Document:

EX-10.5

 Exhibit 10.5 

INDEPENDENT CONTRACTOR AGREEMENT 

This is to confirm the agreement between Scott R. Burell (“Contractor”), and Invitae Corporation (the
“Company”) for contract services (the “Agreement”). The terms and conditions of the arrangements between Contractor and the Company are as follows: 

1. Term of Agreement. This Agreement is effective (the “Effective Date”) as of the Closing Date as that term is
defined in that certain Agreement and Plan of Merger and Reorganization dated July 31, 2017 by and among Invitae Corporation, Coronado Merger Sub, Inc. and CombiMatrix Corporation (“CombiMatrix”), so long as Contractor
shall have been employed by CombiMatrix continuously from July 31, 2017 until immediately prior to the Closing Date, and shall continue in effect until the earlier of (a) the eight (8) month anniversary of the Effective Date or
(b) such time as this Agreement is terminated as provided in Section 9 below (such effective period of this Agreement, including any extensions to the initial term, the “Term”). 

2. Services To Be Performed by Contractor. Contractor agrees to provide strategic management and leadership services of
CombiMatrix as the operations of CombiMatrix integrate into the Company as and when requested by the Company (the “Project”). 

3. Compensation. The Company will compensate Contractor according to the following fee schedule on a monthly basis during the Term (and,
if longer, through the date which is eight (8) months following the Effective Date if a termination has occurred pursuant to Sections 9(c) or 9(e) below), within ten (10) days following receipt of
Contractor’s invoice delivered to the Company: 
  

	 	•	 	$22,150.00 per month; plus 

  

	 	•	 	If and to the extent that Contractor elects during the Term to continue the health insurance coverage for Contractor and Contractor’s dependents (as in effect immediately prior to the Closing Date) under COBRA,
reimbursement for the monthly premium. 

 In addition, the Company will pay Contractor the following bonuses and perks, but only to the
extent, on the dates of such payments, that (i) Contractor would have been entitled to such payments (including, without limitation, because any related milestones were achieved) had he been employed by CombiMatrix (in the instance of the first
bullet below) and, (ii) unless a termination has occurred pursuant to Sections 9(a), 9(c) or 9(e) below prior to the date which is eight (8) months following the Effective Date, Contractor has continuously performed services
for the Company pursuant to this Agreement from and after the Effective Date and through such dates of payment: 
  

	 	•	 	Within 75 days after December 31, 2017, and assuming that no portion of any such bonus amount has been previously paid to Contractor, the Company will pay Contractor any applicable annual bonus amount for actual
achievement of second half and year-end targets under that certain CombiMatrix Amended and Restated 2017 Executive Performance Bonus Plan; and 

	 	•	 	Reimbursement of all reasonable and otherwise unreimbursed transportation and hotel expenses for Contractor and Contractor’s spouse for the CombiMatrix 2017 President’s Club. 

4. Work Location. Contractor shall determine the location for performance of Contractor’s services, consistent with the needs of
the Project. 
 5. Billable Expenses. Out-of-pocket
expenses (including, without limitation, local travel and local telephone calls) that Contractor incurs in connection with the Project shall be paid by Contractor. With prior approval by the Company, the Company shall reimburse Contractor for out-of-area travel and any general, applicable expenses related to the Project. Reimbursement shall be made within ten (10) days following receipt of
Contractor’s invoice, provided that expenses shall be invoiced no more often than on a monthly basis. 
 6. Independent Contractor
Relationship. Contractor and the Company agree that no employment relationship is created by this Agreement. The Company is interested only in the results to be achieved by Contractor. Contractor is an independent contractor and is not
considered an agent or common law employee of the Company for any purpose. 
 7. Contractor’s Tax Obligations.
Except with respect to any portion of the compensation payable pursuant to Section 3 above as to which Contractor is treated as a W-2 employee of CombiMatrix and CombiMatrix effects
the applicable withholding and deductions with respect thereto, (a) Contractor shall be solely responsible for and shall make proper and timely payment of any taxes due on payments made (i) to Contractor pursuant to this Agreement
(including, but not limited to, Contractor’s estimated state and federal income taxes and self-employment taxes) and (ii) to other persons who provide services to Contractor in connection with this Agreement, and (b) Contractor hereby
agrees to indemnify the Company against any and all claims, liabilities or expenses (including, without limitation, reasonable attorneys’ fees and costs) the Company incurs as a result of Contractor’s breach of any of Contractor’s
obligations under this Section 7. 
 8. Confidential Information, Invention Assignment and Arbitration
Agreement. Prior to any effectiveness of this Agreement, Contractor shall execute and deliver to the Company a copy of the Confidential Information, Invention Assignment and Arbitration Agreement in the form attached hereto as Exhibit A
(the “Proprietary Agreement”). 
 9. Termination. If earlier than the eight (8) month anniversary of the
Effective Date (when this Agreement otherwise terminates), this Agreement shall terminate automatically on the occurrence of any of the following events: 

(a) Death or permanent disability of Contractor; 

(b) Assignment of this Agreement by Contractor without the Company’s consent; 

  
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 (c) Ten (10) days’ notice to Contractor by the Company without Cause (as
defined below); 
 (d) Written notice to Contractor by the Company, effective immediately, with Cause (as defined below); 

(e) Ten (10) days’ notice to the Company by Contractor with Good Reason (as defined below); 

(f) Ten (10) days’ notice to the Company by Contractor without Good Reason (as defined below); or 

(g) At such time as Contractor may become an employee of the Company. 

For purposes of this Agreement, “Cause” shall mean any of the following: (i) continued failure by Contractor to substantially
perform his obligations to the Company under this Agreement (other than as a result of Contractor’s incapacity due to any medically determinable physical or mental impairment), (ii) any act of fraud or intentional misconduct by Contractor in
connection with Contractor’s responsibilities to the Company under this Agreement that is materially injurious to the Company; or (iii) Contractor’s conviction of a felony. 

For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following events or conditions without
Contractor’s written consent: (i) any material diminution of Contractor’s compensation under this Agreement; or (ii) a material change in the geographic location at which Contractor must perform Contractor’s duties under
this Agreement, except for reasonably required travel by the Company; provided that the Contractor has given the Company written notice of his intent to resign for Good Reason no later than ninety (90) days after the time at which the event or
condition giving rise to Good Reason first occurs or arises, and the Company shall not have cured such Good Reason event within thirty (30) days following receipt of such notice from the Contractor. 

For purposes of this Agreement, “permanent disability” shall mean Contractor is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. 

10. Modifications. No modification of this Agreement shall be valid unless made in writing and signed by the parties hereto. 

11. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of California, exclusive of its choice
of law provisions. 
 12. Arbitration Clause. Any controversy or claim arising out of or relating to this Agreement or breach thereof
shall be settled promptly by arbitration with one (1) arbitrator in San Francisco County, California, in accordance with the then existing rules of JAMS, Inc.; provided, however, that the arbitrator shall have no
authority to add to, modify, change or disregard any lawful terms of this Agreement. The decision of the arbitrator shall be final and binding, and judgment on the arbitration award may be entered in any court having jurisdiction over the subject
matter of the controversy. Arbitration shall be the exclusive final remedy for any dispute between the parties; provided, however, that this provision shall not prevent either party from seeking injunctive relief for any violation of
the Proprietary Agreement. 

  
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 13. Entire Agreement. This Agreement (including the documents referred to herein)
constitutes the entire agreement among the parties and supersedes any prior understandings, agreements or representations by or among the parties, written or oral, to the extent they relate in any way to the subject matter hereof. 

14. Acknowledgment. Contractor certifies and acknowledges that Contractor has carefully read all of the provisions of this Agreement and
the Proprietary Agreement and Contractor understands and will fully and faithfully comply with such provisions. Contractor agrees that this Agreement, together with the Proprietary Agreement, supersedes and cancels any and all previous agreements of
whatever nature between the Company and Contractor with respect to the matters covered herein and in the Proprietary Agreement. This Agreement, together with the Proprietary Agreement, constitutes the full, complete and exclusive agreement between
Contractor and the Company with respect to the subject matters herein and in the Proprietary Agreement. 
 IN WITNESS WHEREOF, the parties
have executed this Agreement as of the Effective Date. 
  

			
	INVITAE CORPORATION
		
	By:	 	 /s/ Lee Bendekgey

	Name:	 	Lee Bendekgey
	Title:	 	COO
	
	CONTRACTOR:
	
	 /s/ Scott R. Burell

	Name: Scott R. Burell

  
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 EXHIBIT A 

Confidential Information, Invention Assignment and Arbitration Agreement 

[attached hereto] 

 INVITAE CORPORATION 

CONFIDENTIAL INFORMATION, 

INVENTION ASSIGNMENT AND ARBITRATION AGREEMENT 

In connection with my performance of services for Invitae Corporation (the “Company”) pursuant to the Independent Contractor
Agreement (“Contractor Agreement”) to which this Agreement is attached, I agree to the following provisions of this Invitae Corporation Confidential Information, Invention Assignment and Arbitration Agreement (this
“Agreement”): 
 1. CONFIDENTIALITY 

A. Definition of Confidential Information. “Services” means those services I am providing pursuant to the Contractor
Agreement. I understand that “Company Confidential Information” means information that the Company has or will develop, acquire, create, compile, discover or own, that has value in or to the Company’s business which is not
generally known and which the Company takes reasonable steps to maintain as confidential. Company Confidential Information includes both information disclosed by the Company to me, and information developed or learned by me during the course of my
performance of Services with the Company (referred to herein as my “engagement”). Company Confidential Information also includes all information of which the unauthorized disclosure could be detrimental to the interests of Company, whether
or not such information is identified as Company Confidential Information. By example, and without limitation, Company Confidential Information includes any and all non-public information that relates to the
actual or anticipated business and/or products, research or development of the Company, or to the Company’s technical data, trade secrets, or know-how, including, but not limited to, research, product
plans, or other information regarding the Company’s products or services and markets therefor, customer lists and customers (including, but not limited to, customers of the Company on which I called or with which I may become acquainted during
the term of my engagement), software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing, finances, and other business information disclosed by the Company either
directly or indirectly in writing, orally or by drawings or inspection of premises, parts, equipment, or other Company property. Notwithstanding the foregoing, Company Confidential Information shall not include any such information which I can
establish (i) was publicly known or made generally available prior to the time of disclosure by Company to me; (ii) becomes publicly known or made generally available after disclosure by Company to me through no wrongful action or omission
by me; or (iii) is in my rightful possession, without confidentiality obligations, at the time of disclosure by Company as shown by my then-contemporaneous written records. 

B. Nonuse and Nondisclosure. I agree that during and after my engagement with the Company, I will hold in the strictest confidence, and
take all reasonable precautions to prevent any unauthorized use or disclosure of Company Confidential Information, and I will not (i) use the Company Confidential Information for any purpose whatsoever other than for the benefit of the Company
in the course of my engagement, or (ii) disclose the Company Confidential Information to any third party without the prior written authorization of the President, CEO, or the Board of Directors of the Company. Prior to disclosure when compelled
by applicable law; I shall provide prior written notice to the President, CEO, and General Counsel of Invitae, Inc. (as applicable). I agree that I obtain no title to any Company 

  
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Confidential Information, and that as between Company and myself, Invitae, Inc. retains all Confidential Information as the sole property of Invitae, Inc. I understand that my unauthorized use or
disclosure of Company Confidential Information during my engagement may lead to disciplinary action, up to and including immediate termination and legal action by the Company. I understand that my obligations under this
Section 1.B shall continue after termination of my engagement. 
 C. Former Employer Confidential
Information. I agree that during my engagement with the Company, I will not improperly use, disclose, or induce the Company to use any proprietary information or trade secrets of any former employer or other person or entity with which I have an
obligation to keep in confidence. I further agree that I will not bring onto the Company’s premises or transfer onto the Company’s technology systems any unpublished document, proprietary information, or trade secrets belonging to any such
third party unless disclosure to, and use by, the Company has been consented to in writing by such third party. 
 D. Third Party
Information. I recognize that the Company has received and in the future will receive from third parties associated with the Company, e.g., the Company’s customers, suppliers, licensors, licensees, partners, or collaborators
(“Associated Third Parties”), their confidential or proprietary information (“Associated Third Party Confidential Information”) subject to a duty on the Company’s part to maintain the confidentiality of such
Associated Third Party Confidential Information and to use it only for certain limited purposes. By way of example, Associated Third Party Confidential Information may include the habits or practices of Associated Third Parties, the technology of
Associated Third Parties, requirements of Associated Third Parties, and information related to the business conducted between the Company and such Associated Third Parties. I agree at all times during my engagement with the Company and thereafter,
that I owe the Company and its Associated Third Parties a duty to hold all such Associated Third Party Confidential Information in the strictest confidence, and not to use it or to disclose it to any person, firm, corporation, or other third party
except as necessary in carrying out my work for the Company consistent with the Company’s agreement with such Associated Third Parties. I further agree to comply with any and all Company policies and guidelines that may be adopted from time to
time regarding Associated Third Parties and Associated Third Party Confidential Information. I understand that my unauthorized use or disclosure of Associated Third Party Confidential Information or violation of any Company policies during my
engagement may lead to disciplinary action, up to and including immediate termination and legal action by the Company. 
 2.
OWNERSHIP 
 A. Assignment of Inventions. As between Company and myself, I agree that,
subject to Section 2(G), all right, title, and interest in and to any and all copyrightable material, notes, records, drawings, designs, inventions, improvements, developments, discoveries and trade secrets conceived, discovered, authored,
invented, developed or reduced to practice by me, solely or in collaboration with others, during my engagement with the Company and while performing Services, (collectively, “Inventions”), are the sole property of the Company. I
also agree to promptly make full written disclosure to Invitae, Inc. of any Inventions, and to deliver and assign and hereby irrevocably assign fully to Invitae, Inc. all of my right, title and interest in

  
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and to Inventions. I agree that this assignment includes a present conveyance to Invitae, Inc. of ownership of Inventions that are not yet in existence. I further acknowledge that all original
works of authorship that are made by me (solely or jointly with others) within the scope of and during the period of my engagement with the Company and that are protectable by copyright are “works made for hire,” as that term is defined in
the United States Copyright Act to the maximum extent permitted by applicable law. I understand and agree that the decision whether or not to commercialize or market any Inventions is within the Company’s sole discretion and for the
Company’s sole benefit, and that no royalty or other consideration will be due to me as a result of the Company’s efforts to commercialize or market any such Inventions. 

B. Pre-Existing Materials. I have attached hereto as Exhibit A, a list describing all
inventions, discoveries, original works of authorship, developments, improvements, trade secrets and other proprietary information or intellectual property rights owned by me or in which I have an interest prior to, or separate from, my engagement
with the Company and which relate to the Company’s proposed business, products, or research and development (“Prior Inventions”); or, if no such list is attached, I represent and warrant that there are no such Prior Inventions.
Furthermore, I represent and warrant that if any Prior Inventions are included on Exhibit A, they will not materially affect my ability to perform all obligations under this Agreement. Nothing in this Agreement transfers or assigns any
ownership of any rights in Prior Inventions to the Company and the parties acknowledge that I retain all of my right, title and interest in Prior Inventions. I will inform Invitae, Inc. in writing before incorporating such Prior Inventions into any
Invention or otherwise utilizing such Prior Invention in the course of my engagement with the Company. I will not incorporate any invention, improvement, development, concept, discovery, work of authorship or other proprietary information owned by
any third party into any Invention without Invitae, Inc.’s prior written permission. 
 C. Moral Rights. Any assignment to
Invitae, Inc. of Inventions includes all rights of attribution, paternity, integrity, modification, disclosure and withdrawal, and any other rights throughout the world that may be known as or referred to as “moral rights,”
“artist’s rights,” “droit moral,” or the like (collectively, “Moral Rights”) that I may have in Inventions. To the extent that Moral Rights cannot be assigned under applicable law, I hereby waive and agree
not to enforce any and all Moral Rights, including, without limitation, any limitation on subsequent modification, to the extent permitted under applicable law. 

D. Maintenance of Records. I agree to keep and maintain adequate, current, accurate, and authentic written records of all Inventions
made by me (solely or jointly with others) during the term of my engagement with the Company. The records will be in the form of notes, sketches, drawings, electronic files, reports, or any other format that may be specified by the Company. As
between Company and myself, the records are and will be available to and remain the sole property of Invitae, Inc. at all times. 
 E.
Further Assurances. I agree to assist the Company, or its designee, at the Company’s expense, in every proper way to secure the Company’s rights in the Inventions in any and all countries, including the disclosure to the Company of
all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, assignments, and all other instruments that the Company shall deem proper or necessary in order to apply for, register, obtain,
maintain, defend, and enforce such rights, and in order to deliver, assign and 

  
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convey to the Company, its successors, assigns, and nominees the sole and exclusive rights, title, and interest in and to all Inventions, and testifying in a suit or other proceeding relating to
such Inventions. I further agree that my obligations under this Section 2.E shall continue after the termination of this Agreement. 

F. Attorney-in-Fact. I agree that, if the Company is
unable because of my unavailability, mental or physical incapacity, or for any other reason to secure my signature with respect to any Inventions, including, without limitation, for the purpose of applying for or pursuing any application for any
United States or foreign patents or mask work or copyright registrations covering the Inventions assigned to Invitae, Inc. in Section 2.A, then I hereby irrevocably designate and appoint the Company and its duly authorized
officers and agents as my agent and attorney-in-fact, to act for and on my behalf to execute and file any papers and oaths, and to do all other lawfully permitted acts
with respect to such Inventions to further the prosecution and issuance of patents, copyright and mask work registrations with the same legal force and effect as if executed by me. This power of attorney shall be deemed coupled with an interest, and
shall be irrevocable. 
 G. Exception to Assignments. I UNDERSTAND THAT THE PROVISIONS OF THIS AGREEMENT REQUIRING ASSIGNMENT OF
INVENTIONS TO THE COMPANY DO NOT APPLY TO ANY INVENTION THAT WAS DEVELOPED ENTIRELY ON MY OWN TIME WITHOUT USING COMPANY’S EQUIPMENT, SUPPLIES, FACILITIES, OR TRADE SECRET INFORMATION EXCEPT FOR THOSE INVENTIONS THAT EITHER: (1) RELATE AT
THE TIME OF CONCEPTION OR REDUCTION TO PRACTICE OF THE INVENTION TO THE COMPANY’S BUSINESS, OR ACTUAL OR DEMONSTRABLY ANTICIPATED RESEARCH OR DEVELOPMENT OF THE COMPANY; OR (2) RESULT FROM ANY WORK PERFORMED BY ME FOR THE COMPANY. 

