Final Terms (the

Final Terms

) (or the relevant provisions of the Final Terms) endorsed

hereon, but in the event of any conflict between the provisions of the Conditions and the

information in the Final Terms, the Final Terms will prevail.

This Note is issued subject to, and with the benefit of, the Conditions and an amended and

restated Agency Agreement (the

Agency Agreement

, which expression shall be construed as a

reference to that agreement as the same may be amended, supplemented or restated from time to

time) dated 9 May 2022 and made between [(

inter alios

)] the Issuer, Equinor Energy AS as

guarantor, The Bank of New York Mellon, London Branch (the

Agent

) and the other parties named

therein.

For value received, the Issuer, subject to and in accordance with the Conditions, promises to pay

to the bearer hereof on the Maturity Date and/or on such earlier date(s) as this Note may become

due and repayable in accordance with the Conditions, the amount payable under the Conditions in

respect of this Note on each such date and to pay interest (if any) on this Note calculated and

payable as provided in the Conditions together with any other sums payable under the Conditions.

If any provision in or obligation under this Note is or becomes invalid, illegal or unenforceable in

any respect under the law of any jurisdiction, that will not affect or impair (i) the validity, legality or

enforceability under the law of that jurisdiction of any other provision in or obligation under this

Note, and

(ii) the validity, legality or enforceability under the law of any other jurisdiction of that or any other

provision in or obligation under this Note.

This Note shall not be validly issued unless authenticated by the Agent.

IN WITNESS

whereof the Issuer has caused this Note to be duly executed on its behalf.

EQUINOR ASA

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112

(1)

 This legend can be deleted if TEFRA C or TEFRA not applicable is specified in the applicable Final Terms.

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113

By: ............................................

Authorised Signatory

Authenticated without recourse,

warranty or liability by

THE BANK OF NEW YORK MELLON, LONDON BRANCH

By:

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114

(

Reverse of Note

)

Terms and Conditions of the Notes other than VPS Notes

[

Terms and Conditions of the Notes other than VPS Notes to be as

set out in Schedule 1 to the Agency Agreement

]

Final Terms

[

Here may be set out text of Final

Terms relating to the Notes

]

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PART 4

FORM OF COUPON

(

Face of Coupon

)

EQUINOR ASA

[

Specified Currency and Nominal Amount Tranche

]

NOTES DUE [

Year of Maturity

]

Series No. [ ]

Part A

[

For Fixed Rate Notes

:

This Coupon is payable to bearer, separately Coupon

for negotiable and subject to the Terms and [

]

Conditions of the Notes other than

VPS Notes of the said Notes. due

on [

 ]

20[ ]]

Part B

[

For Floating Rate Notes

:

Coupon for the amount due in accordance with Coupon

due the Terms and Conditions of the Notes other than

VPS Notes on the said Notes on in [ ]

the Interest Payment Date falling in 20[ ]]

[ ] 20[ ].

This Coupon is payable to bearer,

separately negotiable and subject to

such Terms and Conditions of the Notes

other than

VPS Notes, under which it may become

void before its due date.]

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO

LIMITATIONS UNDER THE UNITED STATES TAX LAWS INCLUDING THE LIMITATIONS

PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.

00 000000 [ISIN] 00 000000

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116

PART 5

FORM OF TALON

(

Face of Talon

)

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO

LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS INCLUDING THE

LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE

CODE.

EQUINOR ASA

[

Specified Currency and Nominal Amount of

Tranche

] EURO MEDIUM TERM NOTES DUE [

Year

of Maturity

]

Series No. [ ]

On and after [ ] further Coupons [and a further Talon] appertaining to the Note to which this Talon

appertains will be issued at the specified office of the Agent or any of the Paying Agents set out on

the reverse hereof (and/or any other or further Paying Agents and/or specified offices as may from

time to time be xxxx appointed and notified to the Noteholders) upon production and surrender of

this Talon.

This Talon may, in certain circumstances, become void under the Terms and Conditions of the

Notes other than VPS Notes endorsed on the Notes to which this Talon appertains.

EQUINOR ASA

By: ............................................

Authorised Signatory

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117

(

Reverse of Coupon and Talon

)

AGENT

The Bank of New York Mellon, London

Branch One Canada Square

London E14 5AL

United Kingdom

PAYING AGENT

The Bank of New York Xxxxxx XX/NV, Luxembourg Branch

Vertigo Building - Polaris

0-0 rue, Xxxxxx

Xxxxxxx L-2453

Luxembourg

and/or such other or further Agent and other or further Paying Agents and/or specified offices as

may from time to time be duly appointed by the Issuer and notice of which has been given to the

Noteholders.

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118

SCHEDULE 3

FORM OF DEED OF COVENANT

THIS DEED OF COVENANT

is made on 13 May 2020 by

EQUINOR ASA

(the

Issuer

) in favour of

the account holders specified below of Clearstream Banking S.A., Euroclear Bank SA/NV, and/or

any other additional clearing system or systems as are specified in Part B of the Final Terms

relating to any Note (as defined below) (each a

Clearing System

).

WHEREAS

:

(A)

 The Issuer has entered into an amended and restated Programme Agreement (the

Programme Agreement

, which expression includes the same as it may be further

amended and/or restated and/or supplemented from time to time) dated 13 May 2020 with

the Dealers named therein under which the Issuer proposes from time to time to issue

Euro Medium Term Notes (the

Notes

).

(B)

 The Notes (other than the VPS Notes (as defined in the Programme Agreement)) will

initially be represented by, and comprised in, Temporary Global Notes (the

Temporary

Global Notes

) and thereafter may be represented by, and comprised in, Permanent Global

Notes (the

Permanent Global Notes

, the Temporary Global Notes and Permanent Global

Notes being herein together called the

Global Notes

) representing a certain number of

underlying Notes (the

Underlying Notes

).

(C)

 Each Global Note may, after issue, be deposited with a depositary for one or more Clearing

Systems (each such Clearing System or all such Clearing Systems together, the

Relevant

Clearing System

). Upon such deposit of a Global Note the Underlying Notes represented

by such Global Note will be credited to a securities account or securities accounts with the

Relevant Clearing System. Any account holder with the Relevant Clearing System which

has Underlying Notes credited to its securities account from time to time (each a

Relevant

Account Holder

) will, subject to and in accordance with the terms and conditions and

operating procedures or management regulations of the Relevant Clearing System, be

entitled to transfer such Underlying Notes and (subject to and upon payment being made by

the Issuer to the bearer in accordance with the terms of the relevant Global Note) will be

entitled to receive payments from the Relevant Clearing System calculated by reference to

the Underlying Notes credited to its securities account.

(D)

 In certain circumstances specified in each Global Note, the bearer of the Global Note will

have no further rights under the Global Note (but without prejudice to the rights which any

person may have pursuant to this Deed of Covenant). The time at which this occurs is

hereinafter referred to as the

Relevant Time

. In such circumstances each Relevant

Account Holder will, subject to and in accordance with the terms of this Deed, acquire

against the Issuer all those rights which such Relevant Account Holder would have had if,

prior to the Relevant Time, xxxx executed and authenticated Definitive Note(s) (as defined

in the Agency Agreement (the

Agency Agreement

, which expression includes the same as

it may be further amended and/or restated and/or supplemented from time to time) dated

13 May 2020) and interest coupons (the

Coupons

) appertaining to the Definitive Note(s) (if

appropriate) had been issued in respect of its Underlying Note(s) and such Definitive

Notes(s) and Coupons (if appropriate) were held and beneficially owned by such Relevant

Account Holder.

NOW THIS DEED WITNESSES AS FOLLOWS

:

1.

 If at any time the bearer of the Global Note ceases to have rights under it in accordance

with the terms thereof, the Issuer hereby undertakes and covenants with each Relevant

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119

Account Holder (other than when any Relevant Clearing System is an account holder of

any other Relevant Clearing System) that each Relevant Account Holder shall

automatically acquire at the Relevant Time,

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120

without the need for any further action on behalf of any person, against the relevant Issuer

all those rights which such Relevant Account Holder would have had if at the Relevant

Time it held and beneficially owned duly executed and authenticated Definitive Note(s) and

Coupons (if appropriate) in respect of each Underlying Note represented by such Global

Note which such Relevant Account Holder has credited to its securities account with the

Relevant Clearing System at the Relevant Time. The Issuer's obligation pursuant to this

clause shall be a separate and independent obligation by reference to each Underlying

Note which a Relevant Account Holder has credited to its securities account with the

Relevant Clearing System and the Issuer agrees that a Relevant Account Holder may

assign its rights hereunder in whole or in part.

2.

 The records of the Relevant Clearing System shall be conclusive evidence of the identity of

the Relevant Account Holders and the number of Underlying Notes credited to the

securities account of each Relevant Account Holder. For the purposes hereof a statement

issued by the Relevant Clearing System stating:

(a)

 the name of the Relevant Account Holder to which such statement is issued; and

(b)

 the aggregate nominal amount of Underlying Notes credited to the securities

account of such Relevant Account Holder as at the opening of business on the first

day following the Relevant Time on which the Relevant Clearing System is open for

business,

shall be conclusive evidence of the records of the Relevant Clearing System at the Relevant

Time.

3.

 In the event of a dispute, the determination of the Relevant Time by the Relevant Clearing

System (in the absence of manifest error) shall be final and conclusive for all purposes in

connection with the Relevant Account Holders with securities accounts with the Relevant

Clearing System.

4.

 The Issuer undertakes in favour of each Relevant Account Holder that, in relation to any

payment to be made by it under this Deed, it will comply with the provisions of Condition 6

to the extent that they apply to any payments in respect of Underlying Notes as if those

provisions had been set out in full in this Deed.

5.

