Document:

Exhibit 4.1

 

REGISTERED GLOBAL DEBT SECURITY

 

THIS DEBT SECURITY IS A GLOBAL DEBT SECURITY WITHIN
THE MEANING OF THE FISCAL AGENCY AGREEMENT (AS DEFINED IN THE ATTACHED CONDITIONS) AND IS REGISTERED IN THE NAME OF CEDE & CO.,
AS THE NOMINEE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"). THIS DEBT SECURITY MAY NOT BE EXCHANGED
IN WHOLE OR IN PART FOR A DEBT SECURITY REGISTERED, AND NO TRANSFER OF THIS DEBT SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN
THE NAME OF ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE CONDITIONS REFERRED TO
WITHIN THIS DEBT SECURITY. THIS DEBT SECURITY REPRESENTS "SECURITIES OF A SERIES" WITHIN THE MEANING OF THE FISCAL AGENCY AGREEMENT.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC, TO HUNGARY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

 

     

     

    

 

HUNGARY

7.625% NOTES DUE 2041

 

PAYABLE AS TO PRINCIPAL AND INTEREST IN LAWFUL
MONEY OF

THE UNITED STATES OF AMERICA

 

FULLY REGISTERED NOTES

 

Certificate No. [•]

 

US$[•]

 

CUSIP No. 445545AF3

 

COMMON CODE No. 061189734

 

ISIN No. US445545AF36

 

REGISTERED HOLDER: Cede & Co., or its
registered assigns

 

PRINCIPAL SUM OF [•] DOLLARS

 

HUNGARY, for value received, hereby promises to
pay to the registered owner specified above or registered assigns on March 29, 2041, upon presentation and surrender of this Global
Debt Security, the principal sum specified above in lawful money of the United States of America at the office of Citibank, N.A. in London
or The City of New York, New York, and to pay interest thereon in like money in the manner provided in the Conditions endorsed hereon
from December 1, 2022 or from the most recent interest payment date to which interest has been paid, or duly provided for, such interest
to be payable semi-annually at the rate of 7.625% per annum on March 29 and on September 29 in each year (each an "Interest
Payment Date") until the principal of this Global Debt Security shall have been paid, the first of such payments of interest
to become due and payable on March 29, 2023. Notwithstanding anything to the contrary provided herein, any payment of principal or
interest falling due on a day which is not a Business Day (as defined in the Fiscal Agency Agreement, dated as of January 29, 2010,
between Hungary and Citibank, N.A., as Fiscal Agent and Paying Agent) will be payable on the next succeeding Business Day and no interest
shall accrue for the intervening period, provided however that if that next succeeding Business Day falls in the next calendar
month, such payment of principal or interest will be payable on the first preceding business day. The interest so payable on any such
Interest Payment Date will be paid to the person in whose name this Global Debt Security is registered at the close of business on the
fifteenth day (whether or not such day is a Business Day) preceding such Interest Payment Date (each a "Record Date").

 

This Global Debt Security is a direct, unconditional,
unsecured and general obligation of Hungary. This Global Debt Security ranks and will rank at least equally in right of payment with all
other unsecured and unsubordinated payment obligations of Hungary outstanding at the date of issue of this Global Debt Security or issued
thereafter, except for such obligations as may be preferred by mandatory provisions of applicable law. This Global Debt Security will
be backed by the full faith and credit of Hungary. Hungary will give no preference to one obligation over another on the basis of priority
of issue date or currency of payment.

 

This Global Debt Security is not redeemable prior
to maturity at the option of Hungary or of the registered holders thereof.

 

This Global Debt Security is subject to the Conditions
endorsed on the reverse hereof and shall not be valid or enforceable for any purpose unless authenticated by the manual signature of the
Fiscal Agent (as defined in the Fiscal Agency Agreement). This Global Debt Security shall be dated the date of its authentication by the
Fiscal Agent.

 

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IN WITNESS WHEREOF, Hungary has caused this Global
Debt Security to be duly executed by the facsimile signature of Mr. Zoltán Kurali and a facsimile of the written, printed
or stamped name of Hungary to be hereon imprinted.

 

	On behalf of Hungary	 
	 	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

Signature
Page to Global Note

 

     

     

    

 

FISCAL AGENT'S CERTIFICATE OF AUTHENTICATION

 

This is a permanent global debt security evidencing
the Securities of a Series referred to in the aforementioned Fiscal Agency Agreement.

 

	By:	 	 
	 	Name:	Citibank,
N.A.	 
	 	Title:	Fiscal Agent	 

 

Dated: December 1, 2022

 

Signature Page to Certificate
of Authentication

 

     

     

    

 

THE CONDITIONS WITHIN REFERRED TO

 

		1.	This Global Debt Security is one of the permanent global securities evidencing a duly authorized issue
of US$400,000,000 aggregate principal amount of 7.625% Notes due March 29, 2041 of Hungary (herein called the "Debt Securities")
as executed by the authorized signatory of Hungary. Mr. Zoltán Kurali (the "Hungary Authorized Signatory").
The Debt Securities are issued under the Fiscal Agency Agreement dated as of January 29, 2010 (as the same may be amended, supplemented
or otherwise modified from time to time, the "Fiscal Agency Agreement") between Hungary, and Citibank, N.A., as fiscal
agent and paying agent (the "Fiscal Agent", "Agent" or "Registrar"), to which Fiscal
Agency Agreement reference is hereby made for a statement of the respective rights, duties, limitations of rights, obligations and immunities
thereunder of Hungary, the Agent and the holders of the Debt Securities. Notices to the Fiscal Agent can be sent to Citibank, N.A., Attention:
Citigroup Centre, 21st Floor, Canada Wharf, London E14 5LB. The Debt Securities are issuable as fully registered Debt Securities without
coupons in minimum denominations of US$2,000 and integral multiples of US$2,000 in lawful money of the United States of America. This
Debt Security is one of the series designated on the face hereof, initially limited to the aggregate price amount of US$1,650,000,000.

 

Hungary may from time to time, without
the consent of the holders of the Debt Securities, create and issue further debt securities having the same terms and conditions as the
Debt Securities even if further Debt Securities have original issue discount for U.S. federal income tax purposes and even if doing so
may adversely affect the value of the original Debt Securities. Any additional Debt Securities, together with the Debt Securities, will
constitute a single series of Debt Securities under the Fiscal Agency Agreement.

 

		2.	All payments made in respect of this Global Debt Security, including payments of principal and interest,
to a holder that is not a resident of Hungary, shall be made by Hungary without withholding or deduction for or on account of any present
or future taxes, duties, levies or other governmental charges of whatever nature, imposed or levied by Hungary or by any political subdivision
or taxing authority within Hungary ("Taxes"). In the event Hungary is required by law to deduct or withhold any such
Taxes from payments, Hungary will pay such additional amounts as may be necessary so that the net amount received is equal to the amount
provided for in this Global Debt Security to be paid in the absence of such deduction or withholding. A holder will not be paid any additional
amounts, however, if the Tax is:

 

		(i)	a Tax that would not have been imposed but for the holder's present or former connection (or a connection
of the holder's fiduciary, shareholder or other related party) with Hungary, including the holder being or having been a citizen or resident
of Hungary or being or having been engaged in a trade or business or present in Hungary or having, or having had, a permanent establishment
in Hungary;

 

		(ii)	imposed on a payment to an individual and is required to be made pursuant to the European Council Directive
2003/48/EC on taxation of savings income in the form on interest payments or any other Directive implementing the conclusions of the EU
Council of Finance Ministers meeting of November 26 and 27, 2000 or any law implementing or complying with, or introduced in order
to conform to, such Directive;

 

     

     

    

 

		(iii)	imposed because the holder presents a Debt Security for payment more than thirty (30) days after the date
on which the payment became due and payable;

 

		(iv)	an estate, inheritance, gift, sales, transfer or personal property tax, assessment or governmental charge;

 

		(v)	a tax assessment or other governmental charge which is payable other than by withholding;

 

		(vi)	a Tax that would not have been imposed but for the failure to comply with certification, information or
other reporting requirements concerning the holder's nationality, residence or identity (or the nationality, residence or identity of
the beneficial owner of this Global Debt Security), if such holder's compliance is required by the laws of Hungary or of any political
subdivision or taxing authority of Hungary to avoid or reduce such tax;

 

		(vii)	required to be withheld by any paying agent from a payment on this Global Debt Security if such payment
can be made without such withholding by another paying agent; or

 

		(viii)	are imposed as a result of any combination of the items listed above.

 

Furthermore, no additional amounts shall
be paid with respect to any Debt Security to a holder who is a fiduciary or partnership or other than the sole beneficial owner of such
payment to the extent that the settler with respect to such fiduciary, partner or beneficial owner, as the case may be, would not have
been entitled to payment of such additional amounts if they held this Global Debt Security themselves.

 

		3.	As long as any Debt Security remains outstanding, Hungary will not allow any Security Interest to be established
on any of Hungary's or the National Bank of Hungary's assets or revenues, present or future, in order to secure (i) any Public External
Indebtedness of Hungary having an original maturity of at least one year, or (ii) any Public External Indebtedness of the National
Bank of Hungary having an original maturity of at least one year and incurred on or prior to December 31, 1998, unless the debt securities
are secured equally and rateably to this external indebtedness.

 

For these purposes:

 

"External Indebtedness"
means any obligation in respect of existing or future Indebtedness denominated or payable, or at the option of the holder thereof payable,
in a currency other than the lawful currency of Hungary. If at any time the lawful currency of Hungary becomes the Euro, then External
Indebtedness shall also include Indebtedness expressed in or payable or optionally payable in Euro, if (i) such Indebtedness was
issued after the date on which the Euro became the lawful currency of Hungary, and (ii) more than 50% of the aggregate principal
amount of such Indebtedness was initially placed outside of Hungary.

