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INSTRUCTIONS FOR THE BOARD AUDIT COMMITTEE

EQUINOR ASA

(Adopted by the board of directors on 8 June 2022)

PURPOSE

The Equinor ASA (the “company”) audit committee (the “committee”) is a sub-committee of the

board of the company (the “board”). The committee acts as a preparatory body for the board in

connection with risk management, internal control and financial reporting. In addition, other tasks

are assigned to the committee in accordance with the provisions herein, including the role as

qualified legal and compliance committee.

The committee supports the board in the administration and exercise of its responsibilities for

supervision in accordance with:

• The Norwegian Public Limited Liability Companies Act (Allmennaksjeloven) and related

legislation and regulations

• Norwegian and US securities legislation and applicable listing standards of the securities

exchanges on which the company’s securities are listed.

In particular, the committee shall assist the board in exercising its oversight responsibilities in

relation to:

• The financial reporting process and the integrity of the financial statements

• The company’s internal control, internal audit and risk management systems and practices

• The election of and qualifications, independence and oversight of the work of the external

auditors

• Business integrity, including handling of complaints and reports

• Other duties as set out in the Norwegian Public Limited Liability Companies Act § 6-43 and

Rule 10A-3 under the US Securities Exchange Act (“Rule 10A-3”) and applicable listing

requirements.

In performing its duties, the committee shall not jeopardise its independent role.

The committee’s role and duties as described herein shall not override the board’s responsibility for

preparing the company’s interim financial reports, the annual report and accounts and the annual

report on Form 20-F, including the financial statements, in accordance with applicable laws and

regulations.

AUTHORITY

The board determines the instructions for the committee.

Summary of content (9 pages)

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INSTRUCTIONS FOR THE BOARD AUDIT COMMITTEE OF EQUINOR ASA (Adopted by the board of directors on 8 June 2022) PURPOSE The Equinor ASA (the “company”) audit committee (the “committee”) is a sub-committee of the board of the company (the “board”). The committee acts as a preparatory body for the board in connection with risk management, internal control and financial reporting.
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The committee may examine all activities and circumstances relating to the operations of the company in the execution of its tasks. In this regard, the committee may request the chief executive officer (CEO) or any other employee to provide access to information, facilities, personnel, and other assistance as required.
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MEETINGS AND ATTENDANCE The committee chair will collaborate with the CAE and senior management to establish a work plan and agenda for the committee meetings to ensure that the responsibilities of the committee are scheduled and will be carried out. The committee will meet as often as it deems necessary, and normally five to seven times every year.
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2.1 Discuss and review with management and the external auditors: (a) critical accounting policies and practices to be used by the company, and (b) alternative accounting treatments. 2.
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3.2 Review and approve the engagement letter for the external auditors’ annual audit of the company’s consolidated and parent company financial statements; consider the annual external audit plan; and approve related remuneration, including both fees for audit and non-audit services, to oversee that the level of fees is appropriate to enable an effective and high-quality audit to be conducted. 3.
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4.2 Review and assess management’s response to significant internal audit findings and notable control weaknesses, including potential improvements and agreed actions. 4.
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5.3 Upon receipt of any reports from the legal department or any attorney representing Equinor, including outside counsel, concerning evidence of material violations of applicable statutes and/or regulations, in Norway or abroad, including those relating to the Equinor group’s financial reporting and/or internal control, ensure that such reports are subject to the confidential receipt, retention and consideration of the committee. 5.
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5.13 Review the process for communicating the Code of Conduct to the organisation's personnel and for monitoring compliance with the Code of Conduct relevant to the committee’s responsibilities The committee shall annually make recommendations to the board on amendments to Equinor’s Code of Conduct, in accordance with the committee’s objective, and in particular to sections 3.6 (Financial and Business Records and Reporting) and 3.
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7.3 The committee shall provide the board with a written report to the board annually no later than when the board shall approve the annual accounts, summarising the committee's activities and recommendations.