 The Issuer agrees to pay any stamp and other similar duties and taxes, including interest

and penalties, payable on or in connection with the execution of this Deed and any action

taken by any Relevant Account Holder to enforce the provisions of this Deed.

6.

 The Issuer hereby warrants, represents and covenants with each Relevant Account Holder

that it has all corporate power, and has taken all necessary corporate or other steps, to

enable it to execute, deliver and perform this Deed, and that this Deed constitutes a legal,

valid and binding obligation of the Issuer enforceable in accordance with its terms subject

to the laws of bankruptcy and other laws affecting the rights of creditors generally.

7.

 This Deed shall take effect as a Deed Poll for the benefit of the Relevant Account Holders

from time to time and for the time being. This Deed shall be deposited with and held by the

depositary or common safekeeper, as the case may be, for the Relevant Clearing System

(being at the date hereof The Bank of New York Mellon at One Canada Square, London

E14 5AL) until all the obligations of the Issuer hereunder have been discharged in full.

8.

 The Issuer hereby acknowledges the right of every Relevant Account Holder to the

production of, and the right of every Relevant Account Holder to obtain (upon payment of a

reasonable charge) a copy of, this Deed, and further acknowledges and covenants that the

obligations binding upon it contained herein are owed to, and shall be for the account of,

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each and every Relevant Account Holder, and that each Relevant Account Holder shall be

entitled severally to enforce the said obligations against the Issuer.

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122

9.

 If any provision in or obligation under this Deed is or becomes invalid, illegal or

unenforceable in any respect under the law of any jurisdiction, that will not affect or impair

(i) the validity, legality or enforceability under the law of that jurisdiction of any other

provision in or obligation under this Deed, and (ii) the validity, legality or enforceability

under the law of any other jurisdiction of that or any other provision in or obligation under

this Deed.

10.

 This Deed and any non-contractual obligations arising out of or in connection with it are

governed by, and shall be construed in accordance with, English law.

The courts of England are to have jurisdiction to settle any disputes which may arise out of

or in connection with this Agreement (including a dispute relating to any non-contractual

obligations arising out of or in connection with this Agreement) and accordingly any legal

action or proceedings arising out of or in connection with this Agreement (

Proceedings

)

may be brought in such courts. The Issuer irrevocably submits to the jurisdiction of such

courts and waives any objection to Proceedings in any such courts whether on the ground

of venue or on the ground that the Proceedings have been brought in an inconvenient

forum. This submission is made for the benefit of each of the Relevant Account Holders

and, to the extent allowed by applicable law, shall not limit the right or any of them to take

Proceedings in any other court of competent jurisdiction nor shall the taking of Proceedings

in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction

(whether concurrently or not).

The Issuer irrevocably appoints Equinor UK Limited (whose offices are at the date of this

Agreement at Xxx Xxxxxxx Xxxxxx, Xxxxxxxxxx Xxxxxxx, London W2 6BD) as its authorised

agent for service of process in England. If for any reason such agent shall cease to be

such agent for service of process, the Issuer shall forthwith, on request of the Agent,

appoint a new agent for service of process in England and deliver to the Agent a copy of

the new agent's acceptance of that appointment within 30 days. Nothing in this Agreement

shall affect the right to serve process in any other manner permitted by law.

IN WITNESS

whereof the Issuer has caused this Deed to be duly executed the day and year

first above mentioned.

EXECUTED

as a

DEED

)

by XXXXXXX XXX and signed and )

delivered as a deed on its )

behalf by )

an authorised representative of the company )

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SCHEDULE 4

PROVISIONS FOR MEETINGS OF NOTEHOLDERS

1.

 As used in this Schedule the following expressions shall have the following meanings

unless the context otherwise requires:

(a)

voting certificate

shall mean an English language certificate issued by a Paying

Agent and dated in which it is stated:

(i)

 that on the date thereof Notes (not being Notes in respect of which a block

voting instruction has been issued and is outstanding in respect of the

meeting specified in such voting certificate and any adjourned such meeting)

bearing specified serial numbers were deposited with such Paying Agent or

(to the satisfaction of such Paying Agent) were held to its order or under its

control and that no such Notes will cease to be so deposited or held until the

first to occur of:

(A)

 the conclusion of the meeting specified in such certificate or, if

applicable, any adjourned such meeting; and

(B)

 the surrender of the certificate to the Paying Agent who issued the

same; and

(ii)

 that the bearer thereof is entitled to attend and vote at such meeting and any

adjourned such meeting in respect of the Notes represented by such

certificate;

(b)

block voting instruction

shall mean an English language document issued by

a Paying Agent and dated in which:

(i)

 it is certified that Notes (not being Notes in respect of which a voting

certificate has been issued and is outstanding in respect of the meeting

specified in such block voting instruction and any adjourned such meeting)

have been deposited with such Paying Agent or (to the satisfaction of such

Paying Agent) were held to its order or under its control and that no such

Notes will cease to be so deposited or held until the first to occur of:

(A)

 the conclusion of the meeting specified in such document or, if

applicable, any adjourned such meeting; and

(B)

 the surrender to the Paying Agent not less than 48 hours before the

time for which such meeting or any adjourned such meeting is

convened of the receipt issued by such Paying Agent in respect of

each such deposited Note which is to be released or (as the case

may require) the Note or Notes ceasing with the agreement of the

Paying Agent to be held to its order or under its control and the giving

of notice by the Paying Agent to the Issuer in accordance with

paragraph

17

 hereof of the necessary amendment to the block voting

instruction;

(ii)

 it is certified that each holder of such Notes has instructed such Paying

Agent that the vote(s) attributable to the Note or Notes so deposited or held

should be cast in a particular way in relation to the resolution or resolutions

to be put to such meeting or any adjourned such meeting and that all such

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instructions are during the period commencing 48 hours prior to the time

for which such meeting or any adjourned

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125

such meeting is convened and ending at the conclusion or adjournment

thereof neither revocable nor capable of amendment;

(iii)

 the total number and the serial numbers of the Notes so deposited or held

are listed distinguishing with regard to each such resolution between those

in respect of which instructions have been given as aforesaid that the votes

attributable thereto should be cast in favour of the resolution and those in

respect of which instructions have been so given that the votes attributable

thereto should be cast against the resolution; and

(iv)

 one or more persons named in such document (each hereinafter called a

proxy

) is or are authorised and instructed by such Paying Agent to cast the

votes attributable to the Notes so listed in accordance with the instructions

referred to in paragraph (iii) above as set out in such document.

The holder of any voting certificate or the proxies named in any block voting

instruction shall for all purposes in connection with the relevant meeting or

adjourned meeting of Noteholders be deemed to be the holder of the Notes to which

such voting certificate or block voting instruction relates and the Paying Agent with

which such Notes have been deposited or the person holding the same to the order

or under the control of such Paying Agent shall be deemed for such purposes not to

be the holder of those Notes.

(c)

 References herein to the

Notes

are to the Notes in respect of which the relevant

meeting is convened.

2.

 The Issuer may at any time and, upon a requisition in writing of Noteholders holding not

less than 10 per cent. in nominal amount of the Notes for the time being outstanding, shall

convene a meeting of the Noteholders and if the Issuer makes default for a period of seven

days in convening such a meeting the same may be convened by the requisitionists.

Whenever the Issuer is about to convene any such meeting it shall forthwith give notice in

writing to the Agent and the Dealers of the day, time and place thereof (which need not be

a physical place and instead may be by way of conference call, including by use of a

videoconference platform) and of the nature of the business to be transacted thereat.

Every such meeting shall be held at such time and place as the Agent may approve.

3.

 At least 21 days' notice (exclusive of the day on which the notice is given and the day on

which the meeting is held) specifying the place, day and hour of meeting shall be given to

the Noteholders prior to any meeting of the Noteholders in the manner provided by

Condition 12. Such notice shall state generally the nature of the business to be transacted

at the meeting thereby convened but (except for an Extraordinary Resolution) it shall not

be necessary to specify in such notice the terms of any resolution to be proposed. Such

notice shall include a statement to the effect that Notes may be deposited with Paying

Agents for the purpose of obtaining voting certificates or appointing proxies not less than 24

hours before the time fixed for the meeting or that, in the case of corporations, they may

appoint representatives by resolution of their directors or other governing body. A copy of

the notice shall be sent by post to the Issuer (unless the meeting is convened by the

Issuer).

4.

 Some person (who may but need not be a Noteholder) nominated in writing by the Issuer

shall be entitled to take the chair at every such meeting but if no such nomination is made

or if at any meeting the person nominated shall not be present within fifteen minutes after

the time appointed for holding the meeting the Noteholders present shall choose one of

their number to be Chair.

5.

 At any such meeting one or more persons present holding Notes or voting certificates or

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being proxies and holding or representing in the aggregate not less than 20 per cent. in

nominal amount of the Notes for the time being outstanding shall (except for the purpose

of passing an Extraordinary

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Resolution) form a quorum for the transaction of business and no business (other than the

choosing of a Chair) shall be transacted at any meeting unless the requisite quorum be

present at the commencement of business. The quorum at any such meeting for passing

an Extraordinary Resolution shall (subject as provided below) be one or more persons

present holding Notes or voting certificates or being proxies and holding or representing in

the aggregate a clear majority in nominal amount of the Notes for the time being

outstanding PROVIDED THAT at any meeting the business of which includes any of the

following matters (each of which shall only be capable of being effected after having been

approved by Extraordinary Resolution) namely:

(a)

 modification of the Maturity Date of the Notes or reduction or cancellation of the

nominal amount payable upon maturity; or

(b)

 reduction or cancellation of the amount payable or modification of the payment date

in respect of any interest in respect of the Notes or variation of the method of

calculating the rate of interest in respect of the Notes; or

(c)

 reduction of any Minimum Interest Rate and/or Maximum Interest Rate specified in

the applicable Final Terms of any Note; or

(d)

 modification of the currency in which payments under the Notes and/or Coupons

appertaining thereto are to be made; or

(e)

 modification of the majority required to pass an Extraordinary Resolution; or

(f)

 the sanctioning of any such scheme or proposal as is described in paragraph

18(f)

below; or

(g)

 alteration of this proviso or the proviso to paragraph

6

 below;

the quorum shall be one or more persons present holding Notes or voting certificates or

being proxies and holding or representing in the aggregate not less than 75 per cent. in

nominal amount of the Notes for the time being outstanding. An Extraordinary Resolution

passed at any meeting of the holders of Notes will be binding on all holders of Notes,

whether or not they are present at the meeting, and on all holders of Coupons appertaining

to such Notes.