 

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"Public External
Indebtedness" means External Indebtedness which: (i) is in the form of, or represented by, bonds, notes or other
similar securities; and (ii) is, or may be, quoted, listed or ordinarily purchased and sold on any stock exchange, automated
trading system or over-the counter or other securities market.

 

"Indebtedness" means
any indebtedness of any Person (whether incurred as principal or surety) for money borrowed.

 

"Person" means any
individual, company, corporation, firm, partnership, joint venture, association, organization, state or agency of a state or other entity,
whether or not having separate legal personality.

 

"Security Interest"
means any lien, pledge hypothecation, mortgage, security interest, charge or other encumbrance or arrangement which has a similar legal
and economic effect, and, without limitation, anything analogous to any of the foregoing under the laws of any jurisdiction.

 

		4.	An "Event of Default" means any of the following:

 

		(i)	Hungary fails to pay the principal of or interest on any of the Debt Securities for more than 30 days
after payment is due; or

 

		(ii)	Hungary does not perform any of its other covenants under any of the Debt Securities for more than 60
days after the holder of the Debt Security has given written notice of the breach to Hungary at the Fiscal Agent's corporate trust office.

 

An "Event of Acceleration"
means any of the following:

 

		(i)	any action, condition or any other thing which at any time is required to be taken, fulfilled or done
in order: (A) to enable Hungary lawfully to enter into, exercise its rights and perform and comply with its obligations under and
in respect of the Debt Securities, (B) to ensure that those obligations are legal, valid, binding and enforceable and (C) subject
to their official translation into the Hungarian language, to make the Debt Securities admissible in evidence in the courts of Hungary,
is not taken, fulfilled or done within 30 days of receipt by Hungary of written notice thereof; or

 

		(ii)	it becomes illegal for Hungary to perform any of its obligations under the Debt Securities or if these
obligations become invalid and not remedied by Hungary within 30 days' written notice thereof.

 

If an Event of Default or an Event of
Acceleration occurs, all of the Debt Securities may, by written notice addressed and delivered by the holders of at least 25% of the aggregate
principal amount of the outstanding Debt Securities to Hungary at the office of the Fiscal Agent, be declared to be immediately due and
payable, unless prior to such date Hungary shall have remedied the Event of Default or Event of Acceleration for all the Debt Securities.

 

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If the Fiscal Agent receives notice
in writing from holders of at least 50% in aggregate principal amount of the outstanding Debt Securities and/or a resolution is passed
at a meeting of the holders of the Debt Securities, duly convened and held in accordance with the Fiscal Agency Agreement, to the effect
that the Event(s) of Default and/or Event(s) of Acceleration giving rise to a declaration of acceleration made pursuant to the
conditions above is or are cured or is or are waived by them following any such declaration and that such holders request the Fiscal Agent
to rescind the relevant declaration, the Fiscal Agent shall, by notice in writing to Hungary and the holders, rescind the relevant declaration
whereupon it shall be rescinded and shall have no further effect.

 

Hungary is not obliged to provide investors
with periodic evidence that there are no Events of Default and/or Events of Acceleration. Please also note that the Fiscal Agency Agreement
does not provide for the holders to be notified of the existence of an Event of Default or an Event of Acceleration or for any right to
examine the Debt Securities register.

 

		5.	The Fiscal Agency Agreement contains provisions for convening meetings of holders of the Debt Securities
to consider matters relating to the Debt Securities, including, without limitation, the modification of any provision of the terms of
the Debt Securities. Any such modification may be made if, having been approved in writing by Hungary, it is sanctioned by an Extraordinary
Resolution. Such a meeting may be convened by Hungary and shall be convened by the Fiscal Agent upon the request in writing of holders
holding not less than 10% of the aggregate principal amount of the outstanding Debt Securities. The quorum at any meeting of holders convened
to vote on an Extraordinary Resolution will be two or more persons holding or representing not less than 50% of the aggregate principal
amount of the outstanding Debt Securities or, at any adjourned meeting of holders, two or more persons being or representing holders,
whatever the aggregate principal amount of the outstanding Debt Securities held or represented; provided, however, that
any proposals relating to a Reserved Matter may only be sanctioned by an Extraordinary Resolution passed at a meeting of holders at which
two or more persons holding or representing not less than 75% of the aggregate principal amount of the outstanding Debt Securities or,
at any adjourned meeting, 25% of the aggregate principal amount of the outstanding Debt Securities form a quorum. Any Extraordinary Resolution
duly passed at any such meeting shall be binding on all the holders of the Debt Securities, whether present or not.

 

If a resolution is brought in writing,
such a resolution in writing may be contained in one document or several documents in the same form, each signed by or on behalf of one
or more holders.

 

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For these purposes:

 

"Extraordinary Resolution"
means:

 

		(i)	in relation to any Reserved Matter:

 

(x) a resolution passed at a meeting
of holders duly convened and held in accordance with the Fiscal Agency Agreement by a majority consisting of not less than 75% of the
aggregate principal amount of all outstanding Debt Securities; or

 

(y) a resolution in writing signed
by or on behalf of holders of not less than 75% of the aggregate principal amount of all outstanding Debt Securities; and

 

		(ii)	in relation to any other matter:

 

(x) a resolution passed at a meeting
of holders duly convened and held in accordance with the Fiscal Agency Agreement by a majority consisting of not less than 66.67% of the
aggregate principal amount of the outstanding Debt Securities which are represented at that meeting; or

 

(y) a resolution in writing signed
by or on behalf of holders of not less than 66.67% of the aggregate principal amount of all outstanding Debt Securities.

 

"Reserved Matter"
means any proposal to:

 

		(i)	change any date, or the method for determining the date, fixed for payment of principal or interest in
respect of the Debt Securities, to reduce the amount of principal or interest payable on any date in respect of the Debt Securities or
to alter the method of calculating the amount of any payment in respect of the Debt Securities on redemption or maturity or the date for
any such payment;

 

		(ii)	effect the exchange or substitution of the Debt Securities for, or the conversion of the Debt Securities
into, shares, bonds or other obligations or securities of Hungary or any other person or body corporate formed or to be formed;

 

		(iii)	reduce or cancel the principal amount of the Debt Securities;

 

		(iv)	vary the currency or place of payment in which any payment in respect of the Debt Securities is to be
made;

 

		(v)	amend the status of the Debt Securities;

 

		(vi)	amend the obligation of Hungary to pay additional amounts under Condition 2;

 

		(vii)	amend the Events of Default or the Events of Acceleration set out in Condition 4;

 

		(viii)	amend the law governing the Debt Securities, the courts to the jurisdiction to which Hungary has submitted
in the Debt Securities, Hungary's obligation to maintain an agent for service of process in the United States or Hungary's waiver of immunity,
in respect of actions or proceedings brought by any holder of the Debt Securities set out in Conditions 6 and 7;

 

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		(ix)	modify the provisions contained in Schedule I to the Fiscal Agency Agreement concerning the quorum required
at any meeting of holders of the Debt Securities or any adjournment thereof or concerning the majority required to pass an Extraordinary
Resolution or the percentage of votes required for the taking of any action;

 

		(x)	change the definition of "Extraordinary Resolution" or "outstanding" in these conditions
of the Debt Securities and/or in the Fiscal Agency Agreement;

 

		(xi)	instruct any holder of the Debt Securities or committee appointed on behalf of all holders of the Debt
Securities pursuant to the Fiscal Agency Agreement to withdraw, settle or compromise any proceeding or claim being asserted pursuant to
Condition 4;

 

		(xii)	confer upon any committee appointed pursuant to the Fiscal Agency Agreement any powers or discretions
which the holder of the Debt Securities could themselves exercise by Extraordinary Resolution; or

 

		(xiii)	amend this definition.

 

The holders of the Debt Securities may,
by a resolution passed at a meeting of holders duly convened and held in accordance with the Fiscal Agency Agreement by a majority of
at least 50% in aggregate principal amount of the Debt Securities then outstanding, or by notice in writing to the Fiscal Agent signed
by or on behalf of the holders of at least 50% in aggregate principal amount of the Debt Securities then outstanding, appoint any persons
as a committee to represent the interests of the holders if any of the following events shall have occurred:

 

		(i)	an Event of Default or an Event of Acceleration;

 

		(ii)	any event or circumstance which would, with the giving of notice, lapse of time, the issuing of a certificate
and/or fulfillment of any other requirement provided for in Condition 4 become an Event of Default or an Event of Acceleration; or

 

		(iii)	any public announcement by Hungary, to the effect that Hungary is seeking or intends to seek a restructuring
of the Debt Securities (whether by amendment, exchange offer or otherwise).

 

Such committee in its discretion may,
among other things, (i) engage legal advisers and financial advisers to assist it in representing the interests of the holders of
the Debt Securities, (ii) adopt such rules as it considers appropriate regarding its proceedings and (iii) enter into discussions
with Hungary and/or other creditors of Hungary. Hungary shall pay any reasonably incurred fees and expenses of any such committee (including,
without limitation, the fees and expenses of the committee's legal advisers and financial advisers, if any) within 30 days of the delivery
to Hungary of a reasonably detailed invoice and supporting documentation.

 

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For the purposes of (i) ascertaining
the right to attend and vote at any meeting of the holders of the Debt Securities and (ii) Conditions 4 and 5, those Debt Securities
(if any) which are for the time being held by any person (including but not limited to Hungary) for the benefit of Hungary or by any public
body owned or controlled, directly or indirectly, by Hungary shall (unless and until ceasing to be so held) be deemed not to remain outstanding.