3. CONFLICTING OBLIGATIONS 

A. Current Obligations. I agree that during the term of my engagement with the Company, I will not engage in any other activities that
conflict with my obligations to the Company. 
 B. Prior Relationships. Without limiting Section 3.A, I
represent and warrant that I have no other agreements, relationships, or commitments to any other person or entity that require me to take any actions that conflict with my obligations to the Company under this Agreement, or negatively affect my
ability to perform the services pursuant to this Agreement. I further agree that if I have signed a confidentiality agreement or similar type of agreement with any former employer or other entity, I will comply with the terms of any such agreement
to the extent that its terms are lawful under applicable law. I represent and warrant that after undertaking a careful search (including searches of my computers, cell phones, electronic devices, and documents), I have returned all property and
confidential information belonging to all prior employers (and/or other third parties I have performed services for in accordance with the terms of my applicable agreement). Moreover, I agree to fully indemnify the Company, its directors, officers,
agents, employees, investors, shareholders, administrators, affiliates, divisions, subsidiaries, predecessor and successor corporations, and assigns for all verdicts, 

  
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judgments, settlements, and other losses incurred by any of them resulting from my breach of my obligations under any agreement with a third party to which I am a party or obligation to which I
am bound, as well as any reasonable attorneys’ fees and costs if the plaintiff is the prevailing party in such an action, except as prohibited by law. 

4. RETURN OF COMPANY MATERIALS 

Upon separation from engagement with the Company, on Company’s earlier request during my engagement, or at any time subsequent to my
engagement upon demand from the Company, I will immediately deliver to Invitae, Inc., and will not keep in my possession, recreate, or deliver to anyone else, any and all Company property, including, but not limited to, Company Confidential
Information, Associated Third Party Confidential Information, all devices and equipment belonging to the Company (including computers, handheld electronic devices, telephone equipment, and other electronic devices), all tangible embodiments of the
Inventions, all electronically stored information and passwords to access such property, Company credit cards, records, data, notes, notebooks, reports, files, proposals, lists, correspondence, specifications, drawings, blueprints, sketches,
materials, photographs, charts, any other documents and property, and reproductions of any of the foregoing items, including, without limitation, those records maintained pursuant to Section 2.D. I also consent to an exit
interview to confirm my compliance with this Article 4. 
 5. TERMINATION
CERTIFICATION 
 Upon separation from engagement with the Company, I agree to immediately sign and
deliver to the Company the “Termination Certification” attached hereto as Exhibit C. I also agree to keep the Company advised of my home and business address for a period of three (3) years after termination of my engagement
with the Company, so that the Company can contact me regarding my continuing obligations provided by this Agreement. 
 6.
SOLICITATION OF EMPLOYEES 
 To the fullest extent permitted under
applicable law, I agree that during my engagement and for a period of twelve (12) months immediately following the termination of my relationship with the Company for any reason, whether voluntary or involuntary, with or without cause, I will
not directly or indirectly solicit any of the Company’s employees to leave their employment at the Company. I agree that nothing in this Article 6 shall affect my continuing obligations under this Agreement during and after this twelve
(12) month period, including, without limitation, my obligations under Article 1. 
 7. CONFLICT
OF INTEREST GUIDELINES 
 I agree to diligently adhere to the
Company’s Insider Trading and Communications Policy and Conflict of Interest Guidelines. A copy of the Company’s current Insider Trading and Communications Policy and Conflict of Interest Guidelines are attached as Exhibits D and
E hereto, but I understand that these Conflict of Interest Guidelines and the Insider Trading and Communications Policy may be revised from time to time during my engagement. 

8. REPRESENTATIONS 

Without limiting my obligations under Section 2.E above, I agree to execute any proper oath or verify any proper document required
to carry out my obligations under the terms of this Agreement. I represent and warrant that my performance of all the terms of this Agreement will not breach any agreement to keep in confidence information acquired by me in confidence or in trust
prior to my engagement by the Company. I hereby represent and warrant that I have not entered into, and I will not enter into, any oral or written agreement in conflict herewith. 

  
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 9. AUDIT 

I acknowledge that I have no reasonable expectation of privacy in any of the Company’s computer, technology system, email, handheld
device, telephone, voicemail, or documents that are used to conduct the business of the Company. All information, data, and messages created, received, sent, or stored in these systems are, at all times, the property of the Company. As such, the
Company has the right to audit and search all such items and systems, without further notice to me, to ensure that the Company is licensed to use the software on the Company’s devices in compliance with the Company’s software licensing
policies, to ensure compliance with the Company’s policies, and for any other business-related purposes in the Company’s sole discretion. I understand that I am not permitted to add any unlicensed, unauthorized, or non-compliant applications to the Company’s technology systems, including, without limitation, open source or free software not authorized by the Company, and that I shall refrain from copying unlicensed
software onto the Company’s technology systems or using non-licensed software or websites. I understand that it is my responsibility to comply with the Company’s policies governing use of the
Company’s documents and the internet, email, telephone, and technology systems to which I will have access in connection with my engagement. 

I am aware that the Company has or may acquire software and systems that are capable of monitoring and recording all network traffic to and
from any Company computer I may use. The Company reserves the right to access, review, copy, and delete any of the information, data, or messages accessed through these systems with or without notice to me and/or in my absence. This includes, but is
not limited to, all e-mail messages sent or received, all website visits, all chat sessions, all news group activity (including groups visited, messages read, and postings by me), and all file transfers into
and out of the Company’s internal networks. The Company further reserves the right to retrieve previously deleted messages from e-mail or voicemail and monitor usage of the Internet, including websites
visited and any information I have downloaded while using any Company computers. In addition, the Company may review Internet and technology systems activity for Company computers I may use and analyze usage patterns, and may choose to publicize
this data to assure that technology systems are devoted to legitimate business purposes. 
 10. ARBITRATION
AND EQUITABLE RELIEF 
 A. Arbitration. IN CONSIDERATION OF MY
ENGAGEMENT WITH THE COMPANY, ITS PROMISE TO ARBITRATE ALL DISPUTES, AND MY RECEIPT OF THE COMPENSATION, PAY RAISES, AND OTHER BENEFITS PAID TO ME BY THE COMPANY, AT PRESENT AND IN THE FUTURE, I AGREE THAT, SUBJECT TO THE EXCEPTIONS LISTED BELOW, ANY
AND ALL CONTROVERSIES, CLAIMS, OR DISPUTES WITH ANYONE (INCLUDING THE COMPANY AND ANY EMPLOYEE, OFFICER, DIRECTOR, SHAREHOLDER, OR BENEFIT PLAN OF THE COMPANY, IN THEIR CAPACITY AS SUCH OR OTHERWISE), ARISING OUT OF, RELATING TO, OR RESULTING FROM
MY ENGAGEMENT WITH THE COMPANY OR THE TERMINATION OF MY ENGAGEMENT WITH THE COMPANY, INCLUDING ANY 

  
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BREACH OF THIS AGREEMENT, SHALL BE SUBJECT TO BINDING ARBITRATION UNDER THE ARBITRATION RULES SET FORTH IN CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 1280 THROUGH 1294.2, INCLUDING SECTION 1281.8
(THE “ACT”), AND PURSUANT TO CALIFORNIA LAW. THE FEDERAL ARBITRATION ACT SHALL CONTINUE TO APPLY WITH FULL FORCE AND EFFECT NOTWITHSTANDING THE APPLICATION OF PROCEDURAL RULES SET FORTH IN THE ACT. THE COMPANY AGREES THAT,
NOTWITHSTANDING ANYTHING IN THIS AGREEMENT TO THE CONTRARY, I MAY BRING ACTIONS OR CLAIMS IN ANY COURT OF COMPETENT JURISDICTION FOR ANY CLAIMS I MAY HAVE RELATED TO INTELLECTUAL PROPERTY OWNERSHIP OR INFRINGEMENT. 

B. Procedure. I AGREE THAT ANY ARBITRATION WILL BE ADMINISTERED BY JAMS, INC. (“JAMS”), PURSUANT TO ITS COMPREHENSIVE
ARBITRATION RULES & PROCEDURES (THE “JAMS RULES”). I AGREE THAT THE ARBITRATOR SHALL HAVE THE POWER TO DECIDE ANY MOTIONS BROUGHT BY ANY PARTY TO THE ARBITRATION, INCLUDING MOTIONS FOR SUMMARY JUDGMENT AND/OR ADJUDICATION,
AND MOTIONS TO DISMISS AND DEMURRERS, PRIOR TO ANY ARBITRATION HEARING. I AGREE THAT THE ARBITRATOR SHALL ISSUE A WRITTEN DECISION ON THE MERITS. I ALSO AGREE THAT THE ARBITRATOR SHALL HAVE THE POWER TO AWARD ANY REMEDIES AVAILABLE UNDER APPLICABLE
LAW, AND THAT THE ARBITRATOR SHALL AWARD ATTORNEYS’ FEES AND COSTS TO THE PREVAILING PARTY, EXCEPT AS PROHIBITED BY LAW. I AGREE THAT THE DECREE OR AWARD RENDERED BY THE ARBITRATOR MAY BE ENTERED AS A FINAL AND BINDING JUDGMENT IN ANY COURT
HAVING JURISDICTION THEREOF. I UNDERSTAND THAT THE COMPANY WILL PAY FOR ANY ADMINISTRATIVE OR HEARING FEES CHARGED BY THE ARBITRATOR OR JAMS EXCEPT THAT I SHALL PAY ANY FILING FEES ASSOCIATED WITH ANY ARBITRATION THAT I INITIATE, BUT ONLY SO MUCH OF
THE FILING FEES AS I WOULD HAVE INSTEAD PAID HAD I FILED A COMPLAINT IN A COURT OF LAW. I AGREE THAT THE ARBITRATOR SHALL ADMINISTER AND CONDUCT ANY ARBITRATION IN ACCORDANCE WITH CALIFORNIA LAW, INCLUDING THE CALIFORNIA CODE OF CIVIL PROCEDURE, AND
THAT THE ARBITRATOR SHALL APPLY SUBSTANTIVE AND PROCEDURAL CALIFORNIA LAW TO ANY DISPUTE OR CLAIM, WITHOUT REFERENCE TO RULES OF CONFLICT OF LAW. TO THE EXTENT THAT THE JAMS RULES CONFLICT WITH CALIFORNIA LAW, CALIFORNIA LAW SHALL TAKE PRECEDENCE. I
AGREE THAT ANY ARBITRATION UNDER THIS AGREEMENT SHALL BE CONDUCTED IN SAN FRANCISCO COUNTY, CALIFORNIA. 
 C. Remedy. EXCEPT FOR THE
EXCEPTIONS AS PROVIDED BY THE ACT AND THIS AGREEMENT, ARBITRATION SHALL BE THE SOLE, EXCLUSIVE, AND FINAL REMEDY FOR ANY DISPUTE BETWEEN ME AND THE COMPANY. ACCORDINGLY, EXCEPT AS PROVIDED FOR BY THE ACT AND THIS AGREEMENT, NEITHER I NOR THE COMPANY
WILL BE PERMITTED TO PURSUE COURT ACTION REGARDING CLAIMS THAT ARE SUBJECT TO ARBITRATION. 
 D. Administrative Relief. PURPOSELY
BLANK. 

  
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 E. Voluntary Nature of Agreement. I ACKNOWLEDGE AND AGREE THAT I AM EXECUTING THIS
AGREEMENT VOLUNTARILY AND WITHOUT ANY DURESS OR UNDUE INFLUENCE BY THE COMPANY OR ANYONE ELSE.    I FURTHER ACKNOWLEDGE AND AGREE THAT I HAVE CAREFULLY READ THIS AGREEMENT AND THAT I HAVE ASKED ANY QUESTIONS NEEDED FOR ME TO
UNDERSTAND THE TERMS, CONSEQUENCES, AND BINDING EFFECT OF THIS AGREEMENT AND FULLY UNDERSTAND IT, INCLUDING THAT TO THE EXTENT PERMITTED BY LAW, I AM WAIVING MY RIGHT TO A JURY TRIAL. FINALLY, I AGREE THAT I HAVE BEEN PROVIDED AN
OPPORTUNITY TO SEEK THE ADVICE OF AN ATTORNEY OF MY CHOICE BEFORE SIGNING THIS AGREEMENT. 
 11.
MISCELLANEOUS 
 A. Governing Law; Consent to Personal Jurisdiction. This Agreement will be
governed by the laws of the State of California without regard to California’s conflicts of law rules that may result in the application of the laws of any jurisdiction other than California. To the extent that any lawsuit is permitted under
this Agreement, I hereby expressly consent to the personal and exclusive jurisdiction and venue of the state and federal courts located in California for any lawsuit filed against me by the Company. 

B. Assignability. This Agreement will be binding upon my heirs, executors, assigns, administrators, and other legal representatives, and
will be for the benefit of the Company, its successors, and its assigns. There are no intended third-party beneficiaries to this Agreement, except as may be expressly otherwise stated. Notwithstanding anything to the contrary herein, Invitae, Inc.
may assign this Agreement and its rights and obligations under this Agreement to any successor to all or substantially all of Invitae, Inc.’s relevant assets, whether by merger, consolidation, reorganization, reincorporation, sale of assets or
stock, or otherwise. 
 C. Entire Agreement. This Agreement, together with the Exhibits herein and any executed written offer letter
between me and the Company, to the extent such materials are not in conflict with this Agreement, sets forth the entire agreement and understanding between the Company and me with respect to the subject matter herein and supersedes all prior written
and oral agreements, discussions, or representations between us, including, but not limited to, any representations made during my interview(s) or relocation negotiations. I represent and warrant that I am not relying on any statement or
representation not contained in this Agreement. Any subsequent change or changes in my duties, salary, or compensation will not affect the validity or scope of this Agreement. 

D. Headings. Headings are used in this Agreement for reference only and shall not be considered when interpreting this Agreement. 

E. Severability. If a court or other body of competent jurisdiction finds, or the Parties mutually believe, any provision of this
Agreement, or portion thereof, to be invalid or unenforceable, such provision will be enforced to the maximum extent permissible so as to effect the intent of the Parties, and the remainder of this Agreement will continue in full force and effect.

  
 Page 8 of 14 

 F. Modification, Waiver. No modification of or amendment to this Agreement, nor any waiver
of any rights under this Agreement, will be effective unless in a writing signed by the President or CEO of the Company and me. Waiver by the Company of a breach of any provision of this Agreement will not operate as a waiver of any other or
subsequent breach. 
 G. Survivorship. The rights and obligations of the parties under this Agreement will survive termination of my
engagement with the Company. 
  

							
	Date:                                     
                                         
    	 		 		 	  

		 		 		 	Signature
				
		 		 		 	  
 (typed or printed)

	Witness:	 		 		 	
				
	  
 Signature
	 		 		 	
				
	  
 Name (typed or printed)
	 		 		 	

  
 Page 9 of 14 

 EXHIBIT A 

LIST OF PRIOR INVENTIONS 

AND ORIGINAL WORKS OF AUTHORSHIP 
  

					
	 Title
	  	 Date
	  	 Identifying Number or Brief

Description

     No inventions or improvements 

     Additional Sheets Attached 
  

					
	Date:
                                         
                                         
  	 		 	  

		 		 	Signature
			
		 		 	  

		 		 	Name (typed or printed)

  
 Page 10 of 14 

 EXHIBIT B 

PURPOSELY BLANK 

  
 Page 11 of 14 

 EXHIBIT C 

INVITAE CORPORATION TERMINATION CERTIFICATION 

This is to certify that I do not have in my possession, nor have I failed to return, any devices, records, data, notes, reports, proposals,
lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment, any other documents or property, or reproductions of any and all aforementioned items belonging to Invitae, Inc., its subsidiaries, affiliates, successors
or assigns (together, the “Company”). 
 I further certify that I have complied with all the terms of the Company’s
Confidential Information, Invention Assignment, and Arbitration Agreement signed by me, including the reporting of any inventions and original works of authorship (as defined therein) conceived or made by me (solely or jointly with others), as
covered by that agreement. 
 I further agree that, in compliance with the Confidential Information, Invention Assignment, and Arbitration
Agreement, I will preserve as confidential all Company Confidential Information and Associated Third Party Confidential Information, including trade secrets, confidential knowledge, data, or other proprietary information relating to products,
processes, know-how, designs, formulas, developmental or experimental work, computer programs, databases, other original works of authorship, customer lists, business plans, financial information, or other
subject matter pertaining to any business of the Company or any of its employees, clients, consultants, or licensees. 
 I also agree that
for twelve (12) months from this date, I will not directly or indirectly solicit any of the Company’s employees to leave their employment at the Company. I agree that nothing in this paragraph shall affect my continuing obligations under
the Confidential Information, Invention Assignment, and Arbitration Agreement during and after this twelve (12) month period, including, without limitation, my obligations under Article 1 (Confidentiality) thereof. 

 

					
	Date:
                                         
                       	 		 	  

		 		 	Signature
			
		 		 	  

		 		 	Name (typed or printed)
			
	Address for Notifications:	 		 	  

			
		 		 	  

  
 Page 12 of 14 

 EXHIBIT D 

INVITAE CORPORATION CONFLICT OF INTEREST GUIDELINES 

It is the policy of Invitae, Inc. to conduct its affairs in strict compliance with the letter and spirit of the law and to adhere to the
highest principles of business ethics. Accordingly, all officers, employees, and independent contractors must avoid activities that are in conflict, or give the appearance of being in conflict, with these principles and with the interests of the
Company. The following are potentially compromising situations that must be avoided: 
 1. Revealing confidential information to outsiders or
misusing confidential information. Unauthorized divulging of information is a violation of this policy whether or not for personal gain and whether or not harm to the Company is intended. (The Confidential Information, Invention Assignment, and
Arbitration Agreement elaborates on this principle and is a binding agreement.) 
 2. Accepting or offering substantial gifts, excessive
entertainment, favors, or payments that may be deemed to constitute undue influence or otherwise be improper or embarrassing to the Company. 

3. Participating in civic or professional organizations that might involve divulging confidential information of the Company. 