6.

 If within fifteen minutes after the time appointed for any such meeting a quorum is not

present the meeting shall if convened upon the requisition of Noteholders be dissolved. In

any other case it shall stand adjourned to the same day in the next week (or if such day is a

public holiday the next succeeding business day) at the same time and place (except in the

case of a meeting at which an Extraordinary Resolution is to be proposed in which case it

shall stand adjourned for such period being not less than 14 days nor more than 42 days,

and at such place as may be appointed by the Chair and approved by the Agent) and at

such adjourned meeting one or more persons present holding Notes or voting certificates or

being proxies (whatever the nominal amount of the Notes so held or represented by them)

shall (subject as provided below) form a quorum and shall (subject as provided below) have

power to pass any Extraordinary Resolution or other resolution and to decide upon all

matters which could properly have been dealt with at the meeting from which the

adjournment took place had the requisite quorum been present PROVIDED THAT at any

adjourned meeting the business of which includes any of the matters specified in the

proviso to paragraph

5

 above the quorum shall be one or more persons present holding

Notes or voting certificates or being proxies and holding or representing in the aggregate

not less than a clear majority in nominal amount of the Notes for the time being

outstanding.

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7.

 Notice of any adjourned meeting at which an Extraordinary Resolution is to be submitted

shall be given in the same manner as notice of an original meeting but as if 10 were

substituted for 21 in paragraph

3

 above and such notice shall (except in cases where the

proviso to paragraph

6

 above

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shall apply when it shall state the relevant quorum) state that one or more persons present

holding Notes or voting certificates or being proxies at the adjourned meeting whatever the

nominal amount of the Notes held or represented by them will form a quorum. Subject as

aforesaid it shall not be necessary to give any notice of an adjourned meeting.

8.

 Except whilst the Notes are in global form and only one proxy is attending the meeting,

every question submitted to a meeting shall be decided in the first instance by a show of

hands. In case of equality of votes the Chair shall both on a show of hands and on a poll

have a casting vote in addition to the vote or votes (if any) to which they may be entitled as

a Noteholder or as a holder of a voting certificate or as a proxy.

9.

 At any meeting, unless the Notes are in global form and only one proxy is attending the

meeting or a poll is (before or on the declaration of the result of the show of hands)

demanded by the Chair or the Issuer or by one or more persons present holding Notes or

voting certificates or being proxies (whatever the nominal amount of the Notes so held by

them), a declaration by the Chair that a resolution has been carried or carried by a

particular majority or lost or not carried by a particular majority shall be conclusive evidence

of the fact without proof of the number or proportion of the votes recorded in favour of or

against such resolution.

10.

 Subject to paragraph

12

 below, if at any such meeting a poll is so demanded it shall be

taken in such manner and subject as hereinafter provided either at once or after an

adjournment as the Chair directs and the result of such poll shall be deemed to be the

resolution of the meeting at which the poll was demanded as at the date of the taking of the

poll. The demand for a poll shall not prevent the continuance of the meeting for the

transaction of any business other than the motion on which the poll has been demanded.

11.

 The Chair may with the consent of (and shall if directed by) any such meeting adjourn the

same from time to time and from place to place but no business shall be transacted at any

adjourned meeting except business which might lawfully (but for lack of required quorum)

have been transacted at the meeting from which the adjournment took place.

12.

 Any poll demanded at any such meeting on the election of a Chair or on any question of

adjournment shall be taken at the meeting without adjournment.

13.

 Any director or officer of the Issuer and its lawyers may attend and speak at any meeting.

Save as aforesaid, but without prejudice to the proviso to the definition of

outstanding

in

subclause

1.2

 of this Agreement, no person shall be entitled to attend and speak nor shall

any person be entitled to vote at any meeting of the Noteholders or join with others in

requisitioning the convening of such a meeting unless they either produce the Note or

Notes of which they are the holder or a voting certificate or is a proxy. Neither the Issuer

nor any of its Subsidiaries shall be entitled to vote at any meeting in respect of Notes held

by it for the benefit of any such company and no other person shall be entitled to vote at

any meeting in respect of Notes held by it for the benefit of any such company. Nothing

herein contained shall prevent any of the proxies named in any block voting instruction

from being a director, officer or representative of or otherwise connected with the Issuer.

14.

 Subject as provided in paragraph

13

 hereof at any meeting:

(a)

 on a show of hands every person who is present in person and produces a Note

or voting certificate or is a proxy shall have one vote; and

(b)

 on a poll every person who is so present shall have one vote in respect of:

(i)

 in the case of a meeting of the holders of Notes all of which are

denominated in a single currency, each minimum integral amount of such

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currency; and

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(ii)

 in the case of a meeting of the holders of Notes denominated in more than

one currency, each €1.00 or, in the case of a Note denominated in a

currency other than euro, the equivalent of €1.00 in such currency at the

Agent's spot buying rate for the relevant currency against euro at or about

11.00 a.m. (London time) on the date of publication of the notice of the

relevant meeting (or of the original meeting of which such meeting is an

adjournment),

or such other amount as the Agent shall in its absolute discretion stipulate in

nominal amount of Notes so produced or represented by the voting certificate so

produced or in respect of which they are a proxy.

Without prejudice to the obligations of the proxies named in any block voting instruction any

person entitled to more than one vote need not use all their votes or cast all the votes to

which they are entitled in the same way.

15.

 The proxies named in any block voting instruction need not be Noteholders.

16.

 Each block voting instruction together (if so requested by the Issuer) with proof satisfactory

to the Issuer of its due execution on behalf of the relevant Paying Agent shall be deposited

at such place as the Agent shall approve not less than 24 hours before the time appointed

for holding the meeting or adjourned meeting at which the proxies named in the block

voting instruction propose to vote and in default the block voting instruction shall not be

treated as valid unless the Chair of the meeting decides otherwise before such meeting or

adjourned meeting proceeds to business. A certified copy of each block voting instruction

shall be deposited with the Agent before the commencement of the meeting or adjourned

meeting but the Agent shall not thereby be obliged to investigate or be concerned with the

validity of or the authority of the proxies named in any such block voting instruction.

17.

 Any vote given in accordance with the terms of a block voting instruction shall be valid

notwithstanding the previous revocation or amendment of the block voting instruction or of

any of the Noteholders' instructions pursuant to which it was executed PROVIDED THAT

no intimation in writing of such revocation or amendment shall have been received from the

relevant Paying Agent by the Issuer at its registered office (or such other place as may

have been approved by the Agent for the purpose) by the time being 24 hours before the

time appointed for holding the meeting or adjourned meeting at which the block voting

instruction is to be used.

18.

 A meeting of the Noteholders shall in addition to the powers hereinbefore given have the

following powers exercisable by Extraordinary Resolution (subject to the provisions relating

to quorum contained in paragraphs

5

 and

6

 above) only, namely:

(a)

 power to sanction any compromise or arrangement proposed to be made between

the Issuer and the Noteholders and Couponholders or any of them;

(b)

 power to sanction any abrogation, modification, compromise or arrangement in

respect of the rights of the Noteholders and Couponholders against the Issuer or

against any of its property whether such rights shall arise under this Agreement, the

Notes or the Coupons or otherwise;

(c)

 power to assent to any modification of the provisions contained in this Agreement or

the Conditions, the Notes, the Coupons or the Deed of Covenant which shall be

proposed by the Issuer;

(d)

 power to give any authority or sanction which under the provisions of this

Agreement or the Notes is required to be given by Extraordinary Resolution;

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132

(e)

 power to appoint any persons (whether Noteholders or not) as a committee or

committees to represent the interests of the Noteholders and to confer upon such

committee or committees any powers or discretions which the Noteholders could

themselves exercise by Extraordinary Resolution;

(f)

 power to sanction any scheme or proposal for the exchange or sale of the Notes for,

or the conversion of the Notes into or the cancellation of the Notes in consideration

of, shares, stock, notes, bonds, debentures, debenture stock and/or other

obligations and/or securities of the Issuer or any other company formed or to be

formed, or for or into or in consideration of cash, or partly for or into or in

consideration of such shares, stock, notes, bonds, debentures, debenture stock

and/or other obligations and/or securities as aforesaid and partly for or into or in

consideration of cash; and

(g)

 power to approve the substitution of any entity in place of (i) the Issuer (or any

previous substitute) as the principal debtor in respect of the Notes and the

Coupons.

19.

 Any resolution (i) passed at a meeting of the Noteholders duly convened and held; (ii)

passed as a resolution in writing or (iii) passed by way of electronic consents given by

Noteholders through the relevant clearing system(s), in accordance with the provision

hereof shall be binding upon all the Noteholders whether present or not present at such

meeting referred to in (i) above and whether or not voting and upon all Couponholders and

each of them shall be bound to give effect thereto accordingly and the passing of any such

resolution shall be conclusive evidence that the circumstances justify the passing thereof.

