Baltic Sea Properties

AGM Information • May 3, 2023

OFFICE TRANSLATION

PROTOKOLLFRA ORDINA:R GENERALFORSAMLING I BALTIC SEA PROPERTIES AS (ORG.NR. 988 691 771)

Det ble avholdt ordinaer generalforsamling i Baltic Sea Properties AS ("Selskapet")

onsdag den 3. mai 2023 kl. 10:00 pA Christiania Qvartalet, GrevWedels plass 7, 0151 Oslo.

Til sammen var 4 683 420 aksjer tilsvarende 70,39 % av de stemmeberettigede aksjene i Selskapet representert, hvorav 2 253 007 (33,86 %) ved fullmakt og 2 430 413 aksjer, tilsvarende 36,53 % ved eget oppme,te/ forhAndsstemme.

Ewlgende ukec var p^lagendun:

aksjonatrer shareholders present

Generalforsamlingen ble apnet av styrets leder, The general meeting was opened by the chairman James Andrew Clarke. of the board, James Andrew Clarke.

2. Valg av nwteleder og person til 6 2. Election of a chairman of the meeting and a nwteleder the chairman of the meeting

«Lars Christian Berger, CEO i Selskapet, velges som «Lars Christian Berger, CEO of the Company, is meteleder. elected as chairman of the meeting.

Ame Sunde velges ti/ 6 medundertegne protokollen Arne Sunde is elected to co-sign the minutes

3. Godkjenning av innkalllng og dagsorden

Generalforsamlingen fattet f0lgende vedtak:

«lnnkallingen og dagsorden godkjennes.»

MINUTES FROM THE ANNUAL GENERAL MEETING IN BALTIC SEA PROPERTIES AS (COMPANY CODE 988 691 771)

The Annual General Meeting in Baltic Sea Properties AS (·the Company") was held on

Wednesday, the 3rd of May 2023, 10:00 am (CEST), at Christiania Qvartalet, Grev Wedels plass 7, 0151 Oslo.

In total, 4,683,420 shares corresponding to 70.39% of the voting shares in the Company were represented, of which 2,253,007 (33.86%) by proxy and 2,430,413 shares, corresponding to 36.53% by own attendance/ advance voting.

The following items were on the agenda:

1. lpning av mate og registrering av fremmatte 1. Opening of the meeting and registration of

medundertegne protokollen sammen med person to co-sign the minutes together with

Generalforsamlingen fattet fe,lgende vedtak: The general meeting passed the following resolutions:

sammen med mllJteleder.» together with the chairman of the meeting.»

3. Approval of notice and agenda

The general meeting passed the following resolutions:

«The notice and agenda is approved.»

disponering av Arets resultat well as the profit for the year

«Styrets forslag ti/ &rsregnskap og 6rsberetning for « The board's proposal for annual accounts and the

Arets resultat:	NOK	6 925119
Overf0rt annen egenkapital:	NOK	-3107 229	Dividend distributed in 2022:

Det vedtas videre at selskapets styre mottar fullmakt ti/ & utbetale opptil NOK 1,60 per aksje som utbytte ved utbetaling fro overkursfond. Fullmakten gjelder frem ti/ neste ordincere generalforsamling.»

5. Valg av styre

Valgkomiteens innstilling for valg av styre var at eksisterende styre velges for ett nytt ~r.

James Clarke (styreleder) Bj0m Bj0ro (styremedlem) John Afseth (styremedlem) John David Mosvold (styremedlem)

Generalforsamlingen fattet f0lgende vedtak:

«Valgkomiteens innstilling for valg av styre godkjennes.»

6. Fastsettelse av styrets 2023/2024

fattet f0lgende vedtak: proposal and passed the following resolutions:

fattet f0lgende vedtak: proposal and passed the following resolutions:

e<Den sittende valgkomite velges for to nye &r, ⁱ tillegg velges John Erik Haines som nytt med/em av valgkomiteen.»

4. Godkjenning av Arsregnskapet og 4. Approval of the annual accounts and the Arsberetning for regnskaps6ret 2022, og directors report for the financial year 2022, as

Generalforsamlingen fattet f0lgende vedtak: The general meeting passed the following resolutions:

2022, samt revisors beretning, godkjennes. directors report for 2022, as well as the auditor's report, are approved.