4. Initiating or approving personnel actions affecting reward or punishment of employees or applicants where there is a family relationship or
is or appears to be a personal or social involvement. 
 5. Initiating or approving any form of personal or social harassment of employees.

 6. Investing or holding outside directorship in suppliers, customers, or competing companies, including financial speculations, where such
investment or directorship might influence in any manner a decision or course of action of the Company. 
 7. Borrowing from or lending to
employees, customers, or suppliers. 
 8. Acquiring real estate of interest to the Company. 

9. Improperly using or disclosing to the Company any proprietary information or trade secrets of any former or concurrent employer or other
person or entity with whom obligations of confidentiality exist. 
 10. Unlawfully discussing prices, costs, customers, sales, or markets
with competing companies or their employees. 
 11. Making any unlawful agreement with distributors with respect to prices. 

12. Improperly using or authorizing the use of any inventions that are the subject of patent claims of any other person or entity. 

13. Engaging in any conduct that is not in the best interest of the Company. 

Each officer, employee, and independent contractor must take every necessary action to ensure compliance with these guidelines and to bring
problem areas to the attention of higher management for review. Violations of this conflict of interest policy may result in discharge without warning. 

  
 Page 13 of 14 

 EXHIBIT E 

INVITAE CORPORATION INSIDER TRADING AND COMMUNICATIONS POLICY 

[ATTACHED] 

  
 Page 14 of 14 

 INVITAE CORPORATION 

Insider Trading and Communications Policy 

Policy as to Trades in the Company’s Securities By Company Personnel 

and 
 Treatment of
Confidential Information 
 1. Purpose. 

Both the Securities and Exchange Commission (the “SEC”) and Congress are very concerned about maintaining the fairness
and integrity of the U.S. capital markets. The securities laws are continually reviewed and amended to prevent people from taking advantage of “inside information” and to increase the punishment for those who do. These laws require
publicly-traded companies to have clear policies on insider trading. If companies like ours do not take active steps to adopt preventive policies and procedures covering securities trades by company personnel, the consequences could be severe. 

We are adopting this Insider Trading and Communications Policy to avoid even the appearance of improper conduct on the part of anyone employed
by or associated with our Company (not just so-called insiders). We have all worked hard to establish our reputation for integrity and ethical conduct. We cannot afford to damage this reputation. 

2. Applicability. 
 This
policy applies to all employees, members of the Board of Directors, consultants and contractors of the Company (the “Individuals”). 

3. The Consequences. 
 The
consequences of insider trading violations can be substantial: 
 For Individuals who trade on inside information (or tip
information to others): 
  

	 	•	 	A jail term of up to 20 years (30 years in certain circumstances); 

  

	 	•	 	A civil penalty of up to three times the profit gained or loss avoided; and 

  

	 	•	 	A criminal fine (no matter how small the profit) of up to $5 million. 

 For a
company (as well as possibly any supervisory person) that fails to take appropriate steps to prevent illegal trading: 
  

	 	•	 	A civil penalty of the greater of $1 million or three times the profit gained or loss avoided as a result of the Individual’s violation; and 

 

	 	•	 	A criminal penalty of up to $25 million. 

 In addition, plaintiffs may claim that Individuals or the Company are also liable to
contemporaneous traders. 
 Further, if the Company has a reasonable basis to conclude that an employee has violated the Company’s
insider trading and communications policy, whether or not knowingly, the Company may impose sanctions, including dismissal for cause. Needless to say, any of the above consequences, even an SEC investigation that does not result in prosecution, can
tarnish one’s reputation (as well as the Company’s) and irreparably damage a career. Finally, the size of a transaction has no impact on potential insider trading liability. In the past, even relatively small trades (e.g., trades as small
as $400) have resulted in SEC investigations and lawsuits. 
 4. Our Policy. 

No Trading When in Possession of Material Non-Public Information. If a member of the Board of
Directors, officer, any employee, consultant or contractor of the Company or any subsidiary of the Company has possession of material non-public information (often referred to as “inside
information”) relating to our Company or any other securities as to which the person receives information not available to investors generally, it is our policy that neither that person nor any related person may buy or sell securities of the
Company, make a gift of Company securities, or engage in any other action to take advantage of, or pass on to others, that information. This policy also applies to information relating to any other company, including our customers or partners,
obtained in the course of you rendering services to the Company or any subsidiary of the Company. 
 Transactions that may be necessary or
justifiable for independent reasons (such as the need to raise money for an emergency expenditure) are no exception. Even the appearance of an improper transaction must be avoided to preserve our reputation for adhering to the highest standards of
conduct. 
 What is Material Information? “Material information” is any information that a reasonable investor would
consider important in deciding whether to buy, hold or sell securities of the Company or any other securities as to which the person receives information not available to investors generally. In short, “material information” includes any
information that reasonably could affect the price of our securities or any other securities. Either positive or negative information may be material. It can be information about the Company or about a company with which we do business. 

Examples: Common examples of information that will frequently be regarded as material are: 

 

	 	•	 	projections of future earnings, losses or other business activity; 

  

	 	•	 	news of a possible merger, acquisition or tender offer; 

  

	 	•	 	news of a possible license agreement, collaboration or partnership; 

  

	 	•	 	significant new products or delays in new product introduction or development; 

  
 2 

	 	•	 	plans to raise additional capital through stock sales or otherwise; 

  

	 	•	 	the gain or loss of a significant partner or customer; 

  

	 	•	 	discoveries, or grants or allowances or disallowances of patents; 

  

	 	•	 	changes in management; 

  

	 	•	 	news of a significant sale of assets; 

  

	 	•	 	impending bankruptcy or financial liquidity problems; and 

  

	 	•	 	changes in dividend policies or the declaration of a stock split. 

 20/20 Hindsight.
Remember, if your securities transactions become the subject of scrutiny, they will be viewed after-the-fact with the benefit of hindsight. As a result, before engaging
in any transaction you should carefully consider how regulators and others might view your transaction in hindsight. 
 Transactions by
Family Members. The same restrictions apply to your immediate family members and others living in your household. You are responsible for the compliance of your immediate family and personal household. 

Transactions of non-residents. The same restrictions apply regardless of whether a person is
resident within the United States. 
 Do Not Pass Information to Others. Whether the information is proprietary information about our
Company or information that could have an impact on our stock price, employees must not pass the information on to others. It is illegal to advise others to trade on the basis of undisclosed material information. Liability in these cases can extend
to both the “tippee” — the person to whom the insider disclosed inside information — and you, as the “tipper,” and will apply whether or not you derive any benefit from another’s actions. You should not make
recommendations to others concerning the purchase or sale of securities of the Company. 
 When Information is Public. As you can
appreciate, it is also improper for any employee to enter a trade immediately after the Company has made a public announcement of material information, including earnings releases. We impose certain “trading blackouts” to ensure that the
Company’s stockholders and the investing public will be afforded the time to receive the information and act upon it. These are discussed below under the heading “Trading Blackouts.” To avoid the appearance of impropriety, as a
general rule, you should not engage in any transaction until at least one full trading day has passed following the release of the information. Thus, if an announcement were made after the market close on a Monday, Wednesday generally would be the
first day on which you would be able to trade. If an announcement were made after the market close on a Friday, Tuesday generally would be the first eligible trading day. 

  
 3 

 Pre-Clearance of Trades of Company Stock. To
provide assistance in preventing inadvertent violations and avoiding even the appearance of an improper transaction (which could result, for example, where an employee engages in a trade while unaware of a pending major development), all members of
the Board of Directors, officers and certain employees of the Company and its subsidiaries in a position to have access to material non-public information must obtain
pre-clearance in writing from our Chief Financial Officer (or, in the case of our Chief Financial Officer, pre-clearance in writing from our Chief Executive Officer) of
all transactions in Company securities (acquisitions, dispositions, transfers, gifts, etc.). You must submit a written request for pre-clearance of a transaction no later than three business days before the
proposed date of execution of the transaction unless you obtain a waiver from the Audit Committee of the Board of Directors. You will be notified if you are one of the specified persons subject to this
pre-clearance policy. Pre-clearance is subject to a five business day expiration and must be renewed by the applicant after five business days to be valid. 

Pre-clearance does not relieve anyone of their responsibility under SEC rules. All Individuals,
whether subject to pre-clearance or not, are responsible for adherence to this Insider Trading and Communications Policy, including, but not limited to: not trading on insider information; not trading during
trading blackout periods; not trading for one full trading day after earnings announcements; and not trading in securities on a short-term basis. Individuals normally not subject to pre-clearance are still
responsible for written pre-clearance for the sale of stock purchased in the open market and that has been owned less than six months. If any Individual is in doubt of whether or not pre-clearance is required, the Individual should inquire with our Chief Financial Officer or obtain pre-clearance as a cautionary measure. 

Trading Blackouts. From time to time, the Company may require that members of the Board of Directors, officers, employees of the
Company and subsidiaries of the Company and others to suspend trading because of developments known to the Company and not yet disclosed to the public. In that event, these persons are advised not to engage in any transaction involving the purchase
or sale of the Company’s securities during that period, and should not disclose to others the fact that they have been suspended from trading. The Company will also require the following mandatory trading blackout: 

 

	 	•	 	Earnings Trading Blackouts – All members of the Board of Directors, officers, and employees of the Company or any subsidiary of the Company will be subject to a stock trading blackout period beginning
two weeks prior to the end of a fiscal quarter until one full trading day has passed after earnings for that quarter are released. 

Of course, no trading should be done at any time that a member of the Board of Directors, executive officer, employee, consultant or
contractor is actually aware of a major undisclosed corporate development. 
 Options. Cash exercise of options may be done at any
time. This policy also does not apply to the exercise of a tax withholding right pursuant to which you elect to have the Company withhold shares subject to an option to satisfy tax withholding requirements which occur as a result of certain option
exercises. Same-day-sales and exercises of options are subject to trading windows, as are any other market sale of shares subject to the option for the purpose of
generating the cash needed to pay the exercise price of an option (a “sell to cover”). 

  
 4 

 Exception for Approved 10b5-1 Plans. Trades by
members of the Board of Directors, officers or employees in the Company’s securities that are executed pursuant to an approved 10b5-1 trading plan (a “Trading Plan”) are not
subject to the prohibition on trading on the basis of material non-public information contained in this Insider Trading and Communications Policy or to the restrictions set forth above relating to pre-clearance procedures and blackout periods. 
 SEC Rule 10b5-1
provides an affirmative defense from insider trading liability under the federal securities laws for trading plans that meet certain requirements. It does not prevent someone from bringing a lawsuit. This Insider Trading and Communications Policy
permits Individuals to adopt Trading Plans with brokers that outline a pre-set plan for trading of the Company’s securities, including the exercise of options. Trading Plans are to be implemented only
during open windows and when the Individual is not aware of any material non-public information. 

Any Trading Plan must comply with SEC Rule 10b5-1 and be approved in writing in advance by our Chief
Financial Officer (or, in the case of our Chief Financial Officer, approved in writing in advance by our Chief Executive Officer) and the establishment of such a Trading Plan with respect to an Individual may be publicly announced by the Company.

 Establishing a Trading Plan does not exempt Individuals from complying with the Section 16
six-month short swing profit rules or liability. 
 Revocation/Amendments to Trading
Plans. An Individual may revoke his or her Trading Plan at any time, subject to the terms of the Individual’s Trading Plan. However, if the Individual terminates the Trading Plan after the first option exercise or stock sale, then the
Individual must cancel all outstanding Trading Plans and agree not to enter into another Trading Plan until six months after termination of the Trading Plan. 

Under certain circumstances, a Trading Plan must be revoked. This includes circumstances such as the announcement of a merger or the
occurrence of an event that would cause the transaction either to violate the law or to have an adverse effect on the Company. The Chief Financial Officer or his designee or any stock administrator of the Company is authorized to notify the broker
in such circumstances, thereby insulating the insider in the event of revocation. 
 Amendments to Trading Plans will not be allowed once
the Trading Plan is in place with the consent of the Board of Directors, unless such amendment becomes effective not less than six months after the Individual is bound by such amendment. 

Post-Termination Transactions. This Insider Trading and Communications Policy continues to apply to your transactions in Company
securities even after your employment, board service or consulting services terminate. If you are in possession of material nonpublic information when your service to the Company or a subsidiary of the Company terminates, you may not trade in
Company securities until that information has become public or is no longer material. 

  
 5 

 5. Additional Prohibited Transactions. 

We believe it is improper and inappropriate for any Individual to engage in short-term or speculative transactions involving Company
securities. We believe that this trading can reflect badly on the Company and that Individuals should not engage in any types of transactions that are commonly viewed as a form of “betting” for or against the Company. Accordingly, it is
the Company’s policy that members of the Board of Directors, officers, employees, consultants and contractors may not engage in any of the following activities with respect to securities of the Company, without prior written pre-clearance: 
  

	 	•	 	Director and officer cashless exercise – In response to the restrictions set forth in the Sarbanes-Oxley Act of 2002, the Company will not arrange with brokers to administer cashless exercises on
behalf of directors and officers of the Company. Directors and officers of the Company may only utilize the cashless exercise feature of their options if (i) the director or officer retains a broker independently of the Company, (ii) the
Company’s involvement is limited to confirming that it will deliver the stock promptly upon payment of the exercise price and (iii) the director or officer uses a “T+3” cashless exercise arrangement, in which the Company agrees
to deliver stock against the payment of the purchase price on the same day the sale of the stock underlying the option settles. Under a T+3 cashless exercise, a stock broker, the issuer, and the transfer agent of the issuer work together to make all
transactions settle simultaneously. This approach is to avoid any inference that the Company has “extended credit” in the form of a personal loan to the director or executive officer. Any employee who has any questions about cashless
exercises may obtain additional guidance from our Chief Financial Officer. 

  

	 	•	 	Director and officer trading during pension and 401(k) plan blackout periods – If Company securities are available as an investment option or used as a Company match in the Company’s 401(k) plan,
directors and officers of the Company are prohibited from trading Company securities during pension and 401(k) plan blackouts, if any, in response to the restrictions set forth in the Sarbanes-Oxley Act of 2002. 

 

	 	•	 	Purchases of Company securities on margin — This means borrowing from a brokerage firm, bank or other entity in order to buy Company securities (other than in connection with a so-called “cashless” exercise of options under the Company’s stock plans). 

  

	 	•	 	Short sales of Company securities — This involves selling Company securities that you do not own in the expectation that the price of the securities will fall, or as part of an arbitrage transaction.

  

	 	•	 	Buying or selling puts or calls, or their equivalent positions, on Company securities — This includes options and derivatives trading on any of the stock exchanges or futures exchanges, including
cashless collars. 

  
 6 

 6. Confidential Information and Communications with the Media. 

Unauthorized disclosure of internal information relating to the Company (including information regarding facilities, products or services or
the Company’s partners, suppliers or customers) could cause competitive harm to the Company and in some cases could result in liability for the Company. 

Unauthorized Disclosure. Individuals should not disclose internal information about the Company to anyone outside the Company,
except as required in the performance of regular duties for the Company. In this regard, Individuals are prohibited from posting internal information about the Company on a “bulletin board” or “blog” on the Internet,
communicating about the Company and its business in Internet-based “chat” rooms or blogs or having a blog that discusses the Company and its business. 

Communications with the Media, Securities Analysts and Investors. Communications on behalf of the Company with the media, securities
analysts and investors must be made only by specifically designated representatives of the Company, as communications may be regulated by federal securities laws including but not limited to Regulation FD. Unless you have been expressly authorized
to make such communications, if you receive any inquiry relating to the Company from the media, a securities analyst or an investor, you should refer the inquiry to our Chief Financial Officer. 

Safeguarding Confidential Information. Care must be taken to safeguard the confidentiality of internal information. For example,
sensitive documents should not be left lying on desks, and visitors should not be left unattended in offices containing internal company documents. 

Rumors. Rumors concerning the business and affairs of the Company may circulate from time to time. Our general policy is not to comment
upon those rumors. Individuals should also refrain from commenting upon or responding to rumors and should refer any requests for comments or responses to our Chief Financial Officer. 

Analyst Reports. The Company views analyst reports as the proprietary information of the analyst’s firm. The Company will not
provide such reports on our corporate or other websites or through any other means to persons outside of the Company. The Company should avoid directing anyone outside the Company to an analyst report, in part to avoid the appearance of endorsing
such a report. 
 7. Company Assistance. 

Any person who has any questions about specific transactions may obtain additional guidance from our Chief Financial Officer. 

Remember, however, you are ultimately responsible for adhering to this Insider Trading and Communications Policy and avoiding improper
transactions. In this regard, it is imperative that you use your best judgment. 
 Section 16 Filings. While the
Company expects to assist each officer, director and other employee subject to Section 16 reporting requirements (including immediate family members and others in their household) (collectively,
“Section 16 Reporting Persons”) with such Section 16 filings, and expects such assistance to include form preparation for all Section 16 Reporting Persons other than those who do not
require such assistance, the obligation to file Section 16 

  
 7 

 
reports (Forms 3, 4 and 5) is a personal obligation of each such person, and the Company is not responsible for any failure to file accurate and timely Section 16 reports. Each
Section 16 Reporting Person must ensure that his or her broker provides the Company with detailed information (trade date, number of shares, exact price) regarding every transaction involving the securities of the Company, including gifts,
transfers, pledges and all Rule 10b5-1 transactions, both in connection with mandatory pre-clearance requirements for such Section 16 Reporting Persons and
immediately following execution. 
 8. Modifications. 

This Insider Trading and Communications Policy has been approved by the Company’s Board of Directors. Officers of the Company may, from
time to time, make non-substantive modifications to this Insider Trading and Communications Policy (including, without limitation, substitution of the names of the appropriate contact persons within the
Company) with subsequent notice to the Company’s Board of Directors or the Nominating and Governance Committee of the Board of Directors. 

9. Acknowledgements. 
 All
directors, officers and employees of the Company and its subsidiaries will be required to acknowledge, electronically or in writing, their understanding of, and intent to comply with, this Insider Trading and Communications Policy. This agreement
will constitute each such person’s consent for the Company to issue any necessary stop-transfer orders to the Company’s transfer agent to enforce compliance with this policy. As a condition of continued employment or engagement all
employees, contractors and consultants must periodically acknowledge, electronically or in writing, that they have read and agree to abide by this policy. 