Notice of the result of the voting on any resolution duly considered by the Noteholders shall

be published in accordance with Condition 12 by the Issuer within 14 days of such result

being known PROVIDED THAT the non-publication of such notice shall not invalidate such

resolution.

20.

 The expression

Extraordinary Resolution

when used in this Agreement or the Conditions

means

(a) a resolution passed at a meeting of the Noteholders duly convened and held in

accordance with the provisions herein contained by a majority consisting of not less than 75

per cent. of the persons voting thereat upon a show of hands or if a poll be duly demanded

then by a majority consisting of not less than 75 per cent. of the votes given on such poll or

(b) a resolution in writing signed by or on behalf of the holders of not less than 75 per cent.

in nominal amount of the Notes for the time being outstanding, which resolution in writing

may be contained in one document or in several documents in similar form each signed by

or on behalf of one or more of the Noteholders or (c) consent given by way of electronic

consents through the relevant clearing system(s) (in a form satisfactory to the Agent) by or

on behalf of the holders of not less than 75 per cent. in nominal amount of the Notes for the

time being outstanding.

21.

 Minutes of all resolutions and proceedings at every such meeting as aforesaid shall be

made and duly entered in books to be from time to time provided for that purpose by the

Issuer and any such Minutes as aforesaid if purporting to be signed by the Chair of the

meeting at which such resolutions were passed or proceedings had shall be conclusive

evidence of the matters therein contained and until the contrary is proved every such

meeting in respect of the proceedings of which Minutes have been made shall be deemed

to have been duly held and convened and all resolutions passed or proceedings had

thereat to have been duly passed or had.

22.

 Subject to all other provisions contained herein the Agent may without the consent of the

Issuer, the Noteholders or the Couponholders prescribe such further regulations regarding

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the requisitioning and/or the holding of meetings of Noteholders and attendance and voting

thereat as the Agent may in its sole discretion think fit (including, without limitation, the

holding of meetings by conference call, including by use of a videoconference platform in

circumstances where it may be impractical or inadvisable to hold physical meetings).

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SCHEDULE 5

FORM OF PUT NOTICE

for Notes in definitive form

EQUINOR ASA

[

title of relevant Series of Notes

]

By depositing this duly completed Notice with any Paying Agent for the above Series of Notes (the

Notes

) the undersigned holder of such Notes surrendered with this Notice and referred to below

irrevocably exercises its option to have such Notes redeemed in accordance with Condition 5(

f

) on

[redemption date].

This Notice relates to Notes in the aggregate nominal amount of

.............. bearing the following serial numbers:

................................................................

................................................................

................................................................

If the Notes referred to above are to be returned (1) to the undersigned under subclause

10.4

 of

the Agency Agreement, they should be returned by post to:

.........................

.........................

.........................

Payment Instructions

Please make payment in respect of the above-mentioned Notes by [cheque posted to the above

address/transfer to the following bank account] (2):

Bank: ................................

Branch Address: ................................

Branch Code: ................................

Account Number: ................................

Signature of holder: ................................

Xxxx authorised on behalf of [

]

[To be completed by recipient Paying

Agent]

Details of missing unmatured Coupons .................... (3)

Received by: .........................

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135

[Signature and stamp of Paying Agent]

At its office at: .................................

On: ......................................

Notes

(1)

 The Agency Agreement provides that Notes so returned will be sent by post, uninsured and

at the risk of the Noteholder, unless the Noteholder otherwise requests and pays the costs

of such insurance to the relevant Paying Agent at the time of depositing the Note referred

to above.

(2)

 Delete as applicable.

(3)

 Only relevant for Fixed Rate Notes in definitive form.

N.B. The Paying Agent with whom the above-mentioned Notes are deposited will not in any

circumstances be liable to the depositing Noteholder or any other person for any loss or

damage arising from any act, default or omission of such Paying Agent in relation to the

said Notes or any of them unless such loss or damage was caused by the fraud or gross

negligence of such Paying Agent or its directors, officers or employees.

This Put Notice is not valid unless all of the paragraphs requiring completion are duly

completed. Once validly given this Put Notice is irrevocable except in the

circumstances set out in subclause

10.4

 of the Agency Agreement.

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SCHEDULE 6

FORM OF DEED POLL

This Deed Poll is made on [ ] by [

name of existing issuer

] as existing issuer (in its capacity as

existing issuer of the Notes (as defined below), the

Existing Issuer

), a company incorporated

in [ ], [and] [

name of Substitute

] as the substitute of the Existing Issuer (the

Substitute

), a

company incorporated in [

 

] [and Equinor ASA [and Equinor Energy AS] as guarantor[s] (in

[its][their] capacity as guarantor[s], the

Guarantor[s]

), [a company][companies] incorporated in

The Kingdom of Norway].

(A)

 The Existing Issuer has entered into a Programme Agreement dated 9 May 2022 (the

Programme Agreement

which expression includes the same as it may be amended,

supplemented or restated from time to time) with the Dealers named therein under which

the Existing Issuer has issued and has outstanding Euro Medium Term Notes (

Notes

).

(B)

 The Notes have been issued subject to and have the benefit of an Agency Agreement

dated 9 May 2022 (the

Agency Agreement

which expression includes the same as it may

be amended, supplemented or restated from time to time) and entered into between,

inter

alios

, the Existing Issuer, The Bank of New York Mellon, London Branch as Agent (the

Agent

which expression shall include its successor or successors for the time being under

the Agency Agreement) and the other parties named therein.

(C)

 The Existing Issuer has executed a Deed of Covenant dated 13 May 2020 (the

Deed of

Covenant

, which expression includes the same as it may be amended, supplemented or

restated from time to time) relating to Global Notes (as defined in the Agency Agreement)

issued by the Existing Issuer pursuant to the Programme Agreement.

(D)

 It has been proposed that in respect of the Notes there will be a substitution of the

Substitute for the Existing Issuer as the issuer of the Notes. Expressions defined in the

Agency Agreement have the same meaning in this Deed unless the context requires

otherwise.

(E)

 References herein to

Notes

include any

Underlying Notes

(as defined in the Deed of

Covenant). References herein to

Coupons

are to Coupons relating to the Notes.

References herein to

Holder

means any Noteholder, Couponholder or, in relation to any

Underlying Notes, any Relevant Account Holder.

THIS DEED WITNESSES

as follows:

1.

 The Substitute agrees that, with effect from and including the first date on which notice has

been given by the Existing Issuer pursuant to Condition 14 and all the other requirements of

such Condition have been met (the

Effective Date

), it shall be deemed to be

the Issuer

for

all purposes in respect of the Notes and any Coupons and accordingly it shall be entitled to

all the rights, and subject to all the liabilities, on the part of the Existing Issuer contained in

them.

2.

 With effect from and including the Effective Date:

(a)

 the Existing Issuer shall be released from all its liabilities, in its capacity as

issuer of the Notes, contained in the Notes and any Coupons; and

(b)

 the Terms and Conditions of the Notes (the

Conditions

) shall be amended as follows:

(i)

 all references to

the Kingdom of Norway

[(or, as the case may be, the

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jurisdiction of incorporation or residence for tax purposes of the

preceding substituted

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company)] in Condition 5(b) shall, in respect of payments to be made by the

Substitute (but not in respect of payments to be made by [[(A)] the New

Guarantor (as defined below) ][[or (B)] the Guarantor[s])] under this Deed

Poll), be replaced by references to "[

jurisdiction of a country of residence of

the Substitute for tax purposes and/or, if different, of its incorporation

]"; and

(ii)

 all references to

the Kingdom of Norway

[(or, as the case may be, the

jurisdiction of incorporation or residence for tax purposes of the preceding

substituted company)] in Condition 6 shall, in respect of payments to be

made by the Substitute (but not in respect of payments to be made by [[(A)]

the New Guarantor (as defined below) ][[or (B)] the Guarantor[s])] under this

Deed Poll), be replaced by references to "[

jurisdiction of a country of

residence of the Substitute for tax purposes and/or, if different, of its

incorporation

]".

3.

 (a) The [Existing Issuer (in such capacity, the

New Guarantor

)[ and the] Guarantor[s][,

subject (in the case of Equinor Energy AS) to Condition [2(c)] (

Termination of the

Guarantee

) and clause 3(g) below,] unconditionally and irrevocably guarantee[s] [on

a joint and several basis] that, if for any reason the Substitute does not pay any sum

payable by it under any Note or Coupon (whether or not attached to it) or this Deed

on the date specified for such payment (whether on the normal due date, on

acceleration or otherwise), [the New Guarantor ][or] the Guarantor[s] will pay that

sum in the currency in which it is payable under such Note to the Holder on that

date on demand to [either][ the New Guarantor at [

]][ or ]the Guarantor[s] at [

 

]].

(b)

 As between [the New Guarantor][, ][the Guarantor[s]] and each Holder but without

effecting the Substitute's obligations, [each of][ the New Guarantor ][and ][the

Guarantor[s]] will be [jointly and severally] liable under this Deed as if it were the

sole principal debtor and not merely a surety. Accordingly, [each of][ the New

Guarantor][and][ the Guarantor[s]] will not be discharged, nor will its liability be

affected, by anything which would not discharge it or affect is liability if it were the

sole principal debtor (including (i) any time, indulgence, concession, waiver or

consent at any time given to the Substitute or any other person, (ii) any amendment

or supplement to any of the Conditions or to this Deed or to any security or other

guarantee or indemnity, (iii) the making or absence of any demand on the Substitute

or any other person for payment, (iv) the enforcement or absence of enforcement of

any Note or any Coupon or this Deed or of any security or other guarantee or

indemnity, (v) the taking, existence or release of any security, guarantee or

indemnity, (vi) the winding-up, dissolution, amalgamation, reconstruction or

reorganisation of the Substitute or any other person or (vii) the illegality, invalidity or

unenforceability of or any defect in any provision of any Note or any Coupon or this

Deed or any of the Substitute's obligations under any of them).

(c)

 The [New Guarantor's ][and, subject (in the case of Equinor Energy AS) to

Condition [2(c)] (

Termination of Guarantee

) and clause 3(g) below, the

Guarantor[s]'[s] respective] obligations under this Deed are and will remain in full

force and effect by way of continuing security until no sum remains payable under

the Notes or any Coupons or this Deed. Furthermore, these obligations of [each of][

the New Guarantor ][and ][the Guarantor[s]] are additional to, and not instead of,

any security or other guarantee or indemnity at any time existing in favour of any

person, whether from [the New Guarantor][, ][the Guarantor[s]] or otherwise, and

may be enforced without first having recourse to the Substitute, any other person,

any security or any other guarantee or indemnity. [The][Each of the][ New

Guarantor ][and][ the Guarantor[s]] irrevocably waive[s] all notices and demands

0010155-0003327 UKO2: 2004375908.9

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whatsoever.

0010155-0003327 UKO2: 2004375908.9

140

(d)

 So long as any sum remains payable under any Note or any Coupon or this Deed

no right of the [New Guarantor ][or ][the Guarantor[s]], by reason of the performance

of any of [its][their] obligations under this Deed, to be indemnified by the Substitute

or to take the benefit of or enforce any security or other guarantee or indemnity shall

be exercised or enforced.

(e)

 [The][Each of the][ New Guarantor ][and the] Guarantor[s]] shall on demand [jointly

and severally] indemnify the relevant Holder against any cost, loss, expense or

liability sustained or incurred by it (other than value added tax or similar tax to the

extent recoverable by the relevant Holder) as a result of it being required for any

reason (including any bankruptcy, insolvency, winding-up, dissolution, or similar law

of any jurisdiction) to refund all or part of any amount received or recovered by it in

respect of any sum payable by the Substitute under any relevant Note or Coupon

or this Deed and [each of ][the New Guarantor ][and

][the Guarantor[s]] shall in any event pay to it on demand the amount as refunded by

it.

(f)

 As separate, independent and alternative stipulations, [each of ][the New

Guarantor ][and

][the Guarantor[s]] unconditionally and irrevocably agrees[, on a joint and several

basis]: (i) that any sum which, although expressed to be payable by the Substitute

under any Note or any Coupon or this Deed, is for any reason (whether or not now

existing and whether or not now known or becoming known to the Substitute, [the

New Guarantor][ the Guarantor[s]] or any Noteholder or Couponholder) not

recoverable from [either [of ]][the New Guarantor ][or

][the Guarantor[s]] on the basis of a guarantee shall nevertheless be recoverable

from it if it were the sole principal debtor and shall be paid by it to the relevant

Holder on demand and

(ii) as a primary obligation to indemnify each Holder against any loss suffered by it

as a result of any sum expressed to be payable by the Substitute under any Note or

any Coupon or this Deed not being paid by the time, on the date and otherwise in

the manner specified therein or any payment obligation of the Substitute under any

Note or any Coupon or this Deed being or becoming void, voidable or unenforceable

for any reason (whether or not now existing and whether or not now known or

becoming known to the Substitute, [the New Guarantor][, the Guarantor[s]] or any

Noteholder or Couponholder), the amount of that loss being the amount expressed

to be payable by the Substitute in respect of the relevant sum.

(g)

 [The release of Equinor Energy AS in accordance with Condition 2(c) (

Termination

of Guarantee

) from its obligations under this Deed Poll will take effect automatically

unconditionally, without prejudice to any obligations which may have accrued prior

to that time, without the need for any further act or thing to be done.]

4.

 All payments made by [either [of ]][the New Guarantor ][or ][the Guarantor[s]] under this

Deed shall be made free and clear of, and without withholding or deduction for, any taxes,

duties, assessments or governmental charges (

Taxes

) of whatever nature imposed, levied,

collected, withheld or assessed by or within the Kingdom of Norway or any authority therein

or thereof having power to tax, unless such withholding or deduction is required by law. In

that event [either [of]][the New Guarantor ][or ][the Guarantor[s]] shall pay such additional

amounts as will result in receipt by the Noteholders and Couponholders of such amounts as

would have been received by them had no such withholding or deduction been required,

except that no such additional amounts shall be payable in respect of any Note or Coupon:

(a)

 to, or to a third party on behalf of, a Holder who presented the relevant Note or

Coupon for payment in the Kingdom of Norway;

0010155-0003327 UKO2: 2004375908.9

141

(b)

 to, or to a third party on behalf of, a Holder who is liable (or where the beneficial

owner is liable) to such Taxes by reason of the Holder having some connection with

the Kingdom of Norway other than the mere holding of the Note or Coupon;

0010155-0003327 UKO2: 2004375908.9

142

(c)

 to, or to a third party on behalf of, a Holder who presented the relevant Note or

Coupon for payment more than 30 days after the Relevant Date (as defined in the

Conditions) except to the extent that such Holder would have been entitled to such

additional amounts on presenting the same for payment on such thirtieth day;

(d)

 on account of any Taxes that are payable pursuant to the Norwegian Tax Act

section 10-80 on payments to related companies or undertakings (as such term is

defined in the Norwegian Tax Act section 10-82) tax resident in a low-tax jurisdiction

(as such term is defined in the Norwegian Tax Act section 10-63); or

(e)

 as a result of any FATCA Withholding (as defined in the Agency Agreement).

5.

 The Conditions shall apply, where the context so admits, with any necessary consequential

modifications, to [the New Guarantor ][, ][the Guarantor[s]] and to [its][their respective]

obligations under this Deed. For the avoidance of doubt:

(a)

 in Condition 2(b) (

Status of Guarantee

) the payment obligations shall include those

of [the New Guarantor ][and ][the Guarantor[s]] under this Deed;

(b)

 [Condition 2(c) (

Termination of Guarantee

) shall apply,

mutatis mutandis

, to the

obligations of Equinor Energy AS (but not, for the avoidance of doubt, the

[New][other] Guarantor) under clause 3 of this Deed;]

(c)

 in Condition 5(b) (

Redemption for Tax Reasons

):

(i)

 references to "the Guarantee" shall be replaced by references to the

obligations of the [New Guarantor ][[and ][the Guarantor[s][, as applicable,]

under clause 3 of this Deed; and

(ii)

 references to "the Guarantor" shall be replaced by references to "[each of][

the New Guarantor ][and ][the Guarantor[s]]";

(d)

 Condition 5(h) (

Purchases

) shall apply,

mutatis mutandis,

to [the New Guarantor ][,

][the Guarantor[s]] and any Notes so purchased shall not entitle the holder to vote

at, or attend, or be counted towards the quorum at meetings of the Noteholders for

such Notes;

(e)

 Condition 8 (

Events of Default

):

(i)

 references to the Issuer in subclause (d) (

Winding-up

), shall include a

reference to [the New Guarantor][ and ][the Guarantor[s]];

(ii)

 there shall be an additional Event of Default if the Substitute ceases to

be wholly-owned and controlled by Xxxxxxx XXX; and

(iii)

 there shall be an additional Event of Default if the obligations of [the New

Guarantor ][or ][either of ][the Guarantor[s]] under this Deed are not (or are

claimed by [the New Guarantor ][or ][either of ][the Guarantor[s]] not to be) in

full force and effect; and

(f)

 in Condition 13 (

Meetings of Noteholders, Modification and Waiver

) an extra

category shall be added to the proposals for which a special quorum is required,

namely a proposal to modify or cancel the obligations of [either [of]][ the New

Guarantor][ or ][the Guarantor[s]] under this Deed.

0010155-0003327 UKO2: 2004375908.9

143

6.

 The Substitute[, / and][ the New Guarantor ][and][ the Guarantor[s]] agree that the benefit of

the undertakings and the covenants binding upon them contained in this Deed shall be for

the benefit of each and every Holder and each Holder shall be entitled severally to enforce

such obligations against the Substitute[, / and][ the New Guarantor ][and ][ the

Guarantor[s]].

7.

 This Deed shall be deposited with and held to the exclusion of the Substitute[, / and][ the

New Guarantor ][and ][the Guarantor[s]] by the Agent at its specified office for the time

being under the Conditions and the Substitute[, / and][ the New Guarantor ][and][ the

Guarantor[s]] hereby acknowledge the right of every Noteholder to production of this Deed

and, upon request and payment of the expenses incurred in connection therewith, to the

production of a copy hereof certified by the Agent to be a true and complete copy.

8.

 This Deed may only be amended in the same way as the other Conditions are capable of

amendment under

Schedule 4

 of the Agency Agreement and any such amendment of this

Deed will constitute one of the proposals specified in Condition 13 (

Meetings of

Noteholders, Modification and Waiver

) to which special quorum provisions apply.

9.

 The Deed and any non-contractual obligations arising out of or in connection with it are

governed by, and shall be construed in accordance with, English law.

10.

 The Courts of England are to have jurisdiction to settle any disputes which may arise out of

or in connection with this Deed and accordingly any legal action or proceedings arising out

of or in connection with this Deed (

Proceedings

) may be brought in such courts. Each of

the Substitute[, / and][ the New Guarantor ][and][ the Guarantor[s]] irrevocably submits to

the jurisdiction of such courts and waives any objection to Proceedings in such courts

whether on the ground of venue or on the ground that the Proceedings have been brought

in an inconvenient forum. This submission is made for the benefit of each Holder and shall

not limit the right of any of them to take Proceedings in any other court of competent

jurisdiction nor shall the taking of Proceedings in one or more jurisdictions preclude the

taking of Proceedings in any other jurisdiction (whether concurrently or not).

11.

 No rights are conferred on any person under the Contracts (Rights of Third Parties) Act

1999 to enforce any term of this Deed, but this does not affect any right or remedy of any

person which exists or is available apart from that Act.

12.

 Each of the Substitute[, / and][ the New Guarantor ][and][ the Guarantor[s]] irrevocably

appoints [ ] of [ ] as its agent in England to receive service of process in

respect of any Proceedings in England. If for any reason it does not have such an agent

for service of process, the Substitute[, / or][ the New Guarantor ][or ][the [relevant]

Guarantor], as the case may be, will promptly appoint a substitute process agent and notify

the Noteholders of such appointment in accordance with the Conditions. Nothing herein

shall affect the right to serve process in any other manner permitted by law.

IN WITNESS

whereof this Deed has been executed as a deed poll on the date stated at the

beginning.

EXECUTED

as a

DEED

)

by XXXXXXX XXX and signed )

and delivered as a deed on its )

behalf by )

an authorised representative of the company )

0010155-0003327 UKO2: 2004375908.9

144

EXECUTED

as a

DEED

)

by [

Substitute

] and signed )

and delivered as a deed on its )

behalf by )

an authorised representative of the company )

[

EXECUTED

as a

DEED

)

by EQUINOR ENERGY AS and signed

)

and signed )

and delivered as a deed on its )

behalf by )

an authorised representative of the company )]

0010155-0003327 UKO2: 2004375908.9

145

SCHEDULE 7

FORM OF ISSUER – ICSDs AGREEMENT

Agreement to be sent to both:

Euroclear Bank SA/NV

New Issues Department

0 Xxxxxxxxx du Roi Xxxxxx

XX B-1210 Brussels,

Belgium

newissues.issuerageement@euroclear.

com Fax: x00 (0) 0 000 0000

and Clearstream Banking

SA New Issues

Department 42

Avenue X.X. Xxxxxxx

L-1855 Luxembourg

xxxxxxxxxxxxxxxx@xxxxxxxxxxx.xx

m Fax: x00 (0)000 000 0000

PROGRAMME FORM

AGREEMENT ENTERED INTO THIS 10 MAY, OF 2019, AMONG:

Name of issuer: Equinor ASA

Address of issuer: Forusbeen 50, N-4035 Stavanger, Norway (the

Issuer

); and

Euroclear Bank SA/NV of 0 Xxxxxxxxx du Roi Xxxxxx XX, B-1210 Brussels, Belgium and Clearstream

Banking SA of 42 Avenue X.X. Xxxxxxx, L-1855 Luxembourg (each a

Relevant Clearing

System

).

Subject: Acceptance of:

Programme Name:

Equinor ASA €20,000,000,000 Euro Medium Term Note Programme

Programme Number: 4138

This agreement sets forth the understanding of the parties with respect to securities to be issued,

as applicable, in (i) bearer New Global Note form (

NGN Securities

) or (ii) registered form under

the New Safekeeping Structure (

NSS Securities

) under the above-captioned programme (the

Securities

) that the Issuer may request be made eligible for settlement with Euroclear Bank

SA/NV and Clearstream Banking SA (the

ICSDs

).

In order to allow the ICSDs to accept the Securities as eligible for settlement with the ICSDs and to

properly service the Securities, the Issuer hereby represents and warrants to the ICSDs that in all

matters relating to the Securities it will, and it will require any agent appointed by it to, comply with

the requirements for the Securities set out herein.

1.

 The ICSDs hereby agree that:

(a)

 with respect to the issue outstanding amount (

IOA

) of the Securities, each of them will (in

the case of NGN Securities) maintain their respective portion of the IOA through their

records; will (in the case of NSS Securities) reflect through their records their respective

portion of the IOA as maintained by the NSS securities' register; will undertake daily

reconciliations of such amounts with each other; and will ensure on a daily basis that the

aggregate total of their respective records matches the IOA;

(b)

 each of them will promptly update their records to reflect the discharge of the Issuer's

obligations with respect to the Securities upon the receipt of (i) a redemption payment as

required pursuant to the terms of the Securities; and (ii) a confirmation from the Issuer or

0010155-0003327 UKO2: 2004375908.9

146

its agent of a mark-up (that is,

0010155-0003327 UKO2: 2004375908.9

147

increase) or mark-down (that is, decrease) of the IOA of the Securities; in doing so, each

ICSD will consult with the other to ensure that the aggregate of the amounts so updated by

them is equal to the total mark-up or mark-down notified to them;

(c)

 each of them will, or will require any agent appointed by it to, provide the necessary

information to the Issuer's agents to enable the Issuer's agents to comply with 2(c) below;

and

(d)

 each of them confirms that, upon the Issuer’s request, it will produce for the Issuer’s use a

statement showing the sum of the total nominal amount of its customer holdings for the

Securities as of a specified date.

2.

 The Issuer must procure that, in relation to any Securities:

(a)

 it or its agents will inform the ICSDs (through the common service provider appointed by

the ICSDs to service the Securities (the

CSP

)) of the initial IOA for such Securities on or

prior to the applicable closing date;

(b)

 if any event occurs that requires a mark-up or mark-down of the records that an ICSD holds

for its customers to reflect such customers’ interest in such Securities, one of its agents will

promptly provide details of the amount of such mark-up or mark-down, together with a

description of the event that requires it, to the ICSDs (through the CSP) to ensure that the

IOA of such NGN Securities in the records of the ICSDs, or the records of the ICSDs

reflecting the IOA of such NSS Securities, remain(s) at all times accurate;

(c)

 it or its agents will at least monthly perform a reconciliation process with the ICSDs (through

the CSP) with respect to the IOA for such Securities and will promptly inform the ICSDs

(through the CSP) of any discrepancies;

(d)

 it or its agents will promptly assist the ICSDs (through the CSP) in resolving any

discrepancy identified in the IOA of such NGN Securities or in the records reflecting the IOA

of such NSS Securities;

(e)

 it or its agents will promptly provide to the ICSDs (through the CSP) details of all amounts

paid under the Securities (or, where the Securities provide for delivery of assets other than

cash, of the assets so delivered);

(f)

 it or its agents will promptly provide to the ICSDs (through the CSP) any changes to the

Securities that will affect the amount of, or date for, any payment due under such

Securities;

(g)

 it or its agents will promptly provide to the ICSDs (through the CSP) copies of all

information that is given to the holders of the Securities;

(h)

 its agents will promptly pass on to it all communications they receive from the ICSDs

directly or through the CSP relating to the Securities; and

(i)

 its agents will promptly notify the ICSDs (through the CSP) of any failure by the Issuer to

make any payment or delivery due under the Securities when due.

The Issuer’s obligations under this Agreement will be discharged if it includes provisions

substantially to the effect set out in the paragraph above in any agreement it has with its agents.

The Issuer agrees that the ICSDs may rely on communication from its agents as if such

communication was received directly from the Issuer.

3.

 This Agreement is not intended to create and does not create any relationship of agency

0010155-0003327 UKO2: 2004375908.9

148

between the parties to it.

0010155-0003327 UKO2: 2004375908.9

149

4.

 This Agreement is governed by the law of the jurisdiction marked on Schedule 1.

Signed on behalf of:

Equinor ASA

By: 

(

Signature of Authorised Officer of Issuer or agent with Authorisation of Issuer

)

Name of Signatory:

On behalf of Euroclear Bank SA/NV

Xxxxxxxx Xxxxxxx, Managing Director, Head of

Asset Servicing & Transaction Operations &

Client Services

On behalf of Clearstream Banking, société

anonyme

Xxxxxxxx Xxxxxx

Member of Executive Board

Xxxxxxxx Van Der Haegen, Head of

Department New Issues

Xxxx Xxxxxxx, Executive Vice President,

Issuance & Distribution Services

0010155-0003327 UKO2: 2004375908.9

150

Schedule 1

Please tick one jurisdiction only.

Austria Latvia

Belgium Liechtenstein

Canada Lithuania

Cyprus Luxembourg

Czech Republic Malta

Denmark Netherlands

England & Wales

Norway

Estonia Poland

Finland Portugal

France Scotland

Germany Slovakia

Greece Slovenia

Hungary Spain

Iceland Switzerland

Ireland Sweden

Italy U.S.A. - New York

Japan - Other State

(

Name of Other State

)

0010155-0003327 UKO2: 2004375908.9

151

SCHEDULE 8

ADDITIONAL DUTIES OF THE AGENT

In relation to each Series of Notes that are NGNs, the Agent will comply with the following provisions:

1.

 The Agent will inform each of Euroclear and Clearstream, Luxembourg (the

ICSDs

),

through the common service provider appointed by the ICSDs to service the Notes (the

CSP

), of the initial issue outstanding amount (

IOA

) for each Tranche on or prior to the

relevant Issue Date.

2.

 If any event occurs that requires a mark up or mark down of the records which an ICSD

holds for its customers to reflect such customers' interest in the Notes, the Agent will (to the

extent known to it) promptly provide details of the amount of such mark up or mark down,

together with a description of the event that requires it, to the ICSDs (through the

CSP)

to

ensure that the IOA of the Notes remains at all times accurate.

3.

 The Agent will at least once every month reconcile its record of the IOA of the Notes with

information received from the ICSDs (through the CSP) with respect to the IOA maintained

by the ICSDs for the Notes and will promptly inform the ICSDs (through the CSP) of any

discrepancies.

4.

 The Agent will promptly assist the ICSDs (through the CSP) in resolving any discrepancy

identified in the IOA of the Notes.

5.

 The Agent will promptly provide to the ICSDs (through the CSP) details of all amounts paid

by it under the Notes (or, where the Notes provide for delivery of assets other than cash, of

the assets so delivered).

