Horisont Energi AS — Proxy Solicitation & Information Statement 2024

Jan 22, 2024

INNKALLING TIL NOTICE OF

EKSTRAORDINÆR GENERALFORSAMLING EXTRAORDINARY GENERAL MEETING

HORISONT ENERGI AS HORISONT ENERGI AS

(Selskapet)

(org. nr. 923 377 476)

Styret i Selskapet innkaller herved �l ekstraordinær generalforsamling mandag 5. februar 2024 kl. 9:30 på Selskapets hovedkontor i Grenseveien 21, Sandnes, Norge. Dagsorden med bilag er inntat i Vedlegg 1.

Aksjonærene oppfordres �l å avgi fullmakt eller stemme digitalt før møtet.

En aksjonær som måte ønske å delta på den ordinære generalforsamlingen, bes vennligst om å informere om dete via epost �l legal@horisontenergi.com senest kl. 13:00 torsdag 1. februar 2024.

En aksjonær som ønsker å avgi stemme på generalforsamlingen kan utøve sine aksjeeierre�gheter ved å gi fullmakt �l daglig leder (eller annen navngit person som møter), eventuelt avgi forhåndsstemme gjennom VPS Investor-tjenester i henhold �l instruksjonene i denne innkallingen.

Dersom aksjer er registrert i VPS på en forvalter jf. aksjeloven § 4-4 andre ledd jf. allmennaksjeloven § 4- 10, blir denne innkallingen i henhold �l allmennaksjeloven § 1-8 sendt �l forvalteren, som dereter skal videreformidle den �l den reelle aksjeeieren.

Dersom den reelle aksjeeieren ønsker å delta i generalforsamlingen, må den reelle aksjeeieren be forvalteren gi Selskapet melding om dete senest to virkedager før avholdelse av den ekstraordinære generalforsamlingen (altså senest 1. februar 2024). Det er ikke et krav om at aksjer må flytes �l en verdipapirkonto i eget navn for å ha stemmeret på generalforsamlingen.

Kun de som er aksjeeiere i Selskapet fem virkedager før generalforsamlingen, dvs. den 29. januar 2024,

I IN

(the Company)

(org. no. 923 377 476)

The board of the Company hereby gives no�ce of an extraordinary general mee�ng on Monday 5 February 2024 at 9:30 AM at the Company's main office at Grenseveien 21, Sandnes, Norway. The agenda with annexes is atached as Appendix 1.

The shareholders are encouraged to grant proxies or to vote digitally prior to the mee�ng.

Any shareholder who wants to be present at the general mee�ng in person, is kindly requested to inform of this by e-mail to legal@horisontenergi.com no later than 1 PM on Thursday 1 February 2024.

Any shareholder that wishes to vote at the general mee�ng may exercise hisshareholder rights by gran�ng a proxy to the CEO (or other named person that will be present), alterna�vely by vo�ng in advance through the VPS Investor Services pursuant to the instruc�ons set out in this notice.

If shares are held through a nominee in the VPS register, cf. sec�on 4-4 second paragraph of the Companies Act cf. Sec�on 4-10 of the Norwegian Public Limited Companies Act, this no�ce will in accordance with Sec�on 1-8 of the Public Limited Companies Act, be sent to the nominee who shall pass on the no�ce to the beneficial owner.

If the beneficial owner wishes to atend the general mee�ng, the beneficial owner must ask the nominee to no�fy the Company of this no later than two business days prior to the date of the extraordinary general mee�ng (i.e. no later than on 1 February 2024). It is not a requirement to have shares transferred to a securi�es account in the beneficial owner's own name in order to vote at the general mee�ng.

Only those who are shareholders in the Company five business days prior to the general mee�ng, i.e. on 29

(Registreringsdatoen), har ret �l å delta og stemme på generalforsamlingen, jf. aksjeloven § 4-4 tredje ledd bokstav a jf. allmennaksjeloven § 5-2.

En aksjeeier som ønsker å delta og stemme på generalforsamlingen, må være innført i aksjeeierregisteret (VPS) på Registreringsdatoen eller ha meldt og godtgjort erverv per Registreringsdatoen. Aksjer som er ervervet eter Registreringsdatoen, gir ikke ret �l å delta og stemme på generalforsamlingen.

En aksjonær som ønsker å gi fullmakt, oppfordres �l å benyte påmeldingsskjema i Vedlegg 2 og sende �l legal@horisontenergi.com.

Påmelding, forhåndsstemmer og fullmakt må være motat før kl. 13:00 torsdag 1. februar 2024. Fullmaktsskjema er vedlagt innkallingen som Vedlegg 2. Forhåndsstemme via VPS Investortjenester er �lgjengelig på investor.vps.no, men må være avgit innen samme frist.

Styret har i henhold �l aksjeloven § 1-7 vedtat at kommunikasjon med Selskapets aksjonærer skal skje elektronisk.

Selskapets vedtekter § 5 angir også at kommunikasjon med aksjonærene i utgangspunktet skal skje digitalt.