 

		6.	As more fully set forth in the Fiscal Agency Agreement, Hungary has appointed the Economic Attaché
of Hungary, 227 East 52nd Street, New York, New York 10022, as its authorized agent upon which process may be served in any action arising
out of or based on the Debt Securities which may be instituted in any Federal or State court in New York, New York by the holder of any
Debt Security, and Hungary hereby expressly accepts the jurisdiction of any such court in respect of any such action. Such appointment
shall be irrevocable so long as any of the Debt Securities remain outstanding, unless and until a successor shall have been appointed
by Hungary as its authorized agent for such purpose and such successor authorized agent shall have accepted such appointment. Notwithstanding
the foregoing, any action arising out of or based on the Debt Securities may be instituted by the holder of any Debt Security in any competent
court in Hungary. Hungary hereby waives irrevocably, to the fullest extent permitted by law, any immunity from jurisdiction to which it
might otherwise be entitled in any such action which may be instituted by the holder of any Debt Security in Federal or State court in
New York, New York or in any competent court in t Hungary. This waiver is intended to be effective upon execution of this Global Debt
Security without further act by Hungary before any such court, and introduction of this Global Debt Security into evidence shall be final
and conclusive evidence of such waiver. Such waiver constitutes only a limited and specific waiver for the purposes of the Debt Securities
and under no circumstances shall it be interpreted as a general waiver by Hungary or a waiver with respect to proceedings unrelated to
the Debt Securities. Neither such appointment nor such waiver shall be interpreted to include the waiver of any immunity with respect
to: (i) actions brought against Hungary under U.S. State or Federal securities laws; (ii) present or future "premises
of the mission" as defined in the Vienna Convention on Diplomatic Relations signed in 1961; (iii) "Consular premises"
as defined in the Vienna Convention on Consular Relations signed in 1963; (iv) any other property or assets used solely or mainly
for official state purposes in Hungary or elsewhere; or (v) military property or military assets or property or assets of Hungary
related thereto.

 

		7.	This Global Debt Security shall be governed by and construed in accordance with the laws of the State
of New York, without regard to the conflicts of law principles of such State, except with respect to its authorization and execution by
Hungary, which shall be governed by the laws of Hungary.

 

		8.	Except as set forth in this Condition 8, the Debt Securities are issuable only as fully registered global
securities, without coupons, each registered in the name of DTC, a nominee thereof or a successor to DTC or a nominee thereof, and

 

		(i)	no Global Debt Security may be transferred, except in whole and not in part, and only to DTC, one or more
nominees of DTC or one or more respective successors of DTC and its nominees; and

 

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		(ii)	no Global Debt Security may be exchanged for any Debt Security other than another Global Debt Security.

 

Notwithstanding any other provisions
of the Fiscal Agency Agreement or this Global Debt Security, a Global Debt Security may be transferred to, or exchanged for registered
Debt Securities registered in the name of, a person other than DTC, a nominee of DTC or a successor of DTC or its nominee if:

 

		(i)	DTC or each of Euroclear Bank S.A./N.V ("Euroclear") and Clearstream Banking, S.A. ("Clearstream")
(a) notifies Hungary that it is unwilling or unable to continue as depository for such Global Debt Security or (b) ceases to
be a clearing agency registered under the Securities Exchange Act of 1934 at a time when it is required to be, and in either such case
(a) or (b) a successor depository is not appointed by Hungary within 90 days after receiving such notice from Euroclear, Clearstream
or DTC or on becoming aware that DTC is no longer so registered;

 

		(ii)	Hungary, in its sole discretion, instructs the Fiscal Agent in writing that a Global Debt Security shall
be so transferable and exchangeable; or

 

		(iii)	there shall have occurred and be continuing an Event of Default and/or Event of Acceleration with respect
to the Debt Securities evidenced by this Global Debt Security.

 

Registered Debt Securities issued in
exchange for this Global Debt Security will be registered in such names, and issued in such denominations (of $2,000 and integral multiples
thereof), as an authorized representative of DTC shall request.

 

		9.	Hungary will maintain for the Debt Securities (i) a Paying Agent and Registrar in the City of London,
England or The City and State of New York, and (ii) if the Debt Securities are issued in definitive form, a transfer agent and paying
agent in The City and State of New York. Hungary will cause the Registrar to maintain a register in which shall be entered the names and
addresses of the holders of the Debt Securities of this issue and the particulars of the Debt Securities held by them respectively and
in which, subject to Condition 8 above, transfers of the Debt Securities shall be registered. Such Paying Agent and Registrar in England
shall be Citibank, N.A., unless and until Hungary appoints a different Paying Agent or Registrar (if applicable) in the same city. Hungary
will appoint a transfer agent and paying agent as or when required in The City and State of New York. The holders of the Debt Securities
may serve notices and demands with respect to the Debt Securities at the office of any Paying Agent and Registrar maintained pursuant
to this Condition. In addition, all notices of Hungary will be published in a daily newspaper of general circulation in London for so
long as the Debt Securities are listed on the London Stock Exchange and the rules of the London Stock Exchange so require. Any such
notice shall be deemed to have been given on the date of such publication or, if published more than once on different dates, on the first
date on which publication is made.

 

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		10.	Subject to Condition 8 above, this Global Debt Security is transferable upon presentation for such purpose
at the office of the Registrar referred to in Condition 9, accompanied by a written instrument of transfer in form approved by Hungary
executed by the registered holder hereof or by his duly authorized attorney, whereupon this Global Debt Security will be canceled and
one or more Debt Securities of this issue for an equal aggregate principal amount will be delivered to the transferee.

 

		11.	Subject to Condition 8 above, Debt Securities of this issue upon presentation for such purpose at the
office of the Registrar referred to in Condition 9, accompanied by a written instrument of transfer in form approved by Hungary executed
by the registered holder or by his duly authorized attorney, may be exchanged for an equal aggregate principal amount of other fully registered
Debt Securities of this issue in other authorized denominations.

 

		12.	Subject to Condition 8 above, Hungary will make transfers and exchanges of Debt Securities of this issue
as aforesaid upon compliance by the holders of the Debt Securities with such reasonable regulations as may be prescribed by Hungary, and
Hungary shall not be entitled to make any charge in respect to transfers and exchanges of Debt Securities of this issue, other than in
respect of transfer taxes, if any. Each Debt Security issued upon any such transfer or exchange shall be dated the date of its authentication
by the Fiscal Agent.

 

		13.	Interest on the Debt Securities of this issue shall be computed on the basis of a 360-day year of twelve
30-day months. Unless other arrangements are made, payments of interest on this Global Debt Security will be made by check drawn on a
bank or trust company in The City and State of New York payable to the order of the registered holder, or, in the case of joint holders,
to the order of all such joint holders or to such person as the joint holders may request in writing, provided that payment of
principal will be made only upon prior presentation and surrender of this Global Debt Security at the office of a Paying Agent of Hungary
referred to in Condition 9. Such check shall be mailed to the address of the registered holder as such address shall appear on the register
maintained by the Registrar pursuant to Condition 9 hereof, or, in the case of joint holders, to such registered address of that joint
holder who is first named in the register as one of such joint holders or to such address specified in the aforementioned request of such
joint holders. The registered holder hereof or his legal personal representatives will be regarded as exclusively entitled to the principal
moneys hereby secured, and in the case of joint registered holders of this Global Debt Security the said principal monies shall be deemed
to be owing to them on joint account. Any holder of Debt Securities, the aggregate principal amount of which equals or exceeds U.S.$1,000,000,
may, by written notice to the Paying Agent no later than the Record Date therefor, elect to receive the interest payment in respect of
such Debt Securities by wire transfer in same-day funds to a bank account maintained by such holder in the United States.

 

		14.	Claims for payment of the principal amount of this Debt Security shall become void 10 years after such
principal amount became due and payable. Claims for payment of interest on this Debt Security shall become void five years after relevant
interest payment date on which the interest became due and payable.

 

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		15.	In case any Debt Security shall at any time become mutilated or destroyed or stolen or lost, and such
Debt Security, or evidence of the loss, theft or destruction thereof (together with the indemnity hereinafter referred to and such other
documents or proof as may be required in the premises) shall be delivered to the Registrar referred to in Condition 9 above, a new Debt
Security of like tenor and date will be issued by Hungary in exchange for the Debt Security so mutilated, or in lieu of the Debt Security
so destroyed or stolen or lost, but, in the case of any destroyed or stolen or lost Debt Security, only upon receipt of evidence satisfactory
to Hungary that such Debt Security was destroyed or stolen or lost, and, upon receipt also of indemnity satisfactory to Hungary. Mutilated
Debt Securities must be surrendered before replacement therefore will be issued. Application for replacement may be made only by the registered
holder thereof and shall be made at the office of the Fiscal Agent specified in Condition 1. All expenses and reasonable charges associated
with procuring such indemnity and with the preparation, authentication and delivery of a new Debt Security shall be borne by the owner
of the Debt Security mutilated, destroyed, stolen or lost.

 

ABBREVIATIONS

 

The following abbreviations, when used in the
inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or
regulations:

 

	TEN COM-as tenants in common	 	UNIF GIFT MIN ACT-_________ Custodian __________
	 	 	                                             (Cust)                            (Minor)
	 	 	 
	TEN ENT-as tenants by the entireties	 	Under Uniform Gifts to Minors Act ____________
	 	 	 
	 	 	                                                                                           (State)

 

JT TEN-as joint tenants with right of survivorship
and not as tenants in common.

 

Additional abbreviations may also be used though
not in the above list.

 

    - 10 -

     

    

 

TRANSFERS

 

For Value Received the undersigned hereby sells,
assigns and transfers unto

 

	 
	 

 

name and address including zip code and social
security number or other identifying number of assignee the within Debt Security, hereby irrevocably constituting and appointing

 

	 
	 

 

Attorney to transfer the Debt Security on
the register kept at the office of the Registrar of Hungary for such purpose in the Borough of Manhattan, The City of New York and
State of New York, United States of America or London, with full power of substitution dated this __________ day of __________,
______.

 

	By:	 	 
	 	Signature	 

 

NOTICE:
The signature to this assignment must correspond with the name as written upon the face of the within Debt Security in every particular
without alteration or enlargement or any change whatsoever and must be guaranteed by a commercial bank or trust company having its principal
office or correspondent in The City of New York or by a member of the New York Stock Exchange.

 

    - 11 -Exhibit 4.1

 

Execution Version

 

 

PACIFICORP

(An Oregon Corporation)

 

TO

 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

 

(as successor to The Bank of New York Mellon)

 

As Trustee under PacifiCorp’s

Mortgage and
Deed of Trust,

Dated as of January 9, 1989

  

 

 

Thirty-Third Supplemental Indenture

Dated as of December 1,
2022

 

Supplemental to PacifiCorp’s Mortgage and Deed of
Trust

Dated as of January 9,
1989

 

 

 

This Instrument Grants a Security Interest by a Transmitting Utility

 

This Instrument Contains After-Acquired Property Provisions

 

 

     

     

    

 

THIRTY-THIRD SUPPLEMENTAL INDENTURE

 

THIS INDENTURE, dated as of
the 1st day of December, 2022, made and entered into by and between PACIFICORP, a corporation of the State of Oregon, whose address is
825 NE Multnomah Street, Portland, Oregon 97232 (hereinafter sometimes called the “Company”), and THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A. (as successor to The Bank of New York Mellon), a national banking association whose address is 333 South Hope Street,
Suite 2525, Los Angeles, California 90071 (the “Trustee”), as Trustee under the Mortgage and Deed of Trust, dated as
of January 9, 1989, as heretofore amended and supplemented (hereinafter called the “Mortgage”), is executed and delivered
by the Company in accordance with the provisions of the Mortgage, this indenture (hereinafter called the “Thirty-Third Supplemental
Indenture”) being supplemental thereto.

 

WHEREAS, the
Mortgage was or is to be recorded in the official records of the States of Arizona, California, Colorado, Idaho, Montana, New Mexico,
Oregon, Utah, Washington and Wyoming and various counties within such states, which counties include or will include all counties in
which this Thirty-Third Supplemental Indenture is to be recorded; and

 

WHEREAS, by
the Mortgage the Company covenanted that it would execute and deliver such supplemental indenture or indentures and such further instruments
and do such further acts as might be necessary or proper to carry out more effectually the purposes of the Mortgage and to make subject
to the Lien of the Mortgage any property thereafter acquired, made or constructed and intended to be subject to the Lien thereof; and

 

WHEREAS, in
addition to the property described in the Mortgage, the Company has acquired certain other property, rights and interests in property;
and

 

WHEREAS, the Company
has executed, delivered, recorded and filed supplemental indentures as follows:

 

	 	 	Dated as of
	First	 	March 31, 1989
	Second	 	December 29, 1989
	Third	 	March 31, 1991
	Fourth	 	December 31, 1991
	Fifth	 	March 15, 1992
	Sixth	 	July 31, 1992
	Seventh	 	March 15, 1993
	Eighth	 	November 1, 1993
	Ninth	 	June 1, 1994
	Tenth	 	August 1, 1994
	Eleventh	 	December 1, 1995
	Twelfth	 	September 1, 1996
	Thirteenth	 	November 1, 1998
	Fourteenth	 	November 15, 2001
	Fifteenth	 	June 1, 2003
	Sixteenth	 	September 1, 2003
	Seventeenth	 	August 1, 2004
	Eighteenth	 	June 1, 2005
	Nineteenth	 	August 1, 2006
	Twentieth	 	March 1, 2007
	Twenty-First	 	October 1, 2007
	Twenty-Second	 	July 1, 2008
	Twenty-Third	 	January 1, 2009
	Twenty-Fourth	 	May 1, 2011
	Twenty-Fifth	 	January 1, 2012
	Twenty-Sixth	 	June 1, 2013
	Twenty-Seventh	 	March 1, 2014
	Twenty-Eighth	 	June 1, 2015
	Twenty-Ninth	 	July 1, 2018
	Thirtieth	 	March 1, 2019
	Thirty-First	 	April 1, 2020
	Thirty-Second	 	July 1, 2021

 

     2

     

    

 

and

 

WHEREAS, the Company has heretofore issued, in accordance with the
provisions of the Mortgage, bonds entitled and designated First Mortgage and Collateral Trust Bonds or First Mortgage Bonds, as the case
may be, of the series and in the principal amounts as follows:

 

	 	 	Series	 	Due

Date	 	Aggregate

Principal

Amount Issued	 	 	Aggregate

Principal

Amount

Outstanding 1	 
	First	 	10.45% Series due January 9, 1990	 	1/9/90	 	$	500,000	 	 	$	0	 
	Second	 	Secured Medium-Term Notes, Series A	 	various	 	 	250,000,000	 	 	 	0	 
	Third	 	Secured Medium-Term Notes, Series B	 	various	 	 	200,000,000	 	 	 	0	 
	Fourth	 	Secured Medium-Term Notes, Series C	 	various	 	 	300,000,000	 	 	 	0	 
	Fifth	 	Secured Medium-Term Notes, Series D	 	various	 	 	250,000,000	 	 	 	0	 
	Sixth	 	C-U Series	 	various	 	 	250,432,000	 	 	 	0	 
	Seventh	 	Secured Medium-Term Notes, Series E	 	various	 	 	500,000,000	 	 	 	9,000,000	 
	Eighth	 	6 3/4% Series due April 1, 2005	 	4/1/2005	 	 	150,000,000	 	 	 	0	 
	Ninth	 	Secured Medium-Term Notes, Series F	 	various	 	 	500,000,000	 	 	 	140,000,000	 
	Tenth	 	E-L Series	 	various	 	 	71,200,000	 	 	 	0	 
	Eleventh	 	Secured Medium-Term Notes, Series G	 	various	 	 	500,000,000	 	 	 	100,000,000	 
	Twelfth	 	Series 1994-1 Bonds	 	various	 	 	216,470,000	 	 	 	166,450,000	 
	Thirteenth	 	Adjustable Rate Replacement Series	 	2002	 	 	13,234,000	 	 	 	0	 
	Fourteenth	 	9 3/8% Replacement Series due 1997	 	1997	 	 	50,000,000	 	 	 	0	 
	Fifteenth	 	Bond Credit Series Bonds	 	various	 	 	498,589,753	 	 	 	0	 
	Sixteenth	 	Secured Medium-Term Notes, Series H	 	various	 	 	500,000,000	 	 	 	0	 
	Seventeenth	 	5.65% Series due 2006	 	11/1/06	 	 	200,000,000	 	 	 	0	 
	Eighteenth	 	6.90% Series due November 15, 2011	 	11/15/11	 	 	500,000,000	 	 	 	0	 
	Nineteenth	 	7.70% Series due November 15, 2031	 	11/15/31	 	 	300,000,000	 	 	 	300,000,000	 
	Twentieth	 	Collateral Bonds, First 2003 Series	 	12/1/14	 	 	15,000,000	 	 	 	0	 
	Twenty-First	 	Collateral Bonds, Second 2003 Series	 	12/1/16	 	 	8,500,000	 	 	 	0	 
	Twenty-Second	 	Collateral Bonds, Third 2003 Series	 	1/1/14	 	 	17,000,000	 	 	 	0	 
	Twenty-Third	 	Collateral Bonds, Fourth 2003 Series	 	1/1/16	 	 	45,000,000	 	 	 	0	 
	Twenty-Fourth	 	Collateral Bonds, Fifth 2003 Series	 	11/1/25	 	 	5,300,000	 	 	 	5,300,000	 
	Twenty-Fifth	 	Collateral Bonds, Sixth 2003 Series	 	11/1/25	 	 	22,000,000	 	 	 	22,000,000	 
	Twenty-Sixth	 	4.30% Series due 2008	 	9/15/08	 	 	200,000,000	 	 	 	0	 
	Twenty-Seventh	 	5.45% Series due 2013	 	9/15/13	 	 	200,000,000	 	 	 	0	 
	Twenty-Eighth	 	4.95% Series due 2014	 	8/15/14	 	 	200,000,000	 	 	 	0	 
	Twenty-Ninth	 	5.90% Series due 2034	 	8/15/34	 	 	200,000,000	 	 	 	200,000,000	 
	Thirtieth	 	5.25% Series due 2035	 	6/15/35	 	 	300,000,000	 	 	 	300,000,000	 
	Thirty-First	 	6.10% Series due 2036	 	8/1/36	 	 	350,000,000	 	 	 	350,000,000	 
	Thirty-Second	 	5.75% Series due 2037	 	4/1/37	 	 	600,000,000	 	 	 	600,000,000	 
	Thirty-Third	 	6.25% Series due 2037	 	10/15/37	 	 	600,000,000	 	 	 	600,000,000	 
	Thirty-Fourth	 	5.65% Series due 2018	 	7/15/18	 	 	500,000,000	 	 	 	0	 
	Thirty-Fifth	 	6.35% Series due 2038	 	7/15/38	 	 	300,000,000	 	 	 	300,000,000	 
	Thirty-Sixth	 	5.50% Series due 2019	 	1/15/19	 	 	350,000,000	 	 	 	0	 
	Thirty-Seventh	 	6.00% Series due 2039	 	1/15/39	 	 	650,000,000	 	 	 	650,000,000	 
	Thirty-Eighth	 	3.85% Series due 2021	 	6/15/21	 	 	400,000,000	 	 	 	0	 
	Thirty-Ninth	 	2.95% Series due 2022	 	2/1/22	 	 	450,000,000	 	 	 	0	 
	Fortieth	 	4.10% Series due 2042	 	2/1/42	 	 	300,000,000	 	 	 	300,000,000	 
	Forty-First	 	2.95% Series due 2023	 	6/1/23	 	 	300,000,000	 	 	 	300,000,000	 
	Forty-Second	 	3.60% Series due 2024	 	4/1/24	 	 	425,000,000	 	 	 	425,000,000	 
	Forty-Third	 	3.35% Series due 2025	 	7/1/25	 	 	250,000,000	 	 	 	250,000,000	 
	Forty-Fourth	 	4.125% Series due 2049	 	1/15/49	 	 	600,000,000	 	 	 	600,000,000	 
	Forty-Fifth	 	3.500% Series due 2029	 	6/15/29	 	 	400,000,000	 	 	 	400,000,000	 
	Forty-Sixth	 	4.150% Series due 2050	 	2/15/50	 	 	600,000,000	 	 	 	600,000,000	 
	Forty-Seventh	 	2.70% Series due 2030	 	9/15/30	 	 	400,000,000	 	 	 	400,000,000	 
	Forty-Eighth	 	3.30% Series due 2051	 	3/15/51	 	 	600,000,000	 	 	 	600,000,000	 
	Forty-Ninth	 	2.90% Series due 2052	 	6/15/52	 	 	1,000,000,000	 	 	 	1,000,000,000	 