  
 8 

 ACKNOWLEDGMENT 

I have received and read a copy of the Invitae Corporation Insider Trading and Communications Policy and I understand and agree to comply with
the specific requirements of the policy. I agree that I will be subject to sanctions imposed by the Company, in its discretion, for violation of the Company’s policy, including dismissal for cause, and that the Company may give stop-transfer
and other instructions to the Company’s transfer agent against transfer of Company securities by me in a transaction that the Company considers to be in contravention of this policy. 

 

					
		 	Signed:	 	
                     
                        

			
		 	Printed Name:	 	  

			
		 	Date:	 	  

  
 9EX-10.1

  

  Original Date: 5 August 2017 Updated
for Q2 2017: 12 September 2017 Subject to the disclosures, assumptions and qualifications set out in this presentation including, without limitation, the disclaimer set forth on page 2 Seadrill Limited Strictly Private & Confidential Project
Eagle: Cleansing Presentation Exhibit 10.1

  

  Disclaimer We have prepared this
document solely for informational purposes and it remains subject to Seadrill Limited Board review. You should not definitively rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever, with
respect to any proposed transaction or otherwise. You and your directors, officers, employees, agents and affiliates must hold this document and any oral information provided in connection with this document in strict confidence and may not
communicate, reproduce, distribute or disclose it to any other person, or refer to it publicly, in whole or in part at any time except with our prior written consent. If you are not the intended recipient of this document, please delete and destroy
all copies immediately. This document is protected by rule 408 of the Federal Rules of Evidence and any other applicable statutes or doctrines protecting the use of disclosure of confidential settlement discussions. The information contained herein
includes certain statements, estimates and projections with respect to our anticipated future performance and anticipated industry trends. Such statements, estimates and projections reflect various assumptions concerning anticipated results and
industry trends, which assumptions may or may not prove to be correct. Actual results and trends may vary materially and adversely from the projections contained herein. We have prepared this document and the analyses contained in it based, in part,
on certain assumptions and information obtained by us from the recipient, its directors, officers, employees, agents, affiliates and/or from other sources. Our use of such assumptions and information does not imply that we have independently
verified or necessarily agree with any of such assumptions or information, and we have assumed and relied upon the accuracy and completeness of such assumptions and information for purposes of this document. Neither we nor any of our affiliates, or
our or their respective officers, employees, advisors or agents, make any representation or warranty, express or implied, in relation to the accuracy or completeness of the information contained in this document or any oral information provided in
connection herewith, or any data it generates and accept no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) in relation to any of such information. We and our affiliates and our and their
respective officers, employees, advisors and agents expressly disclaim any and all liability which may be based on this document and any errors therein or omissions therefrom. Neither we nor any of our affiliates, or our or their respective
officers, employees, advisors or agents, make any representation or warranty, express or implied, that any transaction has been or may be effected on the terms or in the manner stated in this document, or as to the achievement or reasonableness of
future projections, management targets, estimates, prospects or returns, if any. Any views or terms contained herein are preliminary only, and are based on financial, economic, market and other conditions prevailing as of the date of this document
or as at the date stated in respect of that information and are therefore subject to change. We undertake no obligation or responsibility to update any of the information contained in this document. Past performance does not guarantee or predict
future performance. This document and the information contained herein do not constitute an offer to sell or the solicitation of an offer to buy any security, commodity or instrument or related derivative, nor do they constitute an offer or
commitment to lend, syndicate or arrange a financing, underwrite or purchase or act as an agent or advisor or in any other capacity with respect to any transaction, or commit capital, or to participate in any trading strategies, and do not
constitute legal, regulatory, accounting or tax advice to the recipient. We recommend that the recipient seek independent third party legal, regulatory, accounting and tax advice regarding the contents of this document. This document does not
constitute and should not be considered as any form of financial opinion or recommendation by us or any of our affiliates. This document is not a research report and was not prepared by the research department of Seadrill Limited or any of its
affiliates. Neither you nor your directors, officers, employees, agents, advisors and affiliates may use the information contained in this document in any manner whatsoever, in whole or in part, other than in connection with evaluating the proposal
contained herein. This document may contain material non-public information concerning Seadrill Limited and/or its affiliates and/or Seadrill Limited’s and/or its affiliates’ securities. You and your directors, officers, employees,
agents, advisors and affiliates must only use such information in accordance with your compliance policies and procedures, contractual obligations and applicable laws and regulations. Some or all of the information contained herein is or may be
price sensitive information and the use of such information may be regulated or prohibited by applicable legislation relating to insider dealing. You and your directors, officers, employees, agents, advisors and affiliates must not use any such
information for any unlawful purpose. 

  

  Table of Contents Introduction &
Update Market and Business Update Business Plan Recapitalisation Plan Treatment of Stakeholders Timing and Implementation 

  

  Introduction and Update 

  

  Process Update and Investment
Opportunity Agreement has been reached on the key elements of Seadrill’s restructuring plan $1.06 bn ($860mm New Secured Notes and $200mm of new equity) of new capital from Hemen and Centerbridge (“HCB”), ad hoc group
(“AHG”), and certain other holders Amendment & extension of bank facilities Equitisation of more than $2.5bn of outstanding bonds and derivative exposure Management of contingent liabilities Agreement provides a comprehensive 5-year
plan We expect to implement the proposed restructuring plan through pre-arranged Chapter 11 commencing on 12 September 2017 

  

  Investment Opportunity Invest in
Industry Leader Invest at the Bottom of the Cycle Seadrill has youngest fleet among the largest industry players Strong management team with deep industry relationships Supportive anchor shareholder with decades of experience in the maritime and
drilling industry Significant scale and global reach provide strong commercial platform Offshore resources continue to be a significant portion of oil and gas reserves, and cost of supply is competitive on a full cycle basis Underinvestment during
the down-cycle will require future investment at levels not seen in decades Dayrate and utilisation trends are following previous cycles: increased tender activity indicates industry improvement Collateral Coverage and Structural Downside Protection
2nd ranking security over banks’ cross-collateralised security at RigCo level Clean 1st ranking claim on cash collateral at NSNCo representing approximately 27% of NSN Clean 1st ranking security over IHCo and NSNCo shares and certain other
assets provides additional protection Structural priority over claims at Seadrill Limited level Strong Return Profile Fees and mid-teens coupon provides base return even in the event of a modest recovery Equity to new capital provides strong gearing
to industry recovery Commitment Fees and Closing Fees 5-year Runway Until Industry Fully Recovers No maturities until Mar-22(1) Significant amortisation reduction and flexibility through a deferral election Adequate forecasted liquidity under
downside scenario No maintenance covenants except minimum liquidity until Q1 2021 No cash settlement of non-consolidated guarantees At the end of 5 year period, leverage through New Secured Notes is refinance-able 1. Lenders will be asked to consent
within 30 days of the Petition Date to extend maturities by a further three months so that they fall between June 2022 and December 2024

  

  Market and Business Update Market
Conditions 

  

  Leadership Succession Plan Implemented
CEO, appointed 1 July 2017 Former Chief Commercial Officer and Executive Vice President Joined Seadrill in April 2007 20 years experience in the drilling industry Will continue as a Director Former CEO, President and Director Joined Seadrill in
February 2009 30+ years experience in the drilling industry Anton Dibowitz Per Wullf 

  

  Offshore Has A Significant Role to Play
Offshore is a Significant Portion of Oil Companies Reserves... 43,499 39,663 28,117 27,637 21,213 15,173 13,729 Source: Wood Mackenzie as of Jun-17 MMBoe Current Breakeven Oil Price By Resource Type and Production Volume 2020E Liquids Production
(mbbl/d) 0 20 40 60 80 Onshore Middle East Shelf Ultra Deep water Extra Heavy Oil Row Onshore Deepwater Oil Sands Russia Onshore 15 32 38 44 46 52 0 10 20 30 40 50 60 70 80 90 100 51 Extra heavy oil 43 North American Shale 37 Global liquids cost of
supply Weighted average breakeven Price ($/bbl) Source: Evercore ISI Energy Research as of Feb-17 

  

  Source: Rystad Energy, Morgan
Stanley Research estimates as of Jun-17 Existing production Gross additions NAm Onshore 0.3 Deepwater RoW Onshore 1-2% observed field decline rate (net of activity) Producing fields estimated to decline at ~7% absent any oilfield services activity
NAm Onshore Deepwater New Projects (6.4mbbl/d) Infill Drilling (16.7mbbl/d) Shelf Global Liquid Production (mbbl/d) Over half of production growth through 2020 expected to come from the offshore segment Offshore Will Be A Critical Source Of Future
Supply Shelf RoW Onshore 3-4% observed decline rate (excluding shale)

  

  Offshore Needed To Bridge Production
Gap Estimated incremental demand In mbpd, cumulative to 2020 Sources of additional supply In mbpd, cumulative to 2020 Pipeline – upstream projects, 2017-2020 Shale (base, at $60/b oil) Shale (additional, at $80/b oil) Production needs from
offshore and other sources Source: IEA, Fearnleys IEA estimate that in order to compensate for three years of suppressed investment (2015-2017), ~21 billion barrels of new projects will need to be approved annually between 2018-2025 – levels
not seen since the 1970s 

  

  Increasing Tendering Activity
Source: Fearnley Securities - Drillers Weekly: Week 24 – June 13th 2017 Level of activity across tendering process In rig years Floaters Jack-ups Day rates have stabilised, albeit at low levels Marketed utilisation has begun to increase and is
expected to continue based on tendering activity Opportunities Contracts 

  

  Market and Business Update
Competitive Position And Recent Performance 

  

  Four Mutually Reinforcing Strategic
Pillars Best Operations Right Rigs Strongest Relationships Leading Organisation Be the preferred drilling contractor and maximise returns to all stakeholders 

  

  Competitive Position: Floaters One
of the largest and youngest floater fleet among major drillers Best in class contract current contract coverage Contract Coverage — Floaters Number of Rig Units (%) Average Floater Age Av. Age (Years) Source: IHS Petrodata, Seadrill analysis
– June 2017 1. Seadrill Group includes consolidated Seadrill, SDLP and Seamex Seadrill Group(1) Seadrill Group(1) 

  

  Competitive Position: Jack-ups One
of the largest and youngest jack-up fleet among major drillers High current contract coverage Contract Coverage — Jack-ups Number of Units (%) Average Jack-ups Age Av. Age (Years) Source: IHS Petrodata, Seadrill analysis – June 2017 1.
Seadrill Group includes consolidated Seadrill, SDLP and Seamex Figures for Seadrill Group include West Mischief, but exclude West Triton and West Resolute Seadrill Group(1) Seadrill Group(1) 

  

  Industry leading backlog additions
in 2016 and 2017 Key contracts executed: 2016 West Eclipse – 2 year contract with Exxon Mobil in Angola West Tellus – 18 month extension with Petrobras in Brazil AOD I, II and III – 3 year extensions for each of 3 jack-ups with
Saudi Aramco West Castor – 1 year contract for jack-up with ENI in Mexico West Phoenix – Contracts with Total and Nexen in UK covering the majority of 2017 2017 10 year contract for the West Elara and 10 year extension for the West Linus
with Conoco Phillips in Norway – estimated $1.4bn in net backlog addition(1) Seamex JV - 2.5 year contract extensions for each of 5 jack-ups with Pemex(2) West Saturn – Contracts with Ophir (Ivory Coast) and Statoil (Brazil) utilising
newly installed 2nd BOP and MPD (Managed Pressure Drilling) equipment West Hercules – contract with Siccar Point in UK for cold stacked unit Contracts subject to partners’ approval. Backlog estimate assumptions set out in North Atlantic
Drilling press release April 11, 2017 Seamex is a 50% owned joint venture not consolidated by Seadrill Limited 

  

  Innovative Solutions To Serve Our
Customers Integrated service offerings Managed pressure drilling Market indexed rates West Aquarius / Statoil Canada West Castor / ENI Mexico West Tellus / Petrobras Libra Field Brazil West Capella / Total Cyprus West Capricorn / BP US GoM

  

  Opex per rig per day including
overhead ($’000) Floaters 2016 Jack-ups Continued Focus On Cost Competitiveness 

  

  Outstanding Performance and Safety
+8 points 2016 YTD May 2017 Economic utilisation Total Recordable Injury Frequency Our uptime has been at sustained record highs in 2016 and this year.... ...while we’ve managed to reduce injuries below industry benchmark 

  

  Summary Offshore has a role to play
in providing the world’s energy Production gap that requires offshore to plug Dayrate and utilisation trend following patterns from previous cycles just before recovery Increase in tendering activity a good leading indicator for the market
Results in the past two years demonstrate we can deliver, even in the toughest of times Substantial cost reductions Record utilisation and improved HSE Backlog additions in 2016 and 2017 ahead of peers Seadrill has the right strategy and assets to
succeed in the competitive drilling industry Right focus: operations, rigs, customers and people Relatively high proportion of rigs on contracts Modern, high specification fleet 

  

  Business Plan 

  

  Financial Model We have prepared a
Financing Case and Delayed Dayrate Case Difference relates to timing of a recovery in dayrates Delayed Dayrate Case is being used for investment committee and Banks’ credit approval process Conservative outlook for setting covenants and
liquidity cushion Please refer to 9 December 2016 presentation materials filed on 31 January 2017 and Appendix B and C for additional detail 

  

  Key Assumptions – Delayed
Dayrate Case BE Jackups Floaters (%) ($ k/d) HE Jackups Contract dayrates where applicable Independent 3rd party dayrate and utilisation assumptions (Fearnley) thereafter Idle time between contract end to Fearnley Cold stacked rigs cost $10k/d and
estimated reactivation fees of $30mm for floaters and $10mm for jack-ups (%) ($ k/d) (%) ($ k/d) 

  

  Main Developments and Changes Since
December Item Update as of Q2-17 Actuals update Actuals included through the end of Q2-17 Seadrill Limited backlog increased $1.4 bn 8 fixtures Sale of 3 Jack-ups $225 million gross proceeds received Of which $102 million used to repay bank debt
associated with rigs sold West Mira Settlement $170 million received Actuals included through the end of Marc 

  

  Unlevered Free Cash Flow –
Delayed Dayrate Case EBITDA Unlevered Free Cash Flow The business continues to generate cash throughout the period Business model not broken Revenue ($mm) ($mm) ($mm) 

  

  Cashflow Sensitivity Analysis
Delayed Dayrate Case UFCF: $3,989 million over forecast period (2018 – 2022) Analysis applies the reduction / increase over the entire forecast period -5% Utilisation +5% Dayrate +10% Dayrate +5% Utilisation +10% Utilisation -5% Dayrate -10%
Dayrate -10% Utilisation 

  

  Cash Hazards and Opportunities
Hazards Opportunities Entity Affected / Beneficiary Newbuilds guarantee settlement TBD - RigCo Working capital increase - +$50 million RigCo Support for JV’s -$40 million - RigCo Credit charges for prospective interest rate hedging TBD - RigCo
Seadrill Partners distributions(1) -$40 million p.a. - IHCo Sapura deferred consideration(2,3) - +$110 million RigCo / NSNCo Seabras Sapura J.V. dividends - +$40 million p.a. NSNCo Includes distributions from subsidiaries of Seadrill Partners to
Seadrill Partners that are then up-streamed and distributions from Seadrill Ltd’s direct stake in the subsidiaries of Seadrill Partners As of June 30, 2017 NSNCo benefits post-closing, subject to a minimum outstanding balance of
$55m

  

  Recapitalisation Plan 

  

  Overview Objectives 5-year plan to
bridge to a recovery Attract new capital Manage contingent liabilities Remain competitive post refinancing Scope Seadrill Limited (incl. NADL, Sevan and AOD) All facilities that have Seadrill Limited covenants Principles Consensual approach Timely
execution Lowest execution risk 

  

  Current Group Structure North
Atlantic Drilling, Ltd. Archer SeaMex Ltd Sevan Drilling Ltd. Seadrill Partners LLC Seabras Sapura Asia Offshore Drilling Non-Consolidated Entities Legend Equity Interests Parent Subsidiaries Consolidated Entities Other Non-Consolidated Entities
Seadrill Limited Consolidated Entities 46.6% 50.1% 70.4% 66.2% 50.0% 15.7% 50.0% 

  

  Group Liabilities Addressed, as of
Q2 2017 Liabilities     Size ($mm) Secured Seadrill Limited Debt (incl. NADL, Sevan and AOD)  $5,953 Ship Finance Loans 835(1) Total Secured Debt $6,788 Unsecured Bond Debt $2,297 Seabras Sapura Guaranteed Debt 736 Archer(2) 296 SDLP
Guaranteed Debt 583 Seadrill Limited Contingent Liabilities $1,615 Seadrill Limited Guaranteed Newbuild Obligation $1,830 Derivative Contracts $280 Total Liabilities Addressed by Plan (as of Q2-17) $12,810 Represents SFL debt consolidated on
Seadrill’s balance sheet. Total lease liability $1,181mm Balance as of Q1 2017; the guarantees were managed prior to the end of Q2 2017

  

  Other Current Liabilities Already
Addressed Entity Liability (as of Q2-17) Treatment Credit Approval Documentation Archer(1) $296 million Remove guarantee of bank debt Remove event of default on sponsor default ü ü Seamex Zero as of Sept 2016 Remove event of default on
sponsor default ü ü SDLP $583 million Structural separation of SDLP and Seadrill facilities including removal of Seadrill guarantees of SDLP bank debt ü ü Balance as of Q1 2017; the guarantees were managed prior to the end of Q2
2017

  

  Key Parts Of The Plan Supported by
strong operational performance Amendment and extension of Bank Facilities Manage newbuild risk Equitisation of bonds, existing derivatives and other unsecured claims Restructuring of SFL bareboat charter payments New Capital Contingent liability
insulation Manage interest rate risk 

  

  Liquidity After Restructuring ($mm) 35
Liquidity After Restructuring – Delayed Dayrate Case (1) Consolidated cash includes cash in RigCo, IHCo, NSNCo and Seadrill Ltd; 2022 bank maturities assumed to roll Based on $1.06bn new money raised on 31-Mar-18 Consolidated Min Cash (Q1
2019)

  

  Leverage After Restructuring
Leverage Trajectory Net Debt / EBITDA (x) Leverage Profile Net leverage: 5.3x $9,630 Net leverage: 3.3x Net leverage: 1.9x

  

  Could be reduced by $500 million from
Amortisation Conversion Election In $mm Projected Principal Payments After Restructuring(1) Assumes 12-September Ch11 filing; bank facilities are fully repaid at maturity and lenders consent to extending bank maturities by a further three months 37
Under Delayed Dayrate case; assumes consent from lenders to provide additional 3-month maturity extension Amortisation in 2020 reflects the true-up for amortisation paid from 1 August 2017 to filing (2) Cash Sweep only paid if there is excess cash
(tied to performance)(1) Maturity Profile before Restructuring Maturity Profile after Restructuring In $mm Amount paid pre-filing

  

  Minimum Principal Payments 8 Includes
maturities for Amortisation Conversion Election tranches; assumes consent from lenders to provide additional 3-month maturity extension Assumes $500m Amortisation Conversion Election is utilised and no cash sweep Assumes 12-September Ch11 filing;
bank facilities are fully repaid at maturity and lenders consent to extending bank maturities by a further three months In $mm Maturity Profile before Restructuring Maturity Profile after Restructuring(1) In $mm Amount paid pre-filing

  

  Sources  In $ millions Usage
Uses  In $ millions Illustrative Cash on B/S at Emergence $826 RigCo: All cash on B/S at transaction close Cash at RigCo $1,378 New Equity $200 RigCo: $200 Amendment Fees to Banks 24 RigCo: $523.9 Closing Fees 148 New Secured Notes $860 IHCo:
$100 Cash at IHCo 100 NSNCo: $227.5 Cash at NSNCo 228 NSN Closing Fee: 1% NSN Closing Fee(1) 9 Total Sources $1,886 Total Uses $1,886 Illustrative Sources and Uses At Closing Assumes Filing Date of 12-Sep-17 and Emergence / Closing Date of 15-Apr-18
1% cash fee paid at closing

  

  Unsecured Claims  Stakeholder
Ownership of Seadrill Limited(1) New Secured Notes 57.5% pre dilution New Equity 25% pre dilution Unsecured Claims 15% pre dilution Existing Equity 2% pre dilution Structuring Fee to Ad Hoc Group 0.5% of equity pre dilution Structuring Fee to Hemen
5% of equity post dilution Seadrill Equity Ownership After Restructuring Fully Diluted(1)(2) 55% New Secured Notes Structuring Fee (Hemen) Existing Equity New Equity 1. Equity split in a consensual deal 2. Fully diluted before management incentive
plan Structuring Fee (AHG)

  

  Treatment of Stakeholders

  

  Corporate Structure Post
Restructuring NSNCo IHCo IHCo Share Pledge 100% 66% 100% 39-100% Excess Sale Proceeds escrow account Entities not pledged Newbuilds and other entities pledged to NSNs which cannot be hived down RigCo New Secured Notes Seadrill Limited(1) NSN
Ringfence Seadrill Management Limited 100% 100% NSNCo Accounts New Equity RigCo Share Pledge NADL(1) AOD Sevan(1) Vessel & Charter Cos Seadrill Global Services SDLP and other entities Secured Credit Facilities NSNCo Share Pledge RigCo Cash Pool
(1) Entities refer to New Seadrill, New Sevan, and New NADL with the current entities expected to be liquidated pursuant to Bermuda law

  

  Key Amendments Maturity Extension:
c.4 to 6 years Amortisation: 2017 (post filing): none; 2018: none 2019: none 2020: $358 million(1) Post 2020: $521 million p.a. Cash sweep beginning in Q2 2021 Financial Covenants: Minimum Liquidity: $650mm stepping down to $400mm Leverage and DSCR:
tested from Q1-2021 Undrawn RCF: cancelled and replaced with $500mm ACE Bank Debt Amendment and Extension Includes true-up mechanism for any amortisation paid from 1 August 2017 to filing 

  

  Key Benefits To Banks Majority of
cash at closing at RigCo Cross-collateralisation No principal impairment Guarantee from RigCo and Seadrill Limited Improved group-wide covenants Upfront 50bps fee and 100bps increased margin Bank Debt Amendment and Extension (Cont.) 

  

  New Secured Notes Amount Security
$860 million $462.4 million commitment by Hemen and Centerbridge $397.6 million commitment by the ad hoc group ($357.6 million) and certain other holders ($40 million) $85 million Rights Offering to certain eligible holders of general unsecured
claims, which reduces Hemen’s, Centerbridge’s and the ad hoc group’s commitment Junior to Banks’ cross-collateralisation at RigCo First lien over unencumbered assets $227.5 million cash collateral, subject to release
mechanism Maturity 7-years post closing (or if later, 6 months after the last Bank maturity) Bullet repayment at maturity Economics 12% interest: 4% cash and 8% PIK 57.5% of reorganised equity in Seadrill Limited (before Structuring Fee and
management incentive plan dilution) 

  

  New Secured Notes Commitment Fee Fee
of 5% payable in cash at RSA signing to initial NSN commitment parties in accordance with the Investment Agreement Closing Fee Fee of 1% payable in cash at closing in accordance with the Investment Agreement Termination Fee None

  

  New Equity Placement Amount $200
million $150 million committed by Hemen and Centerbridge $50 million commitment by the ad hoc group Up to $25 million of Hemen’s allocation available as Rights Offering to general unsecured claims Use of Proceeds All proceeds moved to RigCo
except $25 million retained at Seadrill Limited Reorganised Equity 25% of new equity in Seadrill Limited (before Structuring Fee and management incentive plan dilution) Commitment Fee Fee of 5% payable in cash at RSA signing Ticking Fee Ticking fee
of $100,000 per day if the new equity is not available for trade on the Oslo Stock Exchange within 90 days of the Confirmation Order being entered; provided that no ticking fee will apply if the new equity is not available for trade due to events
not reasonable within the control of the Company Termination Fee None

  

  Structuring Fees Structuring Fee:
Payable to Hemen 5% of fully diluted reorganised equity in Seadrill Limited after equitisation of bond/swap claims, Structuring Fee: Payable to AHG and, if applicable, allocation to existing equity in consensual scenario Structuring Fee: Payable to
AHG 0.5% of reorganised equity in Seadrill Limited after equitisation of bond/swap claims and, if applicable, allocation to existing equity in consensual scenario (but before dilution due to Structuring Fee: Payable to Hemen)

  

  Bonds Treatment of Bonds Bonds,
derivatives and other unsecured claims to receive 15% of new equity in Seadrill Limited (before Structuring Fee and management incentive plan dilution) 

  

  Existing Shareholders Equity
Ownership Post Reorganisation Existing shareholders will only receive equity if unsecured classes at Seadrill Limited vote to accept the plan Current shareholders to receive 2% of reorganised equity in Seadrill Limited (before Structuring Fee and
management incentive plan dilution) 

  

  Newbuilds Guaranteed Newbuilds
Guarantees will be eliminated either through: Negotiated settlement, or Rejection of contracts in Ch. 11 

  

  NADL, Sevan Drilling and AOD
Minority Equity NADL and Sevan Drilling Minority Equity To be eliminated No cash payment AOD Minority Equity Mermaid’s stake (c.34% ownership) unchanged AOD’s contribution to RigCo cross-collateralisation modified to reflect
Seadrill’s c.66% stake Discussions with Mermaid ongoing 

  

  Ship Finance Limited Bareboat
Charter Amendments 29% deferral of the SFL charters for the period 2018-2022 After 2022, deferred amounts from period 5 years earlier added back to the charter rate (e.g., amounts deferred in 2018 are repaid in 2023) Put/purchase obligations are
adjusted such that the all-in IRR of each lease is reduced from implied contractual rate to 6.0%, with the West Linus put option further adjusted to $86 million Call options adjusted by adding any deferred amounts to and subtracting any repaid
amounts from the original call option prices Charters hived down to RigCo group Seadrill Limited guarantees to be retained SFL does not participate in the banks’ RigCo cash sweep Third ranking RigCo guarantees (subordinated to first ranking
guarantee in favour of Banks and second ranking guarantee in favour of New Secured Notes) 

  

  Seabras Sapura Seabras Guarantees
Guarantees will be eliminated either through: Negotiated settlement that removes guarantee in return for certain commercial concessions, within Seabras (preferred approach), or Equitisation of contingent unsecured claim in Ch. 11 Approach to
Esmeralda remains under consideration 

  

  Derivatives Derivatives All existing
derivatives expected to be terminated upon filing for Ch. 11 Derivatives counterparties receive an unsecured claim equal to crystallised derivatives’ mark-to-market Unsecured claim to receive same treatment as Bonds Considering either the
purchase of interest rate caps or entering into new swaps to replace the swaps expected to be terminated 

  

  Rights Offering To Unsecured Claims
in Ch.11 Rights Offering Quota The aggregate available NSNs to Hemen, Centerbridge, and the ad hoc group may be reduced by up to $85 million The aggregate available New Equity to Hemen may be reduced by up to $25 million Rights Offering Recipients
As part of the transaction, rights offerings will be offered to holders of general unsecured claims (“Rights Offering Recipients”) Amounts subscribed and funded by these Rights Offering Recipients shall result in a reduction to Hemen,
Centerbridge and the ad hoc group’s aggregate commitments as described in the Rights Offering Quota section below Commitment parties in the Investment Agreement will not be able to participate in the Rights Offerings with respect to their
claim as of the Agreement Effective Date

  

  Timing and Implementation

  

  Chapter 11 Implementation Overview
We presently expect the Company to file a prearranged chapter 11 Established forum for an enterprise of this size and complexity Worldwide automatic stay protects contracts from termination Ability to reject unfavorable contracts Voting class
majority required: 66.7% in amount and 50% in number Ability to bind non-consenting classes of creditors / interests Agreeing to a prearranged chapter 11 has a number of key benefits Less time in chapter 11 Less expensive Less disruption to
operations Clear public deal terms from beginning provides more certainty to the market and customers on final outcome 

  

  Launch RSA Consent Process Chapter
11 Implementation Illustrative Timeline 30 Jun 2017 [T – 45] Ch.11 Filing Date 12 Sep 2017 [T = 0] Target: 11 Mar 2018 No Later than: 9 June 2018 [T + 180 – T+ 270] Target: 10 May 2018 No Later than: 8 August 2018 [T + 240 – T+
330](1) Plan Effective Date RSA Consent Process Marketing process to confirm no better terms available for new money Jun Jul Aug Oct Sep Nov Dec Jan Feb Mar Apr 15 Sep 2017 Bond Maturity TBU May Jun Jul Aug 1.Up to 60 days between Confirmation
Hearing and Plan Effective Date to finalise documents Confirmation Hearing

  

   Document Description Parties
Investment Agreement Reflects terms and conditions of new money commitments Hemen, NSN commitment parties, and Seadrill parties Restructuring Support and Lock-Up Agreement (RSA) Reflects terms and conditions of commitments to support the
restructuring transactions, including the Chapter 11 cases Banks, Hemen, NSN commitment parties, Seadrill Parties, and other stakeholders Restructuring Term Sheets Reflects material terms of Chapter 11 plan and other restructuring terms Attached to
RSA Commercial Term Sheets Reflect terms of bank amendments, new secured notes, inter-creditor agreement, and cash pooling Attached to RSA Other Term Sheets Reflect terms of cash collateral order, non-consolidated entity insulation, and swap matters
Attached to RSA Definitive Documents At closing an indenture, amended credit agreements and other definitive documents consistent with the term sheets will be negotiated and executed Various Key Documents

  

  Appendix 

  

  Appendix: Table of Contents Appendix
A: Key Modelling Assumptions 65 Appendix B: Business Plan – Financing Case 69 Appendix C: Business Plan – Delayed Dayrate Case 73 Appendix D: Legal Structure Before and After Recapitalisation 77 Appendix E: Term Sheets Summary of Terms
for Secured Credit Facilities Summary of Terms for New Secured Notes Summary of Terms for Bonds Summary of Terms for Non-Consolidated Entities and Financial Guarantees 81 Appendix F: Cash Pool Mechanics 100 Appendix G: Bank Debt Maturity and
Amortisation Profile 107 Appendix H: Forward LIBOR Curve 110 

  

  Appendix A Key Modelling Assumptions

  

  Operating costs of contracted rigs
assumed to increase at a rate of 3% p.a. Rigs rollover operating cost including G&A assumption for: Floaters(1) Opex All daily opex numbers (other than idle rigs) include $20k/d of G&A Excludes G&A costs $155k/d $150k/d 2017-2022 $70k/d
$145k/d $150k/d 2020 (+8%) $166k/d 2017-2022 $10k/d 2017 2018 (+4%) 2019 (+4%) 2017-2022 BE Jackups(1) HE Jackups(1) Idle Rigs(2) $172k/d 2021 (+4%) $178k/d 2022 (+4%) 

  

  Other Assumptions Archer Guarantees
Removal SDLP Distributions to SDRL $28mm settlement in Q2 2017 $10mm distributions quarterly Filing Date: 12 September 2017 Effective Date: 15 April 2018 Cold stacked (FL $10k/d, JU $10k/d) with no capital expenditures (including Long-Term
Maintenance) $50mm WC increase in Q3 2017 $170mm received in Q1 2017 Estimated reactivation fees of $30mm for floaters and $10mm for jack-ups No interest paid upon filing Claims fully equitised upon emergence Non Working Fleet Assumption West Mira
Cancellation Compensation Working Capital Requirements Reactivation Fees Treatment of Bonds Key Dates Premium Paid for Interest Rate Caps $75m spent to purchase interest rate caps in Q4 2017 assumed, if caps purchased in preference to
swaps

  

  Filing Date: 12 September 2017;
Effective Date: 15 April 2018 Refinancing Assumptions Bank Amendment and Extension Maturity Tenor Amortisation Amortisation holiday from Filing Date through 2019 $358mm(1) amortisation in 2020 $521mm amortisation in 2021 and thereafter (as reduced
to reflect maturities from March 2022) $500mm Amortisation Conversion Election starting in Q1 2020 Maturities extended by c. 4 to 6 years Consent Economics 50bps consent fee, 50% credit for R1 extension fee payments 100 bps margin increase 1
Equitisation of Bonds Full equitisation of outstanding bond and other unsecured claims in exchange for 15% of the reorganised equity (before Structuring Fee dilution (2)) Equitise Bonds and Other Unsecured Claims Other Unsecured Claims Derivatives
expected to be terminated upon filing, Company cash flows to remain unhedged Derivatives to be crystallised and treated as part of general unsecured claims pool 2 Includes true-up mechanism for any amortisation paid from 1 August 2017 to filing
Fully diluted before management incentive plan 

  

  Filing Date: 12 September 2017;
Effective Date: 15 April 2018 Refinancing Assumptions (cont.) New Secured Notes Amount: $860mm in cash Maturity: Year 7 post-closing Interest: 4% cash, 8% PIK Fees: 5% commitment fee and 1% closing fee paid in cash New Money Investment Equity
Placement Amount: $200mm in cash $150 mm committed by HCB, $50mm committed by AHG and Up to $25 million of Hemen’s allocation available as Rights Offering to Unsecured Creditors(1) Equity: 25% of reorganised equity in Seadrill Limited (before
Structuring Fee dilution (2)) Fees: 5% fee paid in cash 3 Commitment Parties have agreed to not participate in the Rights Offering on behalf of their Unsecured Claims Fully diluted before management incentive plan 

  

  Appendix B Business Plan –
Financing Case 

  

  To assist us in preparing the
Business Plan, we commissioned a report (the “Fearnley Report”) on the offshore drilling market from Fearnley Offshore AS We believe this forecast is conservative and realistic The Fearnley Report is the basis for the dayrate and
utilisation assumptions We manage our fleet as a portfolio and the assumptions are applied to the uncontracted fleet Business Plan Assumptions 2017 2018 2019 2020 2021 2022 Floaters Dayrates ($ k/d) $180 $268 $363 $420 $435 $435 Total Utilisation
(%) 51% 77% 87% 89% 91% 91% Jackups (BE) Dayrates ($ k/d) $84 $95 $99 $112 $118 $125 Total Utilisation (%) 65% 85% 89% 90% 89% 88% Jackups (HE) Dayrates ($ k/d) $133 $141 $175 $215 $243 $243 Total Utilisation (%) 67% 67% 90% 90% 90% 90% Financing
Case Based on Fearnley’s low case assumptions around dayrate and utilisation of rigs for Seadrill

  

  Assumes all debt is refinanced at
maturity with the same terms Amortisation in 2020 is less than the term sheets’ 2020 amortisation of $434mm, which reflects the true-up for amortisation paid after 1 August 2017 Debt Repayment Schedule After Refinancing(1) Liquidity Profile
After Refinancing Balance Sheet Leverage Ratios Summary Financials Model Outputs – Financing Case (2)

  

  Key Financials – Financing
Case Key Financials ($ in millions) 2016 2017 2018 2019 2020 2021 2022 Total Cash Flow Items EBITDA $1,557 $744 $730 $1,243 $1,543 $1,671 $1,680 $9,169 Unlevered FCF 1,359 597 182 636 982 1,262 1,326 6,345 Cash Interest (466) (380) (326) (325) (331)
(303) (253) (2,384) Levered FCF $893 $217 ($144) $311 $651 $959 $1,073 $3,961 Bank Amortisation (923) (679) - - (358) (521) (521) (3,004) Cash Sweep - - - - - (760) (490) (1,250) SFL Payments (187) (189) (135) (115) (106) (104) (102) (938) New
Capital / Other 542 268 944 40 40 40 40 1,914 Net Cash Flow $325 ($383) $665 $237 $226 ($386) ($0) $684 Balance Sheet Items                 Bank Debt $6,450 $5,662 $5,662 $5,662 $5,304 $4,022 $3,010 New
Secured Capital - - 913 988 1,069 1,157 1,253 Bonds 2,295 2,295 - - - - - Sale Leaseback 884 787 689 592 494 397 299 Total Debt $9,630 $8,744 $7,264 $7,242 $6,867 $5,576 $4,562   Cash 1,369 986 1,651 1,887 2,114 1,728 1,728 Net Debt $8,261
$7,758 $5,613 $5,354 $4,753 $3,849 $2,835   Credit Statistics                 Net Debt / EBITDA 5.3x 10.4x 7.7x 4.3x 3.1x 2.3x 1.7x 1. Amortisation in 2020 is less than the term sheets’ 2020
amortisation of $434mm, which reflects the true-up for amortisation paid after 1 August 2017

  

  Appendix C Business Plan –
Delayed Dayrate Case 

  

  2017 2018 2019 2020 2021 2022 Total
Utilisation Rate Financing Case 51% 77% 87% 89% 91% 91% Delayed Dayrate Case 51% 77% 87% 89% 91% 91% Annual Uncontracted Dayrate Financing Case $180 $268 $363 $420 $435 $435 Delayed Dayrate Case $180 $224 $315 $420 $435 $435 2017 2018 2019 2020 2021
2022 Total Utilisation Rate Financing Case 65% 85% 89% 90% 89% 88% Delayed Dayrate Case 65% 85% 89% 90% 89% 88% Annual Uncontracted Dayrate Financing Case $84 $95 $99 $112 $118 $125 Delayed Dayrate Case $84 $90 $97 $112 $118 $125 Dayrate and
Utilisation – Delayed Dayrate Case The Delayed Dayrate Case is framed as a six-month delay in the 2018 recovery of dayrates, returning to previously presented Financing Case assumptions by 2020 The Delayed Dayrate Case is a more conservative
case to ensure that the Company has the necessary liquidity and runway to reach an industry recovery Legend Operating Assumptions: Floaters Operating Assumptions: HE Jack-ups Operating Assumptions: BE Jack-ups Denotes full recovery to current year
Financing Case Recovery Delay Midpoint calculation for 6 month delay 2017 2018 2019 2020 2021 2022 Total Utilisation Rate Financing Case 67% 67% 90% 90% 90% 90% Delayed Dayrate Case 67% 67% 90% 90% 90% 90% Annual Uncontracted Dayrate Financing Case
$133 $141 $175 $215 $243 $243 Delayed Dayrate Case $133 $137 $158 $215 $243 $243 

  

  Delayed Dayrate Case –
Variance Analysis ($ in Millions) 2016 2017 2018 2019 2020 2021 2022 Total Revenue Financing Case $2,867 $1,865 $1,991 $2,647 $2,980 $3,149 $3,196 $18,621 Delayed Dayrate Case $2,867 $1,865 $1,814 $2,399 $2,980 $3,149 $3,196 $18,196 Delayed Dayrate
Case Better / (Worse) than Financing Case - - ($178) ($248) - - - ($425) EBITDA Financing Case $1,557 $744 $730 $1,243 $1,543 $1,671 $1,680 $9,156 Delayed Dayrate Case $1,557 $744 $552 $995 $1,543 $1,671 $1,680 $8,730 Delayed Dayrate Case Better /
(Worse) than Financing Case - - ($178) ($248) - - - ($425) Unlevered FCF Financing Case $1,359 $597 $182 $636 $982 $1,262 $1,326 $6,343 Delayed Dayrate Case $1,359 $597 $48 $414 $939 $1,262 $1,326 $5,943 Delayed Dayrate Case Better / (Worse) than
Financing Case - - ($135) ($222) ($43) - - ($400) Applying a one year delay to the Financing Case in dayrates would decrease EBITDA by a total $425mm over the projected period Unlevered free cash flow decreases less than EBITDA due to working
capital fluctuations, as well as lower projected capital expenditures and taxes Seadrill Consolidated 

  

  Key Financials – Delayed
Dayrate Case Key Financials ($ in millions) 2016 2017 2018 2019 2020 2021 2022 Total Cash Flow Items EBITDA $1,557 $744 $552 $995 $1,543 $1,671 $1,680 $8,743 Unlevered FCF 1,359 597 48 414 939 1,262 1,326 5,945 Cash Interest (466) (380) (326) (325)
(331) (314) (276) (2,417) Levered FCF $893 $217 ($278) $89 $608 $949 $1,050 $3,528 Bank Amortisation (923) (679) - - (358) (521) (521) (3,004) Cash Sweep - - - - - (351) (467) (817) SFL Payments (187) (189) (135) (115) (106) (104) (102) (938) New
Capital / Other 542 268 944 40 40 40 40 1,914 Net Cash Flow $325 ($383) $530 $15 $184 $13 ($0) $684 Balance Sheet Items                 Bank Debt $6,450 $5,662 $5,662 $5,662 $5,304 $4,432 $3,443 New Secured
Capital - - 913 988 1,069 1,157 1,253 Bonds 2,295 2,295 - - - - - Sale Leaseback 884 787 689 592 494 397 299 Total Debt $9,630 $8,744 $7,264 $7,242 $6,867 $5,986 $4,995   Cash 1,369 986 1,516 1,531 1,714 1,728 1,728 Net Debt $8,261 $7,758
$5,748 $5,711 $5,153 $4,259 $3,268   Credit Statistics                 Net Debt / EBITDA 5.3x 10.4x 10.4x 5.7x 3.3x 2.5x 1.9x 1. Amortisation in 2020 is less than the term sheets’ 2020 amortisation
of $434mm, which reflects the true-up for amortisation paid after 1 August 2017

  

  Appendix D Legal Structure Before
and After Recapitalisation Plan 

  

  Current Group Structure and
Liabilities Note: Seadrill Partners is accounted through the equity method Remaining ownership held by public shareholders Joint-venture partner is an investment fund managed by Fintech Advisory Inc. Ship Finance rigs are already included in rig
counts (two at Seadrill, one at NADL) Other major shareholder is Mermaid Maritime Public Company Limited Other $1,971mm of contingent payments for delivery of 8 jackup vessels ($1,471mm) and the Sevan Developer ($500mm) do not have recourse to
Seadrill Limited Source: Company Q2 2017 filings North Atlantic Drilling, Ltd. Secured Debt: $950mm Uns. Bonds (Seadrill Ltd-guaranteed): NOK1,500mm ($170mm) Uns. Bonds (not guaranteed): $413mm (not inclusive of $187mm owned by Seadrill Limited)
Archer Sec. Debt: $674mm SeaMex Ltd Secured Debt: $582mm Sevan Drilling Ltd. Secured Debt: $875mm Seadrill Partners LLC Secured Debt : $3.0bn Seabras Sapura Secured Debt: $1.4bn Asia Offshore Drilling Secured Debt: $219mm Non-Consolidated Entities
Legend Equity Interests Parent Subsidiaries Consolidated Entities Other Non-Consolidated Entities Seadrill Limited Secured Debt: $6.0bn (o/w at Seadrill Limited: $3.9bn) Unsecured Bonds:$2.3bn (o/w at Seadrill Limited: $1.7bn) Consolidated Entities
46.6% 50.1%(1) 70.4%(1)(3) 66.2%(4) 50.0%(2) 15.7% 50.0% Guarantees and Contingent Liabilities NADL: $950mm bank debt, $170mm NOK bond Sevan: $875mm AOD: $219mm SFL lease obligation: $835mm Derivative Contracts MtM: $280mm Seabras Sapura: $783mm
Newbuilds: $1,830mm delivery payments with recourse to Seadrill Limited(5) 

  

  Group Structure Before Restructuring
NADL AOD 70% 66% Sevan 50% Vessel & Charter Cos 39-100% Seadrill Bonds Secured Credit Facilities (any deficiency claim) NADL NOK Bonds (any deficiency claim) All other unsecured claims Secured Credit Facilities (each facility benefits from
existing 1st ranking security) Financial Liabilities Seadrill Limited Seadrill Global Services 100% Seadrill UK Ltd Seadrill Sapura Participacoes Ltda(2) Seadrill Offshore AS Seabras Sapura Holdco GmbH 50% 50% 100% 100% Other Entities 1 - 100%
Archer Limited 15.7% New Build Entities(1) 100% 100% Seadrill Jack Up Holding Ltd SeaMex Ltd 50% 100% Seadrill Partners LLC Seadrill Capricorn Holdings Seadrill Operating LP 42% 49% 47% Seadrill Management Ltd NADL USD and NOK bonds Certain
shareholdings are indirectly held by Seadrill Limited Shareholding indirectly held by Seadrill UK Ltd

  

  Group Structure Post Restructuring
1st ranking guarantee to be granted in favour of the New Secured Noteholders 2nd ranking guarantee to be granted in favour of the New Secured Noteholders NSNCo IHCo SDLP and other assets IHCo Share Pledge NADL AOD 100% 66% Sevan 100% Vessel &
Charter Cos 39-100% Excess Sale Proceeds escrow account Secured Credit Facilities (any deficiency claim) New Secured Notes (any deficiency claim) Security - RigCo Share Pledge and Excess Sale Proceeds escrow account(s) Secured Credit Facilities (1st
ranking) New Secured Notes (2nd ranking) Secured Credit Facilities (each facility benefits from existing 1st ranking security) Entities not pledged Newbuilds and other entities pledged to New Secured Notes which cannot be hived down Security –
NSN benefits from IHCo and NSNCo Share Pledge plus security over IHCo cash. Security over IHCo cash is shared on a pari-passu basis, with banks’ claim up to an amount equal to difference between (i) then-prevailing Minimum Liquidity and (ii)
RigCo group consolidated cash Financial Liabilities RigCo New Secured Notes Seadrill Limited Seadrill Global Services Guarantee (1) Guarantee (2) 3 NSN Ringfence 4 2 Seadrill Management Ltd 100% 100% NSNCo Accounts 5 New Equity 1 1 RigCo Share
Pledge $1.06Bn of new cash capital in the form of $200m new equity and $860m New Secured Notes Bonds fully equitised, together with existing derivatives and other unsecured claims Creation of NSNCo, a wholly owned subsidiary of IHCo, as issuer of
NSNs Seadrill Partners and other assets (including assets pledged to NSNs) hived down to NSNCo $227.5m of proceeds kept as cash collateral for the NSNs, subject to release mechanism 1 2 3 4 5 RigCo Cash Pool 1-100% 1-100% NSNCo Share
Pledge

  

  Appendix E Summary Term Sheets The
summary terms contained in this Appendix E are a high level, indicative only summary and subject to the detailed terms set out in the legal term sheets. To the extent there is any inconsistency with the summary terms in this Appendix E and the legal
term sheets, the legal term sheets will prevail. 

  

  Summary of Terms for Secured Credit
Facilities 

  

  Secured Credit Facilities  
Current Contractual Terms (Post R1) Summary of Proposed Terms Tenor December 2016 to August 2020 March 2022 to September 2024 Banks requested to consent within 30 days of filing to extend the maturities by a further three months so that they fall
between June 2022 and December 2024 Amortisation Under R1 no change to number of existing scheduled amortisation payments 2017: Existing amortisation paid until filing, provided that to the extent amortisation payments made between 1 Aug 2017 and
filing date, such amounts to be deducted from 2020 amortisation 2018: $0m 2019: $0m 2020: $358m(1) Post 2020: $521m (as reduced to reflect maturities from March 2022) Amortisation Conversion Election N/A $500m total Amortisation Conversion Election
subject to: Being available from first quarterly amortisation after 1 January 2020 For first $250m of ACE 40c contribution from IHCo to RigCo for every dollar of ACE utilised, but if no cash at IHCo then ACE still available First $250m of ACE, LTM
EBITDA less than projected EBITDA in the Delayed Dayrate Case (for election in 2020) or $1.55bn (for elections after 2020) Second $250m of ACE, LTM EBITDA less than 80% of projected EBITDA in the Delayed Dayrate (for election in 2020) or $1.25bn
(for elections after 2020) Facility margin of L + 550bps Ability to fully redraw Amendment Fee 10bps waiver consent fee Approximately 20-50bps maturity extension fee paid 50bps calculated on the funded amounts under the relevant Secured Credit
Facilities on the refinancing closing date Subject to credit, in the case of any Facilities extended as part of Request 1, for 50% of the extension fees paid in respect of such Facility Margin Original applicable margin will apply as increased by
below margin grid 100bps increase to post R1 applicable cash margin MVC Test Suspended until testing date post 30 June 2017 Waived during the life of the Secured Credit Facilities IHCo Cash Sweep N/A On each NSN cash interest payment date, where
IHCo cash (excl. NSNCo cash and certain other cash amounts) exceeds $250m, excess cash will be swept from IHCo to RigCo Leverage Ratio Margin <4.5x 0 bps 4.5x – 5.0x 12.5 bps 5.0x – 5.5x 25 bps 5.5x – 6.0x 75 bps >6.0x 150
bps Includes true-up mechanism for any amortisation paid from 1 August 2017 to filing

  

  Secured Credit Facilities (cont.)
  Current Contractual Terms (Post R1) Summary of Proposed Terms Mandatory RigCo cash sweep N/A Semi-annual cash sweep beginning from 30 June 2021 For each cash sweep date: 75% of RigCo Excess Cash swept to Banks 25% of RigCo Excess Cash swept
to IHCo Excess cash defined as RigCo cash balance above $1.25bn No payments to IHCo to the extent IHCo cash balance greater than $250m – amounts then retained at RigCo Restricted Payments Essentially no dividends or other restricted payments
to be made by Seadrill Limited during the negotiation for the amendments to the Secured Credit Facilities No distributions out of RigCo except for certain Permitted Payments, which include payments permitted under group wide covenants Other IHCo
Top-Up Payments only permitted under certain conditions: Commencing January 2020 No existing or pro forma EoD Cash at IHCo (excluding certain excluded cash) does not exceed $250m pre or post payment Cash at RigCo equal to $250m above then applicable
Minimum Liquidity Requirement pre and post payment For every dollar upstreamed, three dollars of secured credit facilities pre-paid No amounts outstanding under ACE Cross Default Full cross-default to various wholly-owned and non-wholly owned
subsidiaries and investments (e.g. NADL, Sevan, AOD and certain other non-consolidated entities) Full cross-default between Secured Credit Facilities (including AOD, NADL and Sevan) subject to harmonisation of certain covenants and events of default
Acceleration of NSNs will also be an EoD No cross default in respect of debt of other non-100% owned subsidiaries of Seadrill Limited from time to time and their subsidiaries or non-consolidated investments of Seadrill Limited from time to time and
their subsidiaries Seadrill Ltd Deficiency Claim Each facility benefits from unsubordinated guarantee or direct borrowing claim from Seadrill Limited for any deficiency claim Each facility benefits from guarantee from Seadrill Limited (pari passu
with guarantee in favour of NSNs) RCF Availability RCFs blocked Cancellation and replacement of the RCFs with the $500 mm ACE construct 

  

  Secured Credit Facilities (cont.)
  Current Contractual Terms (Post R1) Summary of Proposed Terms Financial Covenants Reset of the Leverage Ratio covenant in each Secured Credit Facility so that: 6.0x up to 31 December 2016 6.5x from 31 March 2017 to and including 30 June 2017
4.5x from 30 September 2017 Equity Ratio covenant temporarily amended so that the market value adjustment to the Equity and Total Assets components of this financial covenant is deleted (subject to reinstatement on 30 June 2017) Minimum liquidity
covenant to be satisfied at all times (subject to 5 Business Days grace period for intra-period variations of up to $50m) and to be tested quarterly from closing No other financial covenant testing until Q1 2021 First 4 testing periods: RigCo DSCR
(Adjusted EBITDA / Debt Service) at 0.8x RigCo Net Leverage (Net Funded Debt / Adjusted EBITDA) set at same implied headroom Any DSCR or Net Leverage covenant breach does not cause event of default: triggers margin increase of +25 bps PIK plus
obligation on IHCo to fund RigCo in an amount to remedy breach (and therefore remove margin increase) to the extent it has cash to do so. Where margin increase occurs, banks have consultation rights After the first four testing periods, DSCR at 1.0x
and Net Leverage set at same implied headroom After first 4 testing periods, EBITDA equity cure rights (limited to 4 total uses) through contributions to RigCo (equity or subordinated debt or cash at IHCo or Seadrill Limited level) Financial
covenants to be a common term provision amendable by 66 2/3rds of all lenders (i.e. not per facility) Minimum Liquidity $250mm At closing, $100m held at IHCo. Remaining cash (excluding NSNCo restricted cash and other restricted cash) held at RigCo
(i.e. including $200m equity proceeds and $523.9m of the NSN proceeds) provided that $25m left at Seadrill Limited Minimum RigCo liquidity of: 2017: $650m 2018: $525m 2019 onward: $400m Asset Sales Provisions dealing with disposals of rigs and
entities holding rigs unclear both as to extent of consents needed and thresholds for these No consents required where allocated debt is prepaid in full with sale proceeds In addition, where sale proceeds are not less than 90% of amount required for
prepayment of allocated debt, difference can be topped up from cashflow provided that no EoD and RigCo cash is not less than the RigCo minimum liquidity requirement + $250m (pre and post payment on a pro forma basis) 

  

  Secured Credit Facilities (cont.)
  Current Contractual Terms (Post R1) Summary of Proposed Terms Excess Sales Proceeds N/A Excess sales proceeds will be paid into excess sales proceeds escrow account(s) that will be established at the RigCo group level Security will be granted
over the RigCo excess sales proceeds escrow account(s) with Bank Finance Parties having a first priority claim and the New Secured Noteholders having a second priority claim subject to the Intercreditor Agreement Where no EoD, amounts in the excess
sales proceeds escrow account(s) can be applied (i) in prepayment of ACE tranches, (ii) if there are no ACE tranches outstanding, towards upcoming amortisation and interest payments if RigCo group liquidity is less than $750m or (iii) to acquire new
rigs within the RigCo group (subject to the consent of the Supra Majority Lenders) Security Existing first ranking security on rig related collateral, including rigs, earnings accounts, insurances, earnings and shares Existing bank security package
to remain in place Security to be granted in favour of lenders under the respective facilities over intercompany liabilities owed to RigCo by a subsidiary of RigCo which is subject to the existing security Cross collateralisation between outstanding
facilities through first ranking security granted in favour of the Bank Finance Parties over:: the shares in RigCo the RigCo bank account which is funded with contributions from IHCo the intercompany loans made by RigCo to IHCo and by IHCo to RigCo
the RigCo excess sales proceeds escrow account(s) any subsidiary party to a guaranteed newbuild contract to the extent RigCo cash used to fund such newbuild 1st lien pari passu with NSN on IHCo cash (Banks’ claim to have priority to
enforcement proceeds up to difference between prevailing Minimum Liquidity level and RigCo group consolidated cash) Cash sweep from RigCo entities to RigCo periodically (on a basis to be agreed with the Company) and first ranking security over RigCo
cash sweep accounts granted in favour of the Bank Finance Parties Change of Control (Hemen) Change of Control mandatory prepayment triggered if Hemen ceases to own a minimum of 20% of voting rights or share capital of Seadrill Ltd or otherwise
control the appointment of board of Seadrill Ltd Change of Control if: For the first 12 months after closing, Hemen owns less than 20% of voting shares and ceases to have the agreed director appointment rights Between 12 and 24 months after closing,
Hemen owns less than 10% of the voting shares and ceases to have the agreed director appointment rights From 24 months after closing, Hemen owns less than 5% of the voting shares and ceases to have the agreed director appointment rights In the event
of John Fredriksen’s death or permanent disability, above provisions to fall away after 6 months In addition, Change of Control if a third party (i.e. a person who is not Hemen) acquires (i) 50.1% of the voting shares or (ii) the ability to
appoint a majority of the board