6.

 The Agent will (to the extent known to it) promptly provide to the ICSDs (through the CSP)

notice of any changes to the Notes that will affect the amount of, or date for, any payment

due under the Notes.

7.

 The Agent will (to the extent known to it) promptly provide to the ICSDs (through the CSP)

copies of all information that is given to the holders of the Notes.

8.

 The Agent will promptly pass on to the Issuer all communications it receives from the

ICSDs directly or through the CSP relating to the Notes.

9.

 The Agent will (to the extent known to it) promptly notify the ICSDs (through the CSP) of

any failure by the Issuer to make any payment or delivery due under the Notes when due.

[

Signature page to Amended and Restated Agency Agreement

]

SIGNATORIES

The Issuer

EQUINOR ASA

Forusbeen 50

N-4035 Stavanger

Norway

Telefax No: + 47 51 99 90 17

Attention: Compliance Officer, Group

Finance By:

The Guarantor

EQUINOR ENERGY AS

Forusbeen 50

N-4035 Stavanger

Norway

Telefax No: + 47 51 99 90 17

Attention: Compliance Officer, Group

Finance By:

0010155-0003327 UKO2: 2004375908.9

123

The Agent

THE BANK OF NEW YORK MELLON, LONDON BRANCH

One Canada Square

London E14 5AL

United Kingdom

Email:

 xxxxxxx0@xxxxxxxxx.xx

m Copy to Fax: x00 000 000 0000

Attention: Corporate Trust Administration EQUINOR ASA

By:

The other Paying Agent

THE BANK OF NEW YORK XXXXXX XX/NV, LUXEMBOURG BRANCH

Vertigo Building

Polaris 0-0 xxx Xxxxxx

Xxxxxxx L-2453

Luxembourg

Telephone:

Xxx Xxxxxx: x000 00 00 0000

Xxxxxxxxx Xxxxxxx: x000 00 00 4436

Xxxx Xxxxxxx: +352 24 52

5673 Email:

XXXXX_XXX@xxxxxxxxx.xx

m

Fax: x000 00 00 00 00

Attention: Corporate Trust Administration EQUINOR ASA

All communications c/o the Agent

By:

0010155-0003327 UKO2: 2004375908.9

124

APPENDIX 1

FORM OF CALCULATION AGENCY AGREEMENT

CALCULATION AGENCY AGREEMENT

[ ]

EQUINOR ASA

as

Issuer

and

[EQUINOR ENERGY AS

as Guarantor]

€20,000,000,000

EURO MEDIUM TERM NOTE PROGRAMME

125

CONTENTS

Clause Page

1.

Appointment of the Calculation Agent ................................ ................................ ............... 126

2.

Duties of Calculation Agent ................................ ................................ ............................... 126

3.

Expenses ................................ ................................ ................................ .......................... 127

4.

Indemnity ................................ ................................ ................................ .......................... 127

5.

Conditions of Appointment ................................ ................................ ................................ 127

6.

Terminatio n of Appointment ................................ ................................ .............................. 128

7.

Notices ................................ ................................ ................................ ............................. 129

8.

General ................................................................ ................................ ............................ 130

9.

Contract (Rights of Third Parties) Act 1999 ................................ ................................ ....... 130

10.

Governing Law and Submission to Jurisdiction ................................ ................................ . 130

Signatories ................................ ................................ ................................ ................................ ... 132

0010155-0003327 UKO2: 2004375908.9

126

CALCULATION AGENCY AGREEMENT

in respect of the

EQUINOR ASA €20,000,000,000

EURO MEDIUM TERM NOTE PROGRAMME

THIS AGREEMENT

is made on [ ]

BETWEEN

:

(1)

EQUINOR ASA

of Forusbeen 50, N-4035 Stavanger, Norway (the

Issuer

);

(2)

 [

EQUINOR ENERGY AS

of Forusbeen 50, N-4035 Stavanger, Norway (the

Guarantor

)]; and

(3)

 [ ] of [ ] (the

Calculation Agent

, which expression shall include its successor

or successors for the time being as calculation agent xxxxxxxxx).

WHEREAS

:

(A)

 The Issuer has entered into an amended and restated Programme Agreement with the

Dealers named therein dated 9 May 2022 under which the Issuer may issue Euro Medium

Term Notes (

Notes

) with an aggregate nominal amount of up to €20,000,000,000 (or its

equivalent in other currencies).

(B)

 The Notes will be issued subject to and with the benefit of an amended and restated

Agency Agreement (the

Agency Agreement

) dated 9 May 2022 and entered into between

the Issuer, The Bank of New York Mellon, London Branch as Agent (the

Agent

which

expression shall include its successor or successors for the time being under the Agency

Agreement) and the other parties named therein.

NOW IT IS HEREBY AGREED

that:

1.

 APPOINTMENT OF THE CALCULATION AGENT

The Issuer hereby appoints [ ] as Calculation Agent in respect of each Series of

Notes described in the Schedule hereto (the

Relevant Notes

) for the purposes set out in

clause

2

 below, all upon the provisions hereinafter set out. The agreement of the parties

hereto that this Agreement is to apply to each Series of Relevant Notes shall be evidenced

by the manuscript annotation and signature in counterpart of the Schedule hereto.

2.

 DUTIES OF CALCULATION AGENT

The Calculation Agent shall in relation to each Series of Relevant Notes perform all the

functions and duties imposed on the Calculation Agent by the terms and conditions of the

Relevant Notes (the

Conditions

) including endorsing the Schedule hereto appropriately in

relation to each Series of Relevant Notes. In addition, the Calculation Agent agrees that it

will provide a copy of all calculations made by it which affect the nominal amount

outstanding of any Relevant Notes which are identified on the Schedule as being NGNs to

The Bank of New York Mellon, London Branch to the contact details set out on the

signature page hereof.

Notwithstanding any other provision of this Agreement, the Calculation Agent shall not be

obliged to perform any functions and duties imposed on it by the Conditions as a result of

any Benchmark Amendments and/or Benchmark Replacement Conforming Changes (as

0010155-0003327 UKO2: 2004375908.9

127

applicable) enacted without

0010155-0003327 UKO2: 2004375908.9

128

the consent of the Calculation Agent if, in the Calculation Agent’s opinion, acting

reasonably and in good faith, such Benchmark Amendments and/or Benchmark

Replacement Conforming Changes (as applicable) impose more onerous obligations upon

it or expose it to additional duties, responsibilities or liability, or reduce or amend the

protective provisions afforded to the Calculation Agent in the Conditions or this Agreement.

3.

 EXPENSES

[

To

be agreed at the time of appointment

.]

4.

 INDEMNITY

4.1

 The Issuer shall indemnify (and failing the Issuer so indemnifying, the Guarantor agrees so

to indemnify) the Calculation Agent against any loss, liability, cost, claim, action, demand or

expense (including, but not limited to, all reasonable costs, legal fees, charges and

expenses paid or incurred in disputing or defending any of the foregoing) which it may incur

or which may be made against the Calculation Agent as a result of or in connection with its

appointment or the exercise of its powers and duties hereunder except such as may (i)

result from its own default, negligence or bad faith or that of its officers, directors or

employees or the breach by it of the terms of this Agreement or (ii) be governed by any

other provision of this Agreement.

4.2

 The Calculation Agent shall indemnify the Issuer and the Guarantor against any loss,

liability, cost, claim, action, demand or expense (including, but not limited to, all reasonable

costs, legal fees, charges and expenses paid or incurred in disputing or defending any of

the foregoing) which the Issuer may incur or which may be made against the Issuer as a

result of the breach by the Calculation Agent of the terms of this Agreement or its default,

negligence or bad faith or that of its officers, directors or employees.

5.

 CONDITIONS OF APPOINTMENT

5.1

 In acting hereunder and in connection with the Relevant Notes, the Calculation Agent shall

act solely as agent of the Issuer [and the Guarantor] and will not thereby assume any

obligations towards or relationship of agency or trust for or with any of the owners or

holders of the Relevant Notes or the coupons (if any) appertaining thereto (the

Coupons

).

5.2

 In relation to each issue of Relevant Notes the Calculation Agent hereby undertakes to the

Issuer to perform such obligations and duties, and shall be obliged to perform such duties

and only such duties as are herein and in the Conditions specifically set forth and no

implied duties or obligations shall be read into this Agreement or the Relevant Notes

against the Calculation Agent, other than the duty to act honestly and in good faith and to

exercise the diligence of a reasonably prudent agent in comparable circumstances.

5.3

 The Calculation Agent may consult with legal and other professional advisers and the

opinion of such advisers shall be full and complete protection in respect of any action taken,

omitted or suffered hereunder in good faith and in accordance with the opinion of such

advisers.

5.4

 The Calculation Agent shall be protected and shall incur no liability for or in respect of any

action taken, omitted or suffered in reliance upon any instruction, request or order from the

Issuer [or the Guarantor] or any notice, resolution, direction, consent, certificate, affidavit,

statement, cable, telex or other paper or document which it reasonably believes to be

genuine and to have been delivered, signed or sent by the proper party or parties or upon

written instructions from the Issuer [or the Guarantor].

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129

5.5

 The Calculation Agent and any of its officers, directors and employees may become the

owner of, or acquire any interest in, any Notes or Coupons (if any) with the same rights that

it or they would have if the Calculation Agent were not appointed xxxxxxxxx, and may

engage or be interested in any financial or other transaction with the Issuer [or the

Guarantor] and may act on, or as depositary, trustee or agent for, any committee or body of

holders of Notes or Coupons (if any) or in connection with any other obligations of the

Issuer [or the Guarantor] as freely as if the Calculation Agent were not appointed

hereunder.

6.