 

 

1
Amount outstanding as of December 1, 2022.

 

     3

     

    

 

and

 

WHEREAS, Section 2.03
of the Mortgage provides that the form or forms, terms and conditions of and other matters not inconsistent with the provisions of the
Mortgage, in connection with each series of bonds (other than the First Series) issued thereunder, shall be established in or pursuant
to one or more Resolutions and/or shall be established in one or more indentures supplemental to the Mortgage, prior to the initial issuance
of bonds of such series; and

 

WHEREAS, Section 22.04
of the Mortgage provides, among other things, that any power, privilege or right expressly or impliedly reserved to or in any way conferred
upon the Company by any provision of the Mortgage, whether such power, privilege or right is in any way restricted or is unrestricted,
may be in whole or in part waived or surrendered or subjected to any restriction if at the time unrestricted or to additional restriction
if already restricted, and the Company may enter into any further covenants, limitations, restrictions or provisions for the benefit
of any one or more series of bonds issued thereunder and provide that a breach thereof shall be equivalent to a Default under the Mortgage,
or the Company may cure any ambiguity contained therein, or in any supplemental indenture, or may (in lieu of establishment in or pursuant
to a Resolution in accordance with Section 2.03 of the Mortgage) establish the forms, terms and provisions of any series of bonds
other than said First Series, by an instrument in writing executed by the Company; and

 

WHEREAS, the
Company now desires to create a new series of bonds and (pursuant to the provisions of Section 22.04 of the Mortgage) to add to
its covenants and agreements contained in the Mortgage certain other covenants and agreements to be observed by it; and

 

WHEREAS,
the execution and delivery by the Company of this Thirty-Third Supplemental Indenture, and the terms of the bonds of the Fiftieth Series herein
referred to, have been duly authorized by the Board of Directors in or pursuant to appropriate Resolutions;

 

Now, Therefore, This Indenture Witnesseth:

 

That PACIFICORP, an Oregon corporation, in
consideration of the premises and of good and valuable consideration to it duly paid by the Trustee at or before the delivery of
these presents, the receipt and sufficiency whereof is hereby acknowledged, and in order to secure the payment of both the principal
of and interest and premium, if any, on the bonds from time to time issued under the Mortgage, according to their tenor and effect
and the performance of all provisions of the Mortgage (including any instruments supplemental thereto and any modification made as
in the Mortgage provided) and of such bonds, and to confirm the Lien of the Mortgage on certain after- acquired property, hereby
mortgages, pledges and grants a security interest in (subject, however, to Excepted Encumbrances as defined in Section 1.06 of
the Mortgage), unto The Bank of New York Mellon Trust Company, N.A. (as successor to The Bank of New York Mellon), as Trustee, and
to its successor or successors in said trust, and to said Trustee and its successors and assigns forever, all properties of the
Company real, personal and mixed, owned by the Company as of the date of the Mortgage and acquired by the Company after the date of
the Mortgage, subject to the provisions of Section 18.03 of the Mortgage, of any kind or nature (except any herein or in the
Mortgage expressly excepted), now owned or, subject to the provisions of Section 18.03 of the Mortgage, hereafter acquired by
the Company (by purchase, consolidation, merger, donation, construction, erection or in any other way) and wheresoever situated
(except such of such properties as are excluded by name or nature from the Lien hereof), including the properties described in
Article IV hereof, and further including (without limitation) all real estate, lands, easements, servitudes, licenses, permits,
franchises, privileges, rights of way and other rights in or relating to real estate or the occupancy of the same; all power sites,
flowage rights, water rights, water locations, water appropriations, ditches, flumes, reservoirs, reservoir sites, canals, raceways,
waterways, dams, dam sites, aqueducts, and all other rights or means for appropriating, conveying, storing and supplying water; all
rights of way and roads; all plants for the generation of electricity and other forms of energy (whether now known or hereafter
developed) by steam, water, sunlight, chemical processes and/or (without limitation) all other sources of power (whether now known
or hereafter developed); all power houses, gas plants, street lighting systems, standards and other equipment incidental thereto;
all telephone, radio, television and other communications, image and data transmission systems, air-conditioning systems and
equipment incidental thereto, water wheels, water works, water systems, steam and hot water plants, substations, lines, service and
supply systems, bridges, culverts, tracks, ice or refrigeration plants and equipment, offices, buildings and other structures and
the equipment thereof; all machinery, engines, boilers, dynamos, turbines, electric, gas and other machines, prime movers,
regulators, meters, transformers, generators (including, but not limited to, engine-driven generators and turbogenerator units),
motors, electrical, gas and mechanical appliances, conduits, cables, water, steam, gas or other pipes, gas mains and pipes, service
pipes, fittings, valves and connections, pole and transmission lines, towers, overhead conductors and devices, underground conduits,
underground conductors and devices, wires, cables, tools, implements, apparatus, storage battery equipment and all other fixtures
and personalty; all municipal and other franchises, consents or permits; all lines for the transmission and distribution of electric
current and other forms of energy, gas, steam, water or communications, images and data for any purpose including towers, poles,
wires, cables, pipes, conduits, ducts and all apparatus for use in connection therewith and (except as herein or in the Mortgage
expressly excepted) all the right, title and interest of the Company in and to all other property of any kind or nature appertaining
to and/or used and/or occupied and/or enjoyed in connection with any property hereinbefore described;

 

     4

     

    

 

TOGETHER WITH
all and singular the tenements, hereditaments, prescriptions, servitudes and appurtenances belonging or in anywise appertaining
to the aforesaid property or any part thereof, with the reversion and reversions, remainder and remainders and (subject to the provisions
of Section 13.01 of the Mortgage) the tolls, rents, revenues, issues, earnings, income, product and profits thereof, and all the
estate, right, title and interest and claim whatsoever, at law as well as in equity, which the Company now has or may hereafter acquire
in and to the aforesaid property and franchises and every part and parcel thereof;

 

IT IS
HEREBY AGREED by the Company that, subject to the provisions
of Section 18.03 of the Mortgage, all the property, rights and franchises acquired by the Company (by purchase, consolidation, merger,
donation, construction, erection or in any other way) after the date hereof, except any herein or in the Mortgage expressly excepted,
shall be and are as fully mortgaged and pledged hereby and as fully embraced within the Lien of the Mortgage as if such property, rights
and franchises were now owned by the Company and were specifically described herein or in the Mortgage and mortgaged hereby or thereby;

 

PROVIDED THAT
the following are not and are not intended to be now or hereafter mortgaged or pledged hereunder, nor is a security interest therein
hereby granted or intended to be granted, and the same are hereby expressly excepted from the Lien and operation of the Mortgage, namely:
(1) cash, shares of stock, bonds, notes and other obligations and other securities not hereafter specifically pledged, paid, deposited,
delivered or held under the Mortgage or covenanted so to be; (2) merchandise, equipment, apparatus, materials or supplies held for
the purpose of sale or other disposition in the usual course of business or for the purpose of repairing or replacing (in whole or part)
any rolling stock, buses, motor coaches, automobiles or other vehicles or aircraft or boats, ships or other vessels, and any fuel, oil
and similar materials and supplies consumable in the operation of any of the properties of the Company; rolling stock, buses, motor coaches,
automobiles and other vehicles and all aircraft; boats, ships and other vessels; all crops (both growing and harvested), timber (both
growing and harvested), minerals (both in place and severed), and mineral rights and royalties; (3) bills, notes and other instruments
and accounts receivable, judgments, demands, general intangibles and choses in action, and all contracts, leases and operating agreements
not specifically pledged under the Mortgage or covenanted so to be; (4) the last day of the term of any lease or leasehold which
may be or become subject to the Lien of the Mortgage; (5) electric energy, gas, water, steam, ice and other materials, forms of
energy or products generated, manufactured, produced or purchased by the Company for sale, distribution or use in the ordinary course
of its business; (6) any natural gas wells or natural gas leases or natural gas transportation lines or other works or property
used primarily and principally in the production of natural gas or its transportation, primarily for the purpose of sale to natural gas
customers or to a natural gas distribution or pipeline company, up to the point of connection with any distribution system; (7) the
Company’s franchise to be a corporation; (8) any interest (as lessee, owner or otherwise) in the Wyodak Facility, including,
without limitation, any equipment, parts, improvements, substitutions, replacements or other property relating thereto; and (9) any
property heretofore released pursuant to any provision of the Mortgage and not heretofore disposed of by the Company; provided,
however, that the property and rights expressly excepted from the Lien and operation of the Mortgage in the above subdivisions (2) and
(3) shall (to the extent permitted by law) cease to be so excepted in the event and as of the date that the Trustee or a receiver
for the Trustee shall enter upon and take possession of the Mortgaged and Pledged Property in the manner provided in Article XV
of the Mortgage by reason of the occurrence of a Default;

 

     5

     

    

 

AND
PROVIDED FURTHER, that as to any property of the Company
that, pursuant to the after-acquired property provisions thereof, hereafter becomes subject to the lien of a mortgage, deed of trust
or similar indenture that may in accordance with the Mortgage hereafter become designated as a Class “A” Mortgage, the
Lien hereof shall at all times be junior and subordinate to the lien of such Class “A” Mortgage;

 

TO
HAVE AND TO HOLD
all such properties, real, personal and mixed, mortgaged and pledged, or in which a security interest has been granted by the
Company as aforesaid, or intended so to be (subject, however, to Excepted Encumbrances as defined in Section 1.06 of the Mortgage),
unto The Bank of New York Mellon Trust Company, N.A. (as successor to The Bank of New York Mellon), as Trustee, and its successors and
assigns forever;

 

IN
TRUST NEVERTHELESS, for the same purposes and upon the
same terms, trusts and conditions and subject to and with the same provisos and covenants as are set forth in the Mortgage, this Thirty-Third
Supplemental Indenture being supplemental to the Mortgage;

 

AND IT
IS HEREBY COVENANTED
by the Company that all the terms, conditions, provisos, covenants and provisions contained in the Mortgage shall affect and apply to
the property hereinbefore described and conveyed, and to the estates, rights, obligations and duties of the Company and the Trustee and
the beneficiaries of the trust with respect to said property, and to the Trustee and its successor or successors in the trust, in the
same manner and with the same effect as if the said property had been owned by the Company at the time of the execution of the Mortgage,
and had been specifically and at length described in and conveyed to said Trustee by the Mortgage as a part of the property therein stated
to be conveyed.