  

  Financial Covenants Summary
Financial covenants applicable from Refinancing Closing Date to Q1 2021 Covenants Level Calculation Minimum Liquidity 2017: $650m 2018: $525m 2019 onward: $400m Min. liquidity requirement of $650/525/400mm within RigCo and its Subsidiaries To be
satisfied at all times (subject to 5 Business Days grace period for intra-period variations of up to $50m) and to be tested quarterly from closing Financial covenants applicable from Q1 2021 onwards Covenants Level Calculation Minimum Liquidity
$400mm Min. liquidity requirement of $400mm within RigCo and its Subsidiaries To be satisfied at all times (subject to 5 Business Days grace period for intra-period variations of up to $50m) and to be tested quarterly from closing RigCo Debt Service
Coverage Ratio Not tested prior to Q1 2021 0.8x from Q1 2021 to Q4 2021 1.0x from Q1 2022 onwards Calculated as Adjusted EBITDA / Debt Service At each quarterly test date, covenant level tested using RigCo EBITDA calculated over last 12 months
Adjusted EBITDA to include all IHCo contributions made to RigCo after closing RigCo Net Leverage Not tested prior to Q1 2021 Set as same implied headroom as DSCR Calculated as Net Funded Debt / Adjusted EBITDA Net Funded Debt as at testing debt and
Adjusted EBITDA calculated on immediately preceding 12 months Adjusted EBITDA to include all IHCo contributions made to RigCo after closing Minimum MVC Minimum market value covenant and associated mandatory prepayment event to be waived during the
life of the Secured Credit Facilities The Group will continue to provide market value of rigs semi-annually for information purposes only 

  

  RigCo Financial Covenants –
Delayed Dayrate Case RigCo Financial Covenants Illustrative: subject to update for precise legal definitions of Net Leverage and DSCR 2. Amortisation reflects the true-up for amortisation paid from 1 August 2017 to filing Financial covenants tested
at RigCo level only and amended to navigate through industry downturn Holiday period post closing until Q1 2021 (except for minimum liquidity) Covenant breaches in 2021 lead to a margin increase of 25 bps PIK and Bank consultation rights; do not
lead to an Event of Default Limited financial covenants thereafter with significant headroom against the Delayed Dayrate Case ($ in millions) 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 RigCo Financials (1)
LTM RigCo EBITDA $537 $616 $708 $844 $982 $1,105 $1,237 $1,374 $1,528 $1,566 $1,618 $1,640 $1,671 $1,670 $1,666 $1,681 $1,680 LTM Amortisation Payments - - - - - 63 137 248 358 425 482 502 521 521 521 521 521 LTM Interest Expense 300 280 283 285 287
290 291 292 290 288 284 277 269 259 249 239 228 LTM Debt Service Payments $300 $280 $283 $285 $287 $353 $428 $539 $649 $713 $766 $779 $791 $781 $771 $760 $750 Gross RigCo Debt $5,662 $5,662 $5,662 $5,662 $5,662 $5,599 $5,525 $5,414 $5,304 $5,173
$4,859 $4,729 $4,432 $4,302 $3,977 $3,846 $3,443 RigCo Cash (1,154) (1,018) (1,036) (1,106) (1,153) (1,134) (1,131) (1,205) (1,322) (1,401) (1,250) (1,330) (1,250) (1,355) (1,250) (1,386) (1,250) Net RigCo Debt $4,508 $4,644 $4,626 $4,556 $4,509
$4,465 $4,394 $4,209 $3,981 $3,773 $3,609 $3,399 $3,182 $2,947 $2,727 $2,460 $2,193 Selected RigCo Credit Metrics (1) LTM Net Leverage 8.40x 7.54x 6.54x 5.40x 4.59x 4.04x 3.55x 3.06x 2.60x 2.41x 2.23x 2.07x 1.90x 1.76x 1.64x 1.46x 1.31x LTM DSCR
1.79x 2.20x 2.50x 2.96x 3.42x 3.13x 2.89x 2.55x 2.36x 2.20x 2.11x 2.11x 2.11x 2.14x 2.16x 2.21x 2.24x Financial Covenants                                   Net
Leverage n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 6.61x 5.89x 5.46x 5.03x 3.77x 3.54x 3.24x 2.93x Debt Service Coverage Ratio n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.80x 0.80x 0.80x 0.80x 1.00x 1.00x 1.00x 1.00x Covenant Headroom  
                                Net Leverage n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 174% 164% 163% 164% 114% 116% 121% 124% Debt Service Coverage Ratio n.a. n.a.
n.a. n.a. n.a. n.a. n.a. n.a. n.a. 174% 164% 163% 164% 114% 116% 121% 124% EBITDA Headroom                                   Net Leverage n.a. n.a. n.a. n.a. n.a.
n.a. n.a. n.a. n.a. 995 1,005 1,017 1,039 889 895 921 930 Debt Service Coverage Ratio n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 995 1,005 1,017 1,039 889 895 921 930 

  

  Summary of Terms for New Secured
Notes 

  

  New Secured Notes Key Terms Issuer
NSNCo (a wholly-owned special purposes subsidiary of IHCo) Guarantor Guarantee from Seadrill Limited (pari passu with banks) 1st ranking guarantee from IHCo 2nd ranking guarantee from RigCo 1st ranking guarantee from all other subsidiaries of
Seadrill Ltd other than IHCo and its subsidiaries (and subject to certain exceptions to be agreed for immaterial and rig-owning subsidiaries) Amount $860 million $462.4m commitment by Hemen and Centerbridge $357.6m commitment by the ad hoc group
$40m commitment by other holders $85m available to certain eligible holders of general unsecured claims, which reduces Hemen’s, Centerbridge’s and the ad hoc group’s commitment Redemption 7NC3 structure Up to 50% equity claw (using
proceeds of equity or subordinated debt issued by Seadrill Limited) at 106% or otherwise T+50 make whole prior to third anniversary of closing Voluntary redemption at 106% in year 4, 103% in year 5 and 100% thereafter Make whole and call premia
equivalent to the above to apply in case of acceleration Use of Proceeds Contribute $523.9m into RigCo Cash Pool Contribute $100m into IHCo Cash Pool Contribute $227.5m into an NSN Escrow Account NSN Closing Fee Amortisation Bullet repayment at
maturity Tenor Year 7 post-closing (or if later, 6 months after latest maturing Secured Credit Facility) Economics 4% cash interest and 8% PIK interest (paid with additional NSNs). Accrues from earlier of closing and 240 days after the petition
date. Ability to cash pay PIK interest from, amongst other things, equity raise and subordinated debt proceeds, cashflows at the Seadrill Limited level and Net Realisation Proceeds (as specified below) 5% Commitment Fee and 1% Closing Fee paid in
cash in accordance with the Investment Agreement 57.5% equity in Seadrill Limited (before Structuring Fee dilution) 

  

  New Secured Notes (cont.) Key Terms
Security and Ranking 2nd ranking security over bank accounts at RigCo and RigCo shares 1st ranking security over the shares in IHCo and NSNCo, NSNCo cash and IHCo cash (pari passu with banks‘ claim) Security over any subsidiary of Seadrill
Limited party to a newbuild contract (in the case of guaranteed newbuilds, second ranking to any first ranking security in favour of Banks) 1st ranking security (or alternative structure to give the NSNs the benefit of the relevant assets where
required consents cannot be obtained) over all other material unencumbered assets and claims that are not to be contributed to RigCo (subject to exceptions to be agreed), including but not limited to: each NSN HoldCo (including NSN HoldCos which
hold shares in Seadrill Partners LLC, Seadrill Operating LP and Seadrill Capricorn Holdings LLC and NSN HoldCos which are assigned the benefit of the SapuraKencana receivable and SeaMex Seller’s Credit) Seadrill Member LLC Equity stake in any
JV relating to West Rigel rig Seabras Sapura 50% equity stake SeaMex Ltd. 50% equity stake Seabras Servicos de Petroleo SA Seabras Sapura Participacoes Ltda 50% equity stake Archer Limited stake 1st ranking security (or alternative structure to give
the NSNs the benefit of the relevant receivables where required consents cannot be obtained) over other unencumbered receivables (including receivables owed by SDLP, SeabrasSapura entities and Archer) Security over certain intercompany loan claims
(first or second ranking depending on the specific claim) Cash income and dividends from, and proceeds of disposals of, assets subject to or held by an entity subject to first ranking NSN security, but excluding certain ordinary course dividends,
earn-outs and receivables from SDLP and/or related entities, (“Net Realisation Proceeds”) will be paid into a mandatory offer holding account for application in accordance with the “Asset Realisation Redemptions /
Reinvestment” section below. The mandatory offer holding account will be secured on a first ranking basis in favour of the NSNs Asset Realisation Redemptions / Reinvestment Asset realisations must be for fair market value and at least 75% of
the consideration must be cash The Board will agree a plan for realisation of non-core assets Net Realisation Proceeds subject to mandatory offer to redeem NSNs at 103 and then voluntary prepayment right at 106 during non-call period (then call
price) in respect of 50% of Net Realisation Proceeds Reinvestment right available for 360 days after the mandatory offer, on terms to be agreed, then if not used transferred to IHCo Net Realisation Proceeds remaining after mandatory offer may also
be used to cash pay PIK interest on the NSNs, fund financial support to non-consolidated entities and repay certain RigCo cash used to fund financial support Change of Control Put Put at 101% Change of Control definition to match the Secured Credit
Facilities definition Amendments and Waivers >50% consent; except certain economic and other customary entrenched amendments which require 90% consent 

  

  New Secured Notes RigCo Banks Assets
1st Ranking 2nd Ranking Structural Priority 1st Ranking 2nd Ranking Structural Priority Newbuild Entities other than those party to a guaranteed newbuild contract (SDRL Ltd direct/indirect stakes) P Newbuild Entities party to a guaranteed
newbuild contract P P(4) IHCo shares (100% stake) P IHCo cash (NSN and banks pari passu) P P(1) Seabras Sapura Holding GmbH shares (50% stake); Seabras Servicos de Petroleo SA shares (100% stake); Seabras Sapura Participacoes
Ltda shares (50% stake) P Archer Limited shares (15.71% stake) P SeaMex Ltd (50% stake) P NSNCo shares (100% stake) and NSN HoldCos (100% stakes) P NSNCo cash P Seadrill Partners LLC (units owned by SDRL Ltd); Seadrill Capricorn
Holdings (47% stake); Seadrill Operating LP (42% stake) P(3) Equity stake in West Rigel rig JV(5) P P SapuraKencana receivable P SeaMex seller note P Other unencumbered receivables (including receivables owed by SeabrasSapura
entities and Archer) (5) P P Seadrill Management Ltd (100% stake) P Seadrill Global Services Ltd (100% stake) P RigCo shares (100% IHCo stake) P P Existing rigs P(2) P Excess sales proceeds escrow account(s),
Contribution Agreement account and cash sweep account(s) at the RigCo group level P P Other cash at RigCo P Intercompany loan claims owed by RigCo to IHCo and upstream intercompany loans made by RigCo to IHCo P P New Secured
Notes and Banks Security Package SDRL Ltd level NSNCo level RigCo level Claim up to the difference between prevailing Minimum Liquidity level and RigCo group consolidated cash Existing rigs will continue to be secured in favour of the lenders under
the relevant Secured Credit Facilities IHCo level Held by a new wholly owned subsidiary of NSNCo (each a “NSN HoldCo”). NSNs have 1st ranking security over the NSN HoldCos To the extent RigCo cash used to fund such newbuild If consent
cannot be obtained to grant security, alternative form of priority or benefit will be given

  

  Intercreditor Principles   Key
Terms Voluntary Redemption of New Secured Notes Permitted prior to discharge of Secured Credit Facilities where redemption is funded by the proceeds of: an equity issuance by Seadrill Limited debt issued by Seadrill Limited and/or its subsidiaries
(excluding IHCo and RigCo and its subsidiaries) and which do not benefit from guarantees or security from IHCo or RigCo or its subsidiaries issuance of permitted refinancing debt (subject to specified parameters) sales or disposals of assets other
than those subject to the banks’ first ranking security which is not also secured in favour of the New Secured Notes Refinancing of Secured Credit Facilities Permitted in whole or in part subject to certain permitted refinancing parameters,
including with respect to maturity and amount of refinancing debt and a requirement that certain other provisions not be more onerous than the Secured Credit Facilities unless such terms are also offered to the other Bank Finance Parties.
Enforcement Mechanism Existing security under Secured Credit Facilities: through the relevant existing security agent in accordance with the terms of the relevant individual Secured Credit Facility (i.e. consent of 66.67% of the lenders under that
Secured Credit Facility) Shared security between banks (on a first ranking basis) and New Secured Notes (on a second ranking basis): On behalf of Banks: Supra Majority Lenders (and banks to consult with New Secured Noteholders prior to taking
enforcement action and keep New Secured Noteholders informed of processes and developments) New Secured Notes: No independent enforcement right without Supra Majority Lender Consent “Supra Majority Lenders” means two thirds majority of
the lenders under the Secured Credit Facilities with reference to total outstanding commitments across the Secured Credit Facilities New Secured Notes first ranking security (not shared with banks): Simple majority of New Secured Noteholders. Banks
to be notified and kept updated on progress of enforcement

  

  Intercreditor Principles (cont.)
  Key Terms Fair Value Protections No fair value protections (subject to customary affiliate transaction restrictions) in respect of existing security under Secured Credit Facilities or New Secured Notes first ranking security (not shared with
banks) Shared security between banks (on a first ranking basis) and New Secured Notes (on a second ranking basis): Fair value protections on enforcement (including requirements for court supervision of sale process or otherwise a public auction or
competitive bid process). Proceeds on enforcement to be received entirely in cash, subject to credit bidding by New Secured Noteholders Amendments Certain amendments to the Secured Credit Facilities to be subject to consent of New Secured
Noteholders, including increase of senior debt above a 10% headroom and increases in the margin, commission or fees that would increase the total annual cash costs or PIK costs in each case by more than 10% Certain amendments to New Secured Notes to
be subject to consent of Supra Majority Lenders, including increasing the cash pay element, increasing quantum of notes by more than a level to be agreed, or shortening the maturity to less than 6 months after the latest maturing Secured Credit
Facility US-style Restructuring and Insolvency Related Provisions Market standard US-style restructuring and insolvency related provisions Subordination Subordination of certain RigCo group intra group debt Subordination of RigCo guarantees granted
to SFL counterparties, to first ranking guarantee granted in favour of Bank Finance Parties and second ranking guarantee granted in favour of New Secured Notes

  

  Summary Equity Placement and
Structuring Fee to Hemen 

  

  Key Terms Issuer Seadrill Limited
Amount $200 million $150 million committed by Hemen and Centerbridge $50 million committed by ad hoc group Up to $25 million of Hemen’s allocation available as Rights Offering to Unsecured Creditors(1) Reorganised Equity 25% of reorganised
equity in Seadrill Limited (after equitisation of bonds and derivatives but before Structuring Fee dilution) Use of Proceeds All proceeds (subject to up to $25m to remain at Seadrill Limited for liquidity purposes) to be moved down to RigCo
Warranties and MAC Certain customary warranties to be given at signing and on the subscription date Business MAC Economics 5% fee paid in cash Equity Placement Term Sheet 1. Commitment Parties have agreed to not participate in the Rights Offering on
behalf of their Unsecured Claims

  

  Structuring Fee: Payable to Hemen
Issuer Seadrill Limited Investors To Hemen and affiliates, for structuring the transaction and Hemen’s commercial contributions and assistance in newbuild negotiations Reorganised Equity 5% of fully diluted reorganised equity in Seadrill
Limited (after equitisation of bond/swap claims, Structuring Fee: Payable to AHG and, if applicable, allocation to existing equity in consensual scenario) Structuring Fee Term Sheet Structuring Fee: Payable to AHG Issuer Seadrill Limited Investors
To members of the Ad Hoc Group of bondholders Reorganised Equity 0.5% of reorganised equity in Seadrill Limited after equitisation of bond/swap claims

  

  Summary of Other Liabilities

  

  Other Liabilities Stakeholder Key
Terms Bonds Bonds, derivatives and other unsecured claims to receive 15% of new equity in Seadrill Limited (before Structuring Fee dilution) Contingent Claims Interest rate and cross-currency derivatives expected to be terminated and crystallised
mark-to-market settled with share of the pro-forma equity Newbuilds Guarantees will be eliminated either through: Rejection of contracts in Ch. 11, or Negotiated settlement Existing Equity Existing shareholders will only receive equity if unsecured
classes at Seadrill Limited vote to accept the plan Existing shareholders to receive 2% of reorganised equity in Seadrill Limited (before Structuring Fee dilution)

  

  Appendix F Cash Pool Mechanics The
summary terms contained in this Appendix F are a high level, indicative only summary and subject to the detailed terms set out in the legal term sheets. To the extent there is any inconsistency with the summary terms in this Appendix F and the legal
term sheets, the legal term sheets will prevail. 

