North Energy : Recommendation from the Nomination Committee

Recommendation from the Nomination Committee to the General Meeting of North Energy ASA

Board

According to the articles of association, the Board of North Energy ASA shall consist of 3 to 9 members. The General Meeting also elects the Chairman of the Board. The Board consists of Anders Onarheim, who is the Chairman of the Board, Elin Karfjell and Jogeir Romestrand. All Board members were elected at the General Meeting of North Energy ASA on 27 May 2020.

The Nomination Committee has had meetings with the Chairman of the Board and the General Manager and discussions with the other members of the Board, as the Nomination Committee finds it appropriate in the work of evaluating the composition of the Board.

The Board conducts Board evaluations which are reviewed with the Nomination Committee. It is the Nomination Committee's opinion that the cooperation in the Board is good. The Board cooperates well with the company's general manager. The Board has good and complementary competence and is, in the opinion of the Nomination Committee, well equipped to carry out its tasks for North Energy ASA and continue the company's adopted strategy.

The Nomination Committee therefore proposes re-election of Anders Onarheim, as Chairman of the Board, and Elin Karfjell and Jogeir Romestrand as other members of the Board.

Nomination Committee

The Nomination Committee consists of Hans Kristian Rød, Chairman, and Merete Haugli. Both were elected for 2 years at the annual general meeting on 27 May 2020.

Fees

The Nomination Committee proposes fees of NOK 500,000 for the Chairman of the Board and NOK 250,000 for the other members of the Board for the 2020 period.

The fee for the Nomination Committee for the 2020 period is proposed at NOK 50,000 for the leader and NOK 25,000 for a member.

Hans Kristian Rød (sign.)

Merete Haugli (sign.)Oslo, 12 March 2021