 

The Company further covenants and agrees to and
with the Trustee and its successor or successors in such trust under the Mortgage, as follows:

 

ARTICLE I

 

Fiftieth Series of Bonds

 

SECTION 1.01.
There shall be a series of bonds designated “5.350% Series due 2053” (herein sometimes referred to as the
Fiftieth Series), each of which shall also bear the descriptive title “First Mortgage Bond,” and the form thereof, which shall
be established by or pursuant to a Resolution, shall contain suitable provisions with respect to the matters hereinafter in this Section specified.

 

(I) Bonds of the Fiftieth Series shall
mature on December 1, 2053 and shall be issued as fully registered bonds in the minimum denomination of two thousand dollars and,
at the option of the Company, any multiple or multiples of one thousand dollars in excess thereof (the exercise of such option to be evidenced
by the execution and delivery thereof).

 

The Company reserves the right to establish, at
any time, by or pursuant to a Resolution filed with the Trustee, a form of coupon bond, and or appurtenant coupons, for the Fiftieth Series and
to provide for exchangeability of such coupon bonds with the bonds of the Fiftieth Series issued hereunder in fully registered form
and to make all appropriate provisions for such purpose.

 

Bonds of the Fiftieth Series need not be issued
at the same time and such series may be reopened at any time, without notice to or the consent of any then-existing holder or holders
of any bond of the Fiftieth Series, for issuances of additional bonds of the Fiftieth Series in an unlimited principal amount. Any
such additional bonds will have the same interest rate, maturity and other terms as those initially issued, except for payment of interest
accruing prior to the original issue date of such additional bonds and, if applicable, for the first interest payment date following such
original issue date.

 

(II) Bonds of the Fiftieth
Series shall bear interest at the rate of five and seven twentieths per centum (5.350%) per annum payable semi-annually in arrears
on June 1 and December 1 of each year (each, an “Interest Payment Date”). Bonds of the Fiftieth Series shall
be dated and shall accrue interest as provided in Section 2.06 of the Mortgage.

 

The initial Interest Payment Date is June 1,
2023. The amount of interest payable will be computed on the basis of a 360-day year consisting of twelve 30-day months. If any date on
which interest is payable on any bond of the Fiftieth Series is not a Business Day, then payment of the interest payable on that
date will be made on the next succeeding day which is a Business Day (and without any additional interest or other payment in respect
of any delay), with the same force and effect as if made on such date.

 

     6

     

    

 

Interest payable on any bond of the Fiftieth Series and
punctually paid or duly provided for on any Interest Payment Date for such bond will be paid to the person in whose name the bond is registered
at the close of business on the Record Date (as hereinafter specified) for such bond next preceding such Interest Payment Date; provided,
however, that interest payable at maturity or upon earlier redemption will be payable to the person to whom principal shall be
payable. So long as the bonds of the Fiftieth Series remain in book-entry only form, the “Record Date” for each Interest
Payment Date shall be the close of business on the Business Day before the applicable Interest Payment Date. If the bonds of the Fiftieth
Series are not in book-entry only form, the Record Date for each Interest Payment Date shall be the close of business on the 15th
calendar day of the month immediately preceding the month in which the applicable Interest Payment Date occurs (whether or not a Business
Day).

 

“Business Day” means, for purposes
of this Section (II), a day other than (i) a Saturday or a Sunday, or (ii) a day on which banking institutions in The City
of New York are authorized or obligated by law or executive order to remain closed.

 

Any interest on any bond of the Fiftieth Series which
is payable but is not punctually paid or duly provided for, on any Interest Payment Date for such bond (herein called “Defaulted
Interest”), shall forthwith cease to be payable to the registered owner on the relevant Record Date for the payment of such interest
solely by virtue of such owner having been such owner; and such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in subsection (i) or (ii) below:

 

		(i)	The Company may elect to make payment of any Defaulted Interest on the bonds of the Fiftieth Series to the persons in whose names
such bonds are registered at the close of business on a Special Record Date (as hereinafter defined) for the payment of such Defaulted
Interest, which shall be fixed in the following manner: The Company shall, at least 30 days prior to the proposed date of payment, notify
the Trustee in writing (signed by an Authorized Financial Officer of the Company) of the amount of Defaulted Interest proposed to be paid
on each bond of the Fiftieth Series and the date of the proposed payment (which date shall be such as will enable the Trustee to
comply with the next sentence hereof), and at the same time the Company shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for
such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the persons
entitled to such Defaulted Interest as in this subsection provided and not to be deemed part of the Mortgaged and Pledged Property. Thereupon,
the Trustee shall fix a record date (herein referred to as a “Special Record Date”) for the payment of such Defaulted Interest
which date shall be not more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the
receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date
and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefor to be mailed, first-class postage prepaid, to each registered owner of a bond of the Fiftieth Series at his,
her or its address as it appears in the bond register not less than 10 days prior to such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall
be paid to the persons in whose names the bonds of the Fiftieth Series are registered at the close of business on such Special Record
Date and shall no longer be payable pursuant to the following subsection (ii).

 

		(ii)	The Company may make payment of any Defaulted Interest on the bonds of the Fiftieth Series in any other lawful manner not inconsistent
with the requirements of any securities exchange on which such bonds may be listed and upon such notice as may be required by such exchange,
if, after notice given by the Company to the Trustee of the proposed payment pursuant to this subsection, such payment shall be deemed
practicable by the Trustee.

 

Subject to the foregoing provisions
of this Section, each bond of the Fiftieth Series delivered under the Mortgage upon transfer of or in exchange for or in lieu of
any other bond shall carry all rights to interest accrued and unpaid, and to accrue, which were carried by such other bond and each such
bond shall bear interest from such date, that neither gain nor loss in interest shall result from such transfer, exchange or substitution.

 

(III) The principal of and interest and premium,
if any, on each bond of the Fiftieth Series shall be payable at the office or agency of the Company in the Borough of Manhattan,
The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for public and
private debts or in such other currency or currency unit as shall be determined by or in accordance with the Resolution filed with the
Trustee.

 

     7

     

    

 

(IV) Bonds of the Fiftieth Series shall not
be redeemable prior to maturity at the option of any holder or holders of such bonds. Bonds of the Fiftieth Series shall be
redeemable, in whole or in part, at any time and from time to time prior to maturity at the option of the Company. Prior to
June 1, 2053 (six months prior to their maturity date) (the “par call date”), the redemption price (expressed as a
percentage of principal amount and rounded to three decimal places) shall include accrued and unpaid interest to the redemption date
on the bonds to be redeemed, plus the greater of (a) the sum of the present values of the remaining scheduled payments of
principal and interest thereon discounted to the redemption date (assuming the bonds matured on the par call date) on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points less (b) interest
accrued to the date of redemption. On or after the par call date, the redemption price shall be equal to one hundred percent (100%)
of the principal amount of bonds of this series then Outstanding to be redeemed, plus accrued and unpaid interest thereon to the
redemption date.

 

“Treasury Rate” means, with
respect to any redemption date, the yield determined by the Company in accordance with the following two paragraphs.

 

The Treasury Rate shall be determined by the Company
after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors
of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent
day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal
Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor designation or publication) (“H.15”)
under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption
or heading) (“H.15 TCM”). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for
the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the par call date (the “Remaining
Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields –
one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury
constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the par call date on a straight-line
basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no
such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity
on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15
shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity
from the redemption date.

 

If on the third business day preceding the redemption
date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual
equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United
States Treasury security maturing on, or with a maturity that is closest to, the par call date, as applicable. If there is no United States
Treasury security maturing on the par call date but there are two or more United States Treasury securities with a maturity date equally
distant from the par call date, one with a maturity date preceding the par call date and one with a maturity date following the par call
date, the Company shall select the United States Treasury security with a maturity date preceding the par call date. If there are two
or more United States Treasury securities maturing on the par call date or two or more United States Treasury securities meeting the criteria
of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury
security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities
at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield
to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as
a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal
places.

 

The Company’s actions and determinations
in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

 

Notice of any redemption will
be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary’s procedures) at least 30 days
but not more than 60 days before the redemption date to each holder of bonds to be redeemed at its registered address.

 

In the case of a partial redemption, selection
of the bonds for redemption will be made by lot. No bonds of a principal amount of $2,000 or less will be redeemed in part. If any bond
is to be redeemed in part only, the notice of redemption that relates to the bond will state the portion of the principal amount of the
bond to be redeemed. A new bond in a principal amount equal to the unredeemed portion of the bond will be issued in the name of the holder
of the bond upon surrender for cancellation of the original bond. For so long as the bonds are held by The Depository Trust Company (or
another depositary), the redemption of the bonds shall be done in accordance with the policies and procedures of the depositary.

 

     8

     

    

 

Unless the Company defaults in payment of the redemption
price, on and after the redemption date interest will cease to accrue on the bonds or portions thereof called for redemption.

 

(V) Each bond of the Fiftieth Series may
have such other terms as are not inconsistent with Section 2.03 of the Mortgage, and as may be determined by or in accordance with
a Resolution filed with the Trustee.

 

(VI) At the option of the registered owner,
any bonds of the Fiftieth Series, upon surrender thereof for cancellation at the office or agency of the Company in the Borough of Manhattan,
The City of New York, shall be exchangeable for a like aggregate principal amount of bonds of the same series and same terms of other
authorized denominations.

 

(VII) Bonds of the Fiftieth Series shall
be transferable, subject to any restrictions thereon set forth in any such bond of the Fiftieth Series, upon the surrender thereof for
cancellation, together with a written instrument of transfer, if required by the Company, duly executed by the registered owner or by
his, her or its duly authorized attorney, at the office or agency of the Company in the Borough of Manhattan, The City of New York. Upon
any transfer or exchange of bonds of the Fiftieth Series, the Company may make a charge therefor sufficient to reimburse it for any tax
or taxes or other government charge, as provided in Section 2.08 of the Mortgage, but the Company hereby waives any right to make
a charge in addition thereto for any exchange or transfer of bonds of the Fiftieth Series.

 

(VIII) After the execution and delivery of
this Thirty-Third Supplemental Indenture and upon compliance with the applicable provisions of the Mortgage and this Thirty-Third Supplemental
Indenture, it is contemplated that there shall be issued bonds of the Fiftieth Series in an initial aggregate principal amount of
One Billion One Hundred Million Dollars (U.S. $1,100,000,000).

 

ARTICLE II

 

The Company Reserves the Right to Amend Provisions

 

Regarding Properties Excepted from Lien of Mortgage

 

SECTION 2.01.
The Company reserves the right, without any consent or other action by holders of bonds of the Ninth Series, or any other series
of bonds subsequently created under the Mortgage (including the bonds of the Fiftieth Series), to make such amendments to the Mortgage,
as heretofore amended and supplemented, as shall be necessary in order to amend the first proviso to the granting clause of the Mortgage,
which proviso sets forth the properties excepted from the Lien of the Mortgage, to add a new exception (10) which shall read as follows:

 

“(10) allowances allocated to steam-electric generating
plants owned by the Company or in which the Company has interests, pursuant to Title IV of the Clean Air Act Amendments of 1990, Pub.
L. 101-549, Nov. 15, 1990, 104 Stat. 2399, 42 USC 7651, et seq., as now in effect or as hereafter supplemented or amended.”

 

ARTICLE III

 

Miscellaneous Provisions

 

SECTION 3.01.
The right, if any, of the Company to assert the defense of usury against a holder or holders of bonds of the Fiftieth Series or
any subsequent series shall be determined only under the laws of the State of New York.

 

SECTION 3.02.
The terms defined in the Mortgage shall, for all purposes of this Thirty-Third Supplemental Indenture, have the meanings specified
in the Mortgage. The terms defined in Article I of this Thirty-Third Supplemental Indenture shall, for purposes of such Article,
have the meanings specified in Article I of this Thirty-Third Supplemental Indenture.

 

SECTION 3.03.
The Trustee hereby accepts the trusts hereby declared, provided, created or supplemented, and agrees to perform the same upon
the terms and conditions herein and in the Mortgage, as hereby supplemented, set forth, including the following:

 

The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Thirty-Third Supplemental Indenture or for or in respect of the
recitals contained herein, all of which recitals are made by the Company solely. Each and every term and condition contained in
Article XIX of the Mortgage shall apply to and form part of this Thirty-Third Supplemental Indenture with the same force and
effect as if the same were herein set forth in full, with such omissions, variations and insertions, if any, as may be appropriate
to make the same conform to the provisions of this Thirty-Third Supplemental Indenture.

 

     9

     

    

 

SECTION 3.04.
Whenever in this Thirty-Third Supplemental Indenture either of the Company or the Trustee is named or referred to, this shall,
subject to the provisions of Articles XVIII and XIX of the Mortgage, be deemed to include the successors and assigns of such party, and
all the covenants and agreements in this Thirty-Third Supplemental Indenture contained by or on behalf of the Company, or by or on behalf
of the Trustee, shall, subject as aforesaid, bind and inure to the respective benefits of the respective successors and assigns of such
parties, whether so expressed or not.

 

SECTION 3.05.
Nothing in this Thirty-Third Supplemental Indenture, expressed or implied, is intended, or shall be construed to confer upon,
or to give to, any person, firm or corporation, other than the parties hereto and the holders of the bonds and coupons outstanding under
the Mortgage, any right, remedy or claim under or by reason of this Thirty-Third Supplemental Indenture or any covenant, condition, stipulation,
promise or agreement hereof, and all the covenants, conditions, stipulations, promises and agreements in this Thirty-Third Supplemental
Indenture contained by or on behalf of the Company shall be for the sole and exclusive benefit of the parties hereto, and of the holders
of the bonds and of the coupons outstanding under the Mortgage.

 

SECTION 3.06.
This Thirty-Third Supplemental Indenture shall be executed in several counterparts, each of which shall be an original and
all of which shall constitute but one and the same instrument.

 

ARTICLE IV

 

Specific Description of Property

 

The properties of the Company, owned as of the date hereof, and used
(or held for future development and use) in connection with the Company’s electric utility systems, or for other purposes, and not
previously described under the Mortgage, are as follows:

 

Prineville Substation (Exchange Parcel)

Closed: 09/13/2022

Parcel No: 41631DC02801

Internal Parcel No. ORCR-0003 (adding 0.39 acres)

County and State: Crook County, Oregon

County Assessor Number: 16311

 

Legal Description:

 

LEGAL DESCRIPTION OF A TRACT OF LAND LOCATED IN THE SW1/4 SE1/4 OF
SECTION 31, T.14S., R.16E., W.M., CITY OF PRINEVILLE, CROOK COUNTY, OREGON W.O. 21-5676

 

Legal description of a tract of land, being a
portion of Parcel 2 of Partition Plat No. 2022-20, Recorded in Deeds/Part MF 2022-317911 on July 7, 2022, records of Crook
County, Oregon, located in the Southwest one-quarter of the Southeast one-quarter (SW1/4 SE1/4) of Section 31, Township 14 South,
Range 16 East, W.M., City of Prineville, Crook County, Oregon, more particularly described as follows: Beginning at the Southeast corner
of said Parcel 2 of Partition Plat No. 2022-20, thence North 89°55’33” West along the South line of said Parcel 2
of Partition Plat No. 2022-20 a distance of 219.91 feet; thence North 48°55’42” West along the Westerly line of said
Parcel 2 of Partition Plat No. 2022-20 a distance of 136.96 feet; thence North 54°00’36” West along the Westerly
line of said Parcel 2 of Partition Plat No. 2022-20 a distance of 94.37 feet to the South line of Parcel 2 of Partition Plat No. 2000-15,
Records of Crook County, Oregon; thence South 89°56’44” East along the South line of said Parcel 2 of Partition Plat No. 2000-15
a distance of 139.96 feet; thence South 00°04’34” West along the Southerly line of said Parcel 2 of Partition Plat No. 2000-15
a distance of 105.32 feet; thence South 89°55’38” East along the South line of said Parcel 2 of Partition Plat No. 2000-15
a distance of 259.91 feet to the East line of said Parcel 2 of Partition Plat No. 2022-20; thence South 00°18’46”
West along the East line of said Parcel 2 of Partition Plat No. 2022-20 to the Point of Beginning, containing 0.39 Acres, more or
less.

 

     10

     

    

 

Skysol Solar (Pickett Substation)

Closed: 09/26/2022

Parcel No: 4011-00000-06006 P

Internal Parcel No. ORKL-0558

County and State: Klamath County, Oregon

County Assessor Number: 901316

 

Legal Description:

 

Located in Sections 25, 26, 35 and 36 of Township 40 South, Range 11
East, W.M. and being described as:

 

Parcel 2, Land Partition 59-21, Recorded 8/4/2022 as Instrument 2022-9520.

 

Basalt Substation

Internal Parcel Number: IDBI-0022:

County, State: Bingham, Idaho

Date Recorded:

 

Legal Description:

 

Parcel 5: A TRACT OF LAND BEING A PORTION OF LOT
4 OF SECTION 18, TOWNSHIP 1 SOUTH, RANGE 38 EAST OF THE BOISE MERIDIAN, COUNTY OF BINGHAM, STATE OF IDAHO, MORE PARTICULARLY DESCRIBED
AS FOLLOWS:

 

BASIS
OF BEARINGS: THE SOUTHERLY LINE OF THE SOUTHWEST ONE-QUARTER OF SAID SECTION 18, BEING MONUMENTED ON THE WESTERLY END
BY A 2" ALUMINUM CAP WITH ILLEGIBLE MARKINGS AND ON THE EASTERLY END BY A 1" YELLOW PLASTIC CAP STAMPED "HLE PLS 5360",
BEARING N 89°59'31" E A DISTANCE OF 3230.14 FEET. (IDAHO EAST STATE PLANE)

 

COMMENCING
AT THE SOUTHWEST CORNER OF SAID SECTION 18, THENCE NORTH 89° 59' 31" EAST ON THE SOUTH LINE OF SAID SECTION 18
A DISTANCE OF 1065.04 FEET; THENCE DEPARTING SAID SOUTH LINE, NORTH 00° 00' 29" WEST A DISTANCE OF 443.04 FEET TO THE POINT OF
BEGINNING;

 

THENCE NORTH 57°58'09" WEST A DISTANCE
OF 502.80 FEET TO THE CENTERLINE OF AN EASEMENT RECORDED IN BOOK O AT PAGE 121 BEING THE CENTERLINE OF THE AS-CONSTRUCTED PACIFICORP TRANSMISSION
LINE;

 

THENCE NORTH 20°11'31" EAST ON SAID CENTERLINE A DISTANCE
OF 224.78 FEET; THENCE SOUTH 57°58'09" EAST A DISTANCE OF 542.49 FEET;

 

THENCE SOUTH 30°21'29" WEST A DISTANCE OF 220.09 FEET, TO
THE POINT OF BEGINNING; CONTAINING A CALCULATED AREA OF 2.640 ACRES.