 TERMINATION OF APPOINTMENT

6.1

 The Issuer [or the Guarantor] may terminate the appointment of the Calculation Agent at

any time by giving to the Calculation Agent at least 45 days' prior written notice to that

effect, provided that, so long as any of the Relevant Notes is outstanding:

(a)

 such notice shall not expire less than 45 days before any date upon which any

payment is due in respect of any Relevant Notes; and

(b)

 notice shall be given in accordance with the Conditions, to the holders of the

Relevant Notes at least 30 days prior to any removal of the Calculation Agent.

6.2

 Notwithstanding the provisions of subclause

6.1

 above, if at any time:

(a)

 the Calculation Agent becomes incapable of acting, or is adjudged bankrupt or

insolvent, or files a voluntary petition in bankruptcy or makes an assignment for the

benefit of its creditors or consents to the appointment of an administrator, liquidator

or administrative or other receiver of all or any substantial part of its property, or

admits in writing its inability to pay or meet its debts as they may mature or

suspends payment thereof, or if any order of any court is entered approving any

petition filed by or against it under the provisions of any applicable bankruptcy or

insolvency law or if a receiver of it or of all or a substantial part of its property is

appointed or if any officer takes charge or control of the Calculation Agent or of its

property or affairs for the purpose of rehabilitation, conservation or liquidation; or

(b)

 the Calculation Agent fails duly to perform any function or duty imposed upon it by

the Conditions and this Agreement,

the Issuer [and the Guarantor] may forthwith without notice terminate the appointment of

the Calculation Agent, in which event notice thereof shall be given to the holders of the

Relevant Notes, in accordance with the Conditions as soon as practicable thereafter.

6.3

 The termination of the appointment pursuant to subclause

6.1

 or

6.2

 above of the

Calculation Agent hereunder shall not entitle the Calculation Agent to any amount by way of

compensation but shall be without prejudice to any amount then accrued due.

6.4

 The Calculation Agent may resign its appointment hereunder at any time by giving to the

Issuer [and the Guarantor] at least 90 days' prior written notice to that effect. Following

receipt of a notice of resignation from the Calculation Agent, the Issuer shall promptly give

notice thereof to the holders of the Relevant Notes, in accordance with the Conditions.

6.5

 Notwithstanding the provisions of subclauses

6.1,

6.2

 and

6.4

 above, so long as any of the

Relevant Notes is outstanding, the termination of the appointment of the Calculation Agent

(whether by the Issuer [and the Guarantor] or by the resignation of the Calculation Agent)

shall not be effective unless upon the expiry of the relevant notice a successor Calculation

Agent has been appointed. The Issuer [and the Guarantor] agrees with the Calculation

Agent that if, by the day falling 10 days before the expiry of any notice under subclause

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130

6.1

 or

6.4,

 the Issuer [and the Guarantor] has not

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131

appointed a replacement Calculation Agent, the Calculation Agent shall be entitled, on

behalf of the Issuer to appoint as a successor Calculation Agent in its place a reputable

financial institution of good standing which the Issuer [and the Guarantor] shall approve

(such approval not to be unreasonably withheld or delayed).

6.6

 Upon its appointment becoming effective, a successor Calculation Agent shall without

further act, deed or conveyance, become vested with all the authority, rights, powers,

trusts, immunities, duties and obligations of such predecessor with like effect as if originally

named as the Calculation Agent hereunder.

6.7

 If the appointment of the Calculation Agent hereunder is terminated (whether by the Issuer

[and the Guarantor] or by the resignation of the Calculation Agent), the Calculation Agent

shall, on the date on which such termination becomes effective, deliver to the successor

Calculation Agent any records concerning the Relevant Notes maintained by it (except such

documents and records as it is obliged by law or regulation to retain or not to release), but

shall have no other duties or responsibilities hereunder.

6.8

 Any corporation into which the Calculation Agent may be merged or converted, or any

corporation with which the Calculation Agent may be consolidated, or any corporation

resulting from any merger, conversion or consolidation to which the Calculation Agent shall

be a party, or any corporation to which the Calculation Agent shall sell or otherwise transfer

all or substantially all of its assets shall, on the date when such merger, consolidation or

transfer becomes effective and to the extent permitted by any applicable laws, become the

successor Calculation Agent under this Agreement without the execution or filing of any

paper or any further act on the part of any of the parties hereto, unless otherwise required

by the Issuer and after the said effective date all references in this Agreement to the

Calculation Agent shall be deemed to be references to such corporation. Written notice of

any such merger, conversion, consolidation or transfer shall forthwith be given to the Issuer

and the Agent.

6.9

 Upon giving notice of the intended termination of the appointment of the Calculation Agent,

the Issuer shall use all reasonable endeavours to appoint a further financial institution of

good standing as successor Calculation Agent.

7.

 NOTICES

Any notice or communication given hereunder shall be sufficiently given or served:

(a)

 if delivered in person to the relevant address specified on the signature pages

hereof or such other address as may be notified by the recipient in accordance with

this clause and, if so delivered, shall be deemed to have been delivered at time of

receipt; or

(b)

 if by email, when sent, subject to no delivery failure notification being received by

the sender within 24 hours of the time of sending, to the relevant email address

specified on the signature pages hereof or such other email address as may be

notified by the recipient in accordance with this clause; or

(c)

 if sent by facsimile to the relevant number specified on the signature pages hereof

or such other address as may be notified by the recipient in accordance with this

clause and, if so sent, shall be deemed to have been delivered immediately after

transmission provided such transmission is confirmed when an acknowledgement of

receipt is received.

Where a communication is received after business hours it shall be deemed to be received

and become effective on the next business day. Every communication shall be irrevocable

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132

save in respect of any manifest error therein.

0010155-0003327 UKO2: 2004375908.9

133

8.

 GENERAL

8.1

 The descriptive headings in this Agreement are for convenience of reference only and shall

not define or limit the provisions hereof.

8.2

 This Agreement may be executed by any one or more of the parties hereto in any number

of counterparts, each of which shall be deemed to be an original, but all such counterparts

shall together constitute one and the same instrument.

8.3

 If any provision in or obligation under this Agreement is or becomes invalid, illegal or

unenforceable in any respect under the law of any jurisdiction, that will not affect or impair

(i) the validity, legality or enforceability under the law of that jurisdiction of any other

provision in or obligation under this Agreement, and (ii) the validity, legality or enforceability

under the law of any other jurisdiction of that or any other provision in or obligation under

this Agreement

[

Consider whether contractual recognition language (pursuant to Article 55 of the EU Bank

Recovery and Resolution Directive) is required to be included.

]

9.

 CONTRACT (RIGHTS OF THIRD PARTIES) ACT 1999

A person who is not a party to this Agreement has no right under the Contracts (Rights of

Third Parties) Act 1999 to enforce any term of this Agreement but this does not affect any

right or remedy of a third party which exists or is available apart from that Act.

10.

 GOVERNING LAW AND SUBMISSION TO JURISDICTION

10.1

 This Agreement and any non-contractual obligations arising out of or in connection with it

are governed by, and shall be construed in accordance with, English law.

10.2

 The courts of England are to have jurisdiction to settle any disputes which may arise out of

or in connection with this Agreement (including a dispute relating to any non-contractual

obligations arising out of or in connection with this Agreement) and accordingly any legal

action or proceedings arising out of or in connection with this Agreement (

Proceedings

)

(including any Proceedings relating to any non-contractual obligations arising out of or in

connection with this Agreement) may be brought in such courts. The Issuer [and the

Guarantor each] irrevocably submits to the jurisdiction of such courts and waives any

objection to Proceedings in any such courts whether on the ground of venue or on the

ground that the Proceedings have been brought in an inconvenient forum. This submission

is made for the benefit of the Calculation Agent and shall not limit its right to take

Proceedings in any other court of competent jurisdiction nor shall the taking of Proceedings

in one or more jurisdictions preclude the taking of Proceedings in any other jurisdiction

(whether concurrently or not).

10.3

 The Issuer [and the Guarantor each] irrevocably appoints Equinor UK Limited (whose

offices are at the date of this Agreement at One Kingdom Street, Paddington Central,

London W2 6BD) as its agent for service of process in respect of any Proceedings in

England. If for any reason such agent shall cease to be such agent for service of process,

the Issuer shall forthwith, on request of the Calculation Agent, appoint a new agent for

service of process in England and deliver to the Calculation Agent a copy of the new

agent's acceptance of that appointment within 30 days. Nothing in this Agreement shall

affect the right to serve process in any other manner permitted by law.

IN WITNESS

whereof this Agreement has been entered into the day and year first above written.

0010155-0003327 UKO2: 2004375908.9

134

SCHEDULE TO THE CALCULATION AGENCY AGREEMENT

Series number Issue Date Maturity

Date

Title

and

Nomina

l

Amount

NGN

[Yes/No

]

Annotation

by

Calculation

Agent/Issuer

0010155-0003327 UKO2: 2004375908.9

135

SIGNATORIES

EQUINOR ASA

Forusbeen 50

N-4035 Stavanger

Norway

Telefax No: + 47 51 99 90 17

Attention: Compliance Officer, Group

Finance By:

[

EQUINOR ENERGY AS

Forusbeen 50

N-4035 Stavanger

Norway

Telefax No: + 47 51 99 90 17

Attention: Compliance Officer, Group

Finance By: ]

[Name of Calculation Agent]

[Address of Calculation

Agent] Telefax No: [

 ]

Attention: [ ]

By: .............................................................................

Contact Details

THE BANK OF NEW YORK MELLON, LONDON BRANCH

One Canada Square

London E14 5AL

United Kingdom

Email: xxxxxxx0@xxxxxxxxx.xxx 

Copy to Fax: x00 000 000 0000

Attention: Corporate Trust Administration EQUINOR ASA