  

  Cash Pooling Mechanics After
Recapitalisation Note: Tax diligence regarding structure implementation and post-effective cash pool structure is ongoing Summary of Cash Movement Obligations and Restrictions RigCo RigCo Minimum Liquidity Requirement of: $650mm for 2017 $525mm for
2018 $400mm thereafter Must be satisfied at all times and tested quarterly, subject to a cure period of 5 business days for intra period variations where cash within the RigCo group is no more than $50 million below the applicable RigCo Minimum
Liquidity Requirement Whilst there is no event of default, no restrictions on cash movements within RigCo group (other than moneys held in the excess sales proceeds escrow account(s)) Periodic cash sweep (subject to exceptions) of cash held by
subsidiaries of RigCo to RigCo Cash upstream to IHCo subject to RigCo Restricted Payments Membrane: Junior Obligations Permitted Payments permitted if no payment or insolvency event of default or no event of default arising out of a breach of the
RigCo Minimum Liquidity Requirement is continuing and no IHCo breach of RigCo funding obligation under Contribution Agreement Structural Permitted Payments will be permitted to be made at any time irrespective of whether any event of default is
continuing Other payments subject to certain conditions (IHCo Top-up Payments) See glossary on next page IHCo / Seadrill Limited IHCo commits to provide necessary funds to RigCo on a quarterly basis to maintain RigCo Minimum Liquidity Requirement,
subject to limitations IHCo cash increases through permitted payments from RigCo (incl. cash sweep), release of cash from NSNCo Escrow Account, certain earn-outs and dividends from SDLP and related entities, and any Net Realisation Proceeds not
reinvested or used to redeem NSNs Cash held by IHCo capped at $250m (subject to certain exceptions, including the proceeds of an equity raise or debt raise at Seadrill Limited). Cash above this cap to be contributed to RigCo Cash upstreamed to
Seadrill Limited not restricted, and movement of moneys held by Seadrill Limited and its subsidiaries (other than IHCo and its subsidiaries) not restricted, provided that cash held by Seadrill Limited and its subsidiaries (other than IHCo and its
subsidiaries) will not be permitted to exceed $25mm, subject to certain exceptions (including cash flows from assets and investments held by such entities and the proceeds of an equity raise or debt raise at Seadrill Limited)

  

  RigCo Restricted Payments
Membrane Junior Obligations Permitted Payments include: Payments in respect of unsecured debt issued by Seadrill Limited Payments in respect of the New Secured Notes, to the extent there is no cash at IHCo to make the payments Hedging payments
Payments by way of financial support to non-consolidated entities, to the extent there is no cash at IHCo to make the payments Certain payments in respect of newbuilds, to the extent there is no cash at IHCo to make the payments Payments in respect
of acquisitions and rig investments permitted under the Secured Credit Facilities’ group-wide covenants, to the extent there is no cash at IHCo to make the payments Structural Permitted Payments include a variety of ordinary course of business
payments such as corporate expenses, insurance costs, tax, payments for services or goods on an arm’s length basis, etc, as well as payments under Seadrill Limited guarantees and payments in respect of transactions permitted under the Secured
Credit Facilities’ group-wide covenants IHCo Top-up Payments – from 1 January 2020 subject to certain conditions: No continuing or pro forma event of default under the Secured Credit Facilities Cash at IHCo does not exceed the $250m cap
(subject to exceptions) at the time of and post payment Cash at Seadrill Limited and its subsidiaries (excluding IHCo and its subsidiaries) does not exceed the $25m cap (subject to exceptions) at the time of and post payment RigCo Minimum Liquidity
Requirement plus US$250 million remains at the time of and post payment The Amortisation Conversion Election has not been exercised or has been prepaid in full For every dollar upstreamed from RigCo to IHCo, three dollars applied in prepayment of
the Secured Credit Facilities 

  

  Cashflow Projections –
Financing Case ($ in millions) 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 RigCo EBITDA $205 $190 $166 $153 $307 $299 $316 $308 $370 $372 $390 $398 $407 $423 $412 $429 $406 $419 $428 $428
Change in WC (99) 9 19 7 (110) (11) (2) 12 (45) (20) (6) (4) 4 (29) 16 (16) 23 (26) (3) - Capex (31) (63) (75) (115) (75) (78) (51) (77) (96) (141) (56) (25) (61) (29) (81) (29) (62) (39) (30) (30) Reactivation Costs (90) - - - (70) - - - - - - - -
- - - - - - - Taxes (31) (28) (26) (25) (37) (36) (38) (37) (41) (41) (42) (43) (45) (46) (46) (47) (45) (46) (47) (47) Unlevered FCF ($46) $108 $85 $19 $16 $174 $226 $206 $188 $170 $285 $326 $305 $319 $302 $337 $321 $308 $347 $350 Interest ($90)
($69) ($70) ($71) ($71) ($71) ($72) ($73) ($73) ($73) ($72) ($72) ($71) ($69) ($60) ($59) ($55) ($53) ($49) ($48) IRS Hedges - - - - - - - - - - - - - - - - - - - - Amortisation (1) - - - - - - - - (63) (73) (111) (111) (130) (130) (130) (130) (130)
(130) (130) (130) Amortisation Deferral - - - - - - - - - - - - - - - - - - - - Bank Debt Balloon Payments - - - - - - - - - - - - - - - - - - - - Ship Finance Bareboat Payment (33) (34) (34) (34) (32) (30) (27) (27) (26) (26) (27) (27) (26) (26)
(26) (26) (26) (25) (25) (25) Cash Balance BoP $986 $1,388 $1,394 $1,374 $1,289 $1,203 $1,275 $1,403 $1,510 $1,534 $1,531 $1,605 $1,722 $1,800 $1,250 $1,335 $1,250 $1,360 $1,250 $1,392 RigCo FCF (169) 5 (19) (86) (86) 73 127 107 24 (3) 74 117 78 94
85 121 110 99 142 147 Incremental Interest - - - - - - - - - - - - - - - - - - - - Cash Balance BoP + RigCo FCF + Amort Deferral Impact 817 1,394 1,374 1,289 1,203 1,275 1,403 1,510 1,534 1,531 1,605 1,722 1,800 1,894 1,335 1,456 1,360 1,459 1,392
1,539 Specified Permitted Payments from RigCo to IHCo - - - - - - - - - - - - - - - - - - - - New Investment 733 - - - - - - - - - - - - - - - - - - - R2 Amendment Fees (33) - - - - - - - - - - - - - - - - - - - Professional Fees (148) - - - - - - -
- - - - - - - - - - - - Proceeds from Asset Sales - - - - - - - - - - - - - - - - - - - - Other Items- Sevan and Archer - - - - - - - - - - - - - - - - - - - - Premium Paid on Interest Rate Hedging - - - - - - - - - - - - - - - - - - - - IHCo 2Q17
CF (pre transaction) 20 - - - - - - - - - - - - - - - - - - - Inflow from IHCo to RigCo - - - - - - - - - - - - - - - - - - - - Cash flow Sweep - - - - - - - - - - - - - (644) - (206) - (209) - (289) Cash Balance EoP $1,388 $1,394 $1,374 $1,289
$1,203 $1,275 $1,403 $1,510 $1,534 $1,531 $1,605 $1,722 $1,800 $1,250 $1,335 $1,250 $1,360 $1,250 $1,392 $1,250 RigCo 1. Amortisation in 2020 reflects the true-up for amortisation paid from 1 August 2017 to filing

  

  ($ in millions) 1Q18 2Q18 3Q18
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Unlevered FCF - - - - - - - - - - - - - - - - - - - - Sevan Developer cancellation - - - - - - - - - - - - - - - - - - - - Dividend In - SDLP 10 10 10 10 10 10 10
10 10 10 10 10 10 10 10 10 10 10 10 10 Dividend In - Vela and Polaris 6 3 4 4 2 4 4 4 4 4 4 4 - - - - - - - - SDLP West Vencedor Loan receivable 4 21 - - - - - - - - - - - - - - - - - - NSN Cash Interest - (9) (9) (9) (9) (9) (9) (10) (10) (10) (10)
(10) (11) (11) (11) (11) (12) (12) (12) (12) NSN Balloon Repayment - - - - - - - - - - - - - - - - - - - - Bond Cash Interest - - - - - - - - - - - - - - - - - - - - Bond Balloon Repayment (Holdouts) - - - - - - - - - - - - - - - - - - - - Cash
Balance BoP - $100 $125 $130 $134 $138 $142 $146 $150 $154 $158 $161 $164 $163 $250 $249 $250 $248 $250 $248 IHCo FCF - 25 5 5 3 4 4 4 4 4 3 3 (1) (1) (1) (1) (2) (2) (2) (2) Outflow from IHCo to RigCo - - - - - - - - - - - - - - - - - - - - Inflow
from RigCo and NSNCo to IHCo - - - - - - - - - - - - - - - - - - - - New Secured Notes 100 - - - - - - - - - - - - - - - - - - - New Equity - - - - - - - - - - - - - - - - - - - - Cash Commitment Fee - - - - - - - - - - - - - - - - - - - - Cash Flow
Sweep - - - - - - - - - - - - - 87 - 2 - 3 - 4 IHCo Cash Flow Sweep to RigCo - - - - - - - - - - - - - - - - - - - - Cash Balance EoP $100 $125 $130 $134 $138 $142 $146 $150 $154 $158 $161 $164 $163 $250 $249 $250 $248 $250 $248 $250 NSNCo  
                                      ($ in millions) 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22
Cash Balance BoP - $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 Charged Account Holdings 228 - - - - - - - - - - - - - - - - - - - Cash Commitment Fee - - - - - - - - - - - - - - - - - - - - Release
of Cash - - - - - - - - - - - - - - - - - - - - Cash Balance EoP $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 Cashflow Projections – Financing Case (cont.) IHCo NSNCo

  

  Cashflow Projections –
Delayed Dayrate Case RigCo 1. Amortisation in 2020 reflects the true-up for amortisation paid from 1 August 2017 to filing ($ in millions) 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 RigCo
EBITDA $167 $148 $117 $105 $246 $240 $252 $243 $370 $372 $390 $398 $407 $423 $412 $429 $406 $419 $428 $428 Change in WC (74) 13 23 6 (103) (10) 1 14 (89) (20) (6) (4) 4 (29) 16 (16) 23 (26) (3) - Capex (31) (63) (75) (115) (75) (78) (51) (77) (96)
(141) (56) (25) (61) (29) (81) (29) (62) (39) (30) (30) Reactivation Costs (90) - - - (70) - - - - - - - - - - - - - - - Taxes (28) (26) (23) (22) (33) (33) (34) (33) (41) (41) (42) (43) (45) (46) (46) (47) (45) (46) (47) (47) Unlevered FCF  
  ($56) $73 $42 ($26) ($34) $119 $169 $147 $144 $170 $285 $326 $305 $319 $302 $337 $321 $308 $347 $350 Interest ($90) ($69) ($70) ($71) ($71) ($71) ($72) ($73) ($73) ($73) ($72) ($72) ($71) ($69) ($65) ($64) ($61) ($59) ($55) ($54) IRS Hedges -
- - - - - - - - - - - - - - - - - - - Amortisation(1) - - - - - - - - (63) (73) (111) (111) (130) (130) (130) (130) (130) (130) (130) (130) Amortisation Deferral - - - - - - - - - - - - - - - - - - - - Bank Debt Balloon Payments - - - - - - - - - -
- - - - - - - - - - Ship Finance Bareboat Payment (33) (34) (34) (34) (32) (30) (27) (27) (26) (26) (27) (27) (26) (26) (26) (26) (26) (25) (25) (25) Cash Balance BoP $986 $1,378 $1,347 $1,285 $1,154 $1,018 $1,036 $1,106 $1,153 $1,134 $1,131 $1,205
$1,322 $1,401 $1,250 $1,330 $1,250 $1,355 $1,250 $1,386 RigCo FCF (180) (30) (62) (131) (136) 18 70 48 (19) (3) 74 117 78 94 80 116 105 93 136 141 Incremental Interest - - - - - - - - - - - - - - - - - - - - Cash Balance BoP + RigCo FCF + Amort
Deferral Impact 806 1,347 1,285 1,154 1,018 1,036 1,106 1,153 1,134 1,131 1,205 1,322 1,401 1,494 1,330 1,446 1,355 1,448 1,386 1,527 Specified Permitted Payments from RigCo to IHCo - - - - - - - - - - - - - - - - - - - - New Investment 733 - - - -
- - - - - - - - - - - - - - - R2 Amendment Fees & NSN Commitment Fee / Equity Fee (33) - - - - - - - - - - - - - - - - - - - Professional Fees (148) - - - - - - - - - - - - - - - - - - - Proceeds from Asset Sales - - - - - - - - - - - - - - - -
- - - - Other Items - Archer Guarantee and Working Capital and Actuals Adjustment - - - - - - - - - - - - - - - - - - - - Premium Paid on Interest Rate Hedging - - - - - - - - - - - - - - - - - - - - IHCo 2Q17 CF (pre transaction) 20 - - - - - - - -
- - - - - - - - - - - Inflow from IHCo to RigCo - - - - - - - - - - - - - - - - - - - - Cash Flow Sweep - - - - - - - - - - - - - (244) - (196) - (198) - (277) Cash Balance EoP     $1,378 $1,347 $1,285 $1,154 $1,018 $1,036 $1,106 $1,153
$1,134 $1,131 $1,205 $1,322 $1,401 $1,250 $1,330 $1,250 $1,355 $1,250 $1,386 $1,250 

  

  ($ in millions) 1Q18 2Q18 3Q18
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Unlevered FCF - - - - - - - - - - - - - - - - - - - - Sevan Developer cancellation - - - - - - - - - - - - - - - - - - - - Dividend In - SDLP 10 10 10 10 10 10 10
10 10 10 10 10 10 10 10 10 10 10 10 10 Dividend In - Vela and Polaris 6 3 4 4 2 4 4 4 4 4 4 4 - - - - - - - - SDLP West Vencedor Loan receivable 4 21 - - - - - - - - - - - - - - - - - - NSN Cash Interest - (9) (9) (9) (9) (9) (9) (10) (10) (10) (10)
(10) (11) (11) (11) (11) (12) (12) (12) (12) NSN Balloon Repayment - - - - - - - - - - - - - - - - - - - - Bond Cash Interest - - - - - - - - - - - - - - - - - - - - Bond Balloon Repayment (Holdouts) - - - - - - - - - - - - - - - - - - - - Cash
Balance BoP - $100 $125 $130 $134 $138 $142 $146 $150 $154 $158 $161 $164 $163 $224 $222 $250 $248 $250 $248 IHCo FCF - 25 5 5 3 4 4 4 4 4 3 3 (1) (1) (1) (1) (2) (2) (2) (2) Outflow from IHCo to RigCo - - - - - - - - - - - - - - - - - - - - Inflow
from RigCo and NSNCo to IHCo - - - - - - - - - - - - - - - - - - - - New Secured Notes 100 - - - - - - - - - - - - - - - - - - - New Equity - - - - - - - - - - - - - - - - - - - - Cash Commitment Fee - - - - - - - - - - - - - - - - - - - - Cash Flow
Sweep - - - - - - - - - - - - - 61 - 29 - 3 - 4 Cash Balance EoP - - - - - - - - - - - - - - - - - - - - $100 $125 $130 $134 $138 $142 $146 $150 $154 $158 $161 $164 $163 $224 $222 $250 $248 $250 $248 $250 NSNCo          
                              ($ in millions) 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Cash Balance BoP - $228 $228
$228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 Charged Account Holdings 228 - - - - - - - - - - - - - - - - - - - Cash Commitment Fee - - - - - - - - - - - - - - - - - - - - Release of Cash - - - - - - - - - - -
- - - - - - - - - Cash Balance EoP $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 $228 Cashflow Projections – Delayed Dayrate Case (cont.) IHCo NSNCo

  

  Appendix G Bank Debt Maturity and
Amortisation Profile 

  

  Bank Maturity Profile Lenders
will be asked to consent within 30 days of the Petition Date to extend maturities by a further three months so that they fall between June 2022 and December 2024 Adjusted for sale of three jack-ups in Q2-17 ECA tranches mature concurrently with
respective Commercial tranche if Commercial tranche is not refinanced ($ in millions) Today Amended Profile(1) Facility Original Maturity Outstanding Amount at 6/30/2017 (2) New Maturity Maturity Extension (months) $450mm Facility 19-Jun-16 265
19-Mar-22 69.0 $400mm Facility 08-Dec-16 135 23-Jul-22 67.5 $2,000mm Facility (NADL) 15-Apr-17 950 25-Oct-22 66.3 $440mm Facility 19-Dec-17 173 30-Apr-23 64.4 $1,450mm Facility(2) 02-Apr-18 332 14-Jul-23 63.4 $360mm Facility (AOD) 15-Apr-18 219
24-Jul-23 63.3 $300mm Facility 23-Aug-18 150 27-Oct-23 62.1 $1,750mm Facility (Sevan) 30-Sep-18 875 24-Nov-23 61.8 $1,500mm Facility(3) 14-Aug-19 1,156 19-Jul-24 59.2 $1,350mm Facility 29-Aug-19 979 29-Jul-24 59.0 $950mm Facility(3) 29-Jan-20 586
29-Aug-24 55.0 $450mm Facility (2015) 26-Aug-20 133 28-Sep-24 49.1 

  

  Amortisation Profile Amortisation
paid semi-annually, adjusted to quarterly for illustrative purposes in status quo ECA tranches mature concurrently with respective Commercial tranche if Commercial tranche is not refinanced 2020 Amortisation does not reflect the amortisation true up
for amortisation paid from 1 August 2017 to filing This total will reduce to reflect maturities from March 2022 or June 2022 if extended by a further three months ($ in millions) Status Quo Amended Profile Facility Original Amortisation Tenor
(Years) Quarterly Amortisation 2020 Quarterly Amortisation(3) 2021 until Maturity Quarterly Amortisation $450mm Facility 8.5 $13.2 $6.0 $7.1 $400mm Facility 10 10.0 4.1 4.9 $2,000mm Facility (NADL) 12 41.7 20.0 23.5 $440mm Facility(1) 10 8.5 1.6 1.8
$1,450mm Facility(2) 12 10.1 5.8 6.7 $360mm Facility (AOD) 10 9.0 4.6 5.4 $300mm Facility 10 6.0 3.0 3.5 $1,750mm Facility (Sevan) 10 35.0 17.5 20.5 $1,500mm Facility(1) 12 31.3 17.9 21.0 $1,350mm Facility 10 33.8 17.8 20.9 $950mm Facility(1) 12 for
Carina, 10 for Eclipse 16.5 9.5 11.3 $450mm Facility (2015) 8.5 5.8 3.1 3.6 Quarterly Total $220.9 $110.8 $130.4 Annual Total $883.6 $443.4 $521.5(4) 108

  

  Appendix H Forward LIBOR Curve

  

  Forward LIBOR Curve

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