 

Tax Parcel Number: RP0555911

 

UTILIZING 1 OF 4 EXISTING DIVISION RIGHTS FROM ORIGINAL PARCEL RP0555903
RECORDED AT INSTRUMENT NO. 680279.

 

Magna Substation (Expansion Property)

Internal Parcel # UTSL-1064

County, State: Salt Lake County, Utah

Date Recorded: July 15, 2022 Ent # 13985978, Book 11356, Page 9624

 

Legal Description:

PACIFICORP

SUBSTATION EXPANSION

PARCEL: 14-21-151-020

2021-10-25

 

     11

     

    

 

THE BASIS OF BEARING FOR THIS DESCRIPTION IS SOUTH
00°43’24” WEST 2654.80 FEET MEASURED BETWEEN THE FOUND MONUMENT AT THE NORTHWEST CORNER AND CALCULATED WEST QUARTER
CORNER OF SECTION 21, TOWNSHIP 1 SOUTH, RANGE 2 WEST, SALT LAKE BASE AND MERIDIAN. MEASURED IN UTM 12 NORTH, NAD83 ZONE, U.S.
SURVEY FEET.

 

BEGINNING AT A POINT WHICH IS ON THE WESTERN PARCEL
LINE OF THE GRANTORS LAND, SAID POINT BEING SOUTH 89°28’17” EAST 513.20 FEET, AND NORTH 0°31’43” EAST
424.51 FEET FROM THE MONUMENT AT THE WEST QUARTER CORNER OF SECTION 21, TOWNSHIP 1 SOUTH, RANGE 2 WEST, SALT LAKE BASE AND MERIDIAN,
AND RUNNING THENCE NORTH 0°31’43” EAST 234.65 FEET; THENCE SOUTH 89°28’17” EAST 193.50 FEET; THENCE SOUTH
0°31’43” WEST 234.65 FEET; THENCE NORTH 89°28’17” WEST 193.50 FEET, TO THE WESTERN PARCEL LINE OF THE
GRANTORS LAND AND THE POINT OF BEGINNING, LOCATED IN THE NORTHWEST QUARTER OF SAID SECTION.

 

CONTAINING 45,405.43 SQ.FT. OR 1.042 ACRES

 

Name: Daybreak Substation

Parcel #: UTSL-1065

County, State: Salt Lake County, Utah

Date Recorded: July 26, 2022, Ent # 13989964, Book 11359, Page 585

 

Legal Description:

 

A parcel of land located in the Southwest Quarter
of Section 22, Township 3 South, Range 2 West, Salt Lake Base and Meridian and described as follows:

 

Beginning at a point on the Northerly Right-of-Way
Line of 11800 South Street, said point being South 89°45'45" East 871.84 feet along the South Section Line of Section 22
and North 00°14'15" East 33.00 feet from the Southwest Corner of Section 22, Township 3 South, Range 2 West, Salt Lake Base
and Meridian; and running thence North 00°05'50" East 405.00 feet; thence South 89°45'45" East 450.00 feet to the 40-Acre
Line, said point also being on the Westerly boundary line of the Daybreak West Village Roadway Dedication Plat; thence South 00°05'50"
West 405.00 feet along said 40-Acre Line and said Westerly boundary line to said Northerly Right-of-Way Line of 11800 South Street; thence
North 89°45'45" West 450.00 feet along said Northerly Right-of-Way Line to the point of beginning.

 

Tax Id No.: 26-22-300-007

Contains 182,251 Square Feet or 4.184 Acres

 

Ivins substation expansion

Parcel #: UTWN-0057

County, State: Washington, Utah

Date Recorded: 11-4-2022 entry #20220049048

 

Legal Description:

 

DESCRIPTION FOR THE 40 FOOT STRIP FOR UTAH POWER &
LIGHT CO

 

BEING A PROPERTY DESCRIPTION FOR A PROPOSED
LOT LINE ADJUSTMENT, FOR A PROPERTY LOCATED WITHIN LOT 5 BLOCK 13 OF THE ST. GEORGE AND SANTA CLARA BENCH IRRIGATION COMPANY SUBDIVISION,
AND THE NW 1/4, NE 1/4, NW 1/4 OF SECTION 5, TOWNSHIP 42 SOUTH, RANGE 16 WEST, SALT LAKE BASE AND MERIDIAN, WASHINGTON COUNTY, UTAH;
SAID PROPERTY BEING MORE PARTICULARLY DESCRIBED BY METES AND BOUNDS AS FOLLOWS;

 

BEGINNING
at a point on the south boundary of said Lot 5 Block 13 of the St. George and Santa Clara Bench Irrigation Company Subdivision
which is 182.30 feet N89°38'51"W from the southeast corner of said Lot 5, said point is also S69°53'57"E 2008.334 feet
from the northwest corner of section 5, Township 42 South, Range 16 West, SLBM, a found ring and lid street monument, from which the north
quarter of said section 5, a found ring and lid street monument, bears S89°31’42”E (BASIS OF BEARING), 2,776.39 feet for
the POINT OF REFERENCE;

 

Thence running over and across said Lot 5, the following courses and
distances:

 

N89°38’51”W, 40.00 feet along
the south boundary of Lot 5 to a point; thence N01°13’46”E, 288.82 feet to a point; thence S89°39’33”E,
40.00 feet to a point; thence S.01°13'46"W. 288.83 feet to the POINT OF BEGINNING

 

     12

     

    

 

Said property contains 0.27 Acres, more or less

 

Apple Valley substation

Parcel Number: UTWN-0087

County, State: Washington, Utah

Date Recorded: 2-25-2022 entry #20220011372

 

Legal Description:

 

A parcel of land situate in Lot 1 of Section 5, T. 43 S., R. 11
W., S.L.M., being more particularly described as follows:

 

Beginning at a point on a
north boundary line of the Grantor’s land said point also being on the easterly right of way line of State Road 59, said point being
West 1138 feet, more or less, along the section line, from the northeast corner of Section 5, T. 43 S., R. 11 W., S.L.M; and running
thence EAST 356 feet, more or less, along the Grantor’s north boundary line; thence SOUTH 250 feet, more or less; thence West 250
feet, more or less; to the westerly boundary line of the Grantor’s land, said westerly boundary line also being the easterly right
of way line of said State Road 59; thence N.23o00’W. 271.5 feet, more or less, along said boundary line to the point of beginning,
being on said land, containing 75,727.7 sq. ft. or 1.74 acres, more or less.

 

Rock Springs Service Center

Parcel Number: WYSW-0053

County, State: Sweetwater, Wyoming

Date Recorded: 11-3-2022 entry #1693557, BK 1247, Pg 3245

 

Legal Description:

 

Lot Numbered Four (4) of the final Plat for
the Re-subdivision of Victory Subdivision to the City of Rock Springs, Sweetwater County, Wyoming.

 

Assessor PIN# 04-1905-15-2-02-013.00

 

     13

     

    

 

 

IN WITNESS WHEREOF, PACIFICORP has caused this instrument
to be signed by an Authorized Executive Officer of the Company, and The Bank of New York Mellon Trust Company, N.A. has caused this instrument
to be signed by one of its Vice Presidents, all as of the day and year first above written.

 

		 	PACIFICORP
	 	 	 	 
	 	 	 	 
	 	 	By	 
	 	 		/s/ Ryan
Weems
	 	 	 	Ryan
Weems
	 	 	 	Vice President and Assistant Treasurer

 

	 	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as trustee
	 	 	 	 
	 	 	 	 
	 	 	By	 
	 	 	 	/s/ Michele R. Shrum
	 	 	 	Michele R. Shrum
	 	 	 	Vice President

 

[Signature Page to
Thirty-Third Supplemental Indenture]

 

    

     

    

 

	STATE OF OREGON	)	 
	 	)	 
	COUNTY OF	 	 
	MULTNOMAH	) SS.:	 

 

On this 28th day of November, 2022, before me, Brandi Sue
Cuff, a Notary Public in and for the State of Oregon, personally appeared Ryan Weems, known to me to be Vice President and Assistant
Treasurer, of PACIFICORP, an Oregon corporation, who being duly sworn acknowledged this instrument to be the free, voluntary, and in
all respects duly and properly authorized act and deed of said corporation.

 

IN WITNESS WHEREOF, I have hereunto set my hand and official seal
the day and year first above written.

 

	[SEAL]	 	/s/ Brandi Sue
Cuff
	 	 	Notary Public, State of Oregon

 

 

 

[Signature Page to
Thirty-Third Supplemental Indenture]

 

    

     

    

 

STATE OF FLORIDA

COUNTY OF DUVAL

 

The foregoing instrument
was acknowledged before me this 29th day of November, 2022, by Michele R. Shrum, as a Vice President for The Bank of New York Mellon
Trust Company, N.A.

 

	/s/ Nathan Turner	 	
	(Signature of Notary Public – State of
    Florida)
 Nathan Turner
 Notary Public, State of Florida	 

 

(Print, Type, or Stamp Commissioned Name
of Notary Public)

 

Personally Known x
OR Produced Identification  ̈

 

Type of Identification Produced:                                                 

 

[Signature Page to
Thirty-Third Supplemental Indenture]

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