Tilleggsutbytte utdelt i 2022:		NOK 10 032 348	Result for the year:	NOK	6,925,119
Overf0rt annen egenkapital:	NOK	-3107 229	Dividend distributed in 2022:	NOK	10,032,348
			Transferred other equity:	NOK	-3, 107,229

It is further resolved that the company's board receives authorization to pay up to NOK 1.60 per share as ^adividend upon payment from a share premium fund. The authorization is valid until the next ordinary general meeting.»

6. Election of the board

The nomination committee's recommendation for the election of the board was that the existing board is elected for one new year:

James Clarke (chairman of the board) Bj0rn Bj0ro (board member) John Afseth (board member) John David Mosvold (board member)

The general meeting passed the following resolutions:

«The nomination committee's recommendation for the election of the board is approved.»

honorer for 6. Approval of remuneration to the board for 2023/2024

Generalforsamlingen godkjente styrets forslag og The general meeting approved the board's

«Styrets honoror for 2023/2024 fastsettes ti/ « The board's remuneration for 2023/2024 is set at NOK 300 000 ti/ styrets fader og NOK 200 000 ti/ NOK 300,000 for the chairman of the board and 0vrige styremedlemmer, uforandret fro forrige &r.» NOK 200,000 to other board members, unchanged from last year.»

7. Valg av valgkomite 7. Election of the nomination committee

Generalforsamlingen godkjente styrets forslag og The general meeting approved the board's

«The current nomination committee is elected for two new years, and John Erik Haines is elected as ^o new member of the nomination committee.»

2023/2024 committee for 2023/2024

fattet fe,lgende vedtak: proposal and passed the following resolutions:

med/em.» for the other member.»

fattet fe,lgende vedtak: proposal and passed the following resolutions:

fattet f01gende vedtak: proposal and passed the following resolutions:

• 1. «I henhold ti/ aksjeloven § 10-14 gis styret fullmakt ti/ & forh0ye Selskapets aksjekapital med inntil NOK 66 882,32.
• 1. Aksjeeiemes fortrinnsrett ti/ de nye aksjene etter aksjelovens § 10-4 kan fravikes.
• 1. Fullmakten omfatter kapitalforh0yelse mot innskudd i andre eiendeler enn penger og rett ti/ & p&dra Se/skapet scsrlige plikter mv.
• 1. Fullmakten omfatter ikke kapitalforh0yelse vedfusjon.
• 1. Styret gis fullmakt ti/ 6 fastsette hensiktsmessig struktur og ncsrmere vilk6r for kapitalforh0yelsen(e).
• 1. Fullmakten gje/der ti/ ordin(Br generalforsamling i 2024, sanest ti/ 30. juni 2024.»

8. Fastsettelse av valgkomlteens honorar for 8. Approval of remuneration to the nomination

Generalforsamlingen godkjente styrets forslag og The general meeting approved the board's

«Va/gkomiteens honorar for 2022/2023 fastsettes «The Nomination Committee's fee for 2022/2023 is ti/ NOK 20 000 ti/ leder og NOK 15 000 ti/ 0vrig set at NOK 20,000 for the chairman and NOK 15,000

9. Godkjennelse av revlsora honorar for 2022 9. Approval of remuneration to the auditor for 2022

Generalforsamlingen godkjente styrets forslag og The general meeting approved the board's

«Revisors honorar for 2022 dekkes etter regning.» « The auditor is remunerated for 2022 per invoice.»

10. Styrefullmakt til kapitalforheyelse 10. Board authorization to increase the share capital

Generalforsamlingen godkjente styrets forslag og The general meeting approved the board's

• 1. «Pursuant to section 10-14 of the Private Limited Liability Companies Act the board is granted an authorization to increase the Company's share capital with up to NOK 66,882.32.
• 1. The shareholders' preferential right to the new shares pursuant to section 10-4 of the Private Limited Liability Companies Act may be deviated from.
• 1. The authorization does include the right to share capital increase against contribution in kind and the right to incur specific obligations on behalf of the Company.
• 1. The authorization does not include share capitol increase in connection with mergers.
• 1. The board is authorized to determine the most practical structure and further conditions for the share capitol increase(s).
• 1. The authorization is valid until the annual general meeting in 2024, no later than 30 June 2024.»

Det forel~ intet mer til behandling. Generalforsamlingen ble dermed hevet kl.11:32.

There were no further items up for resolution. The general meeting was thus adjourned at 11:32.

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Ame Sunde Arne Sunde Valgt til A medundertegne protokollen Elected to co-sign the minutes

Signaturer: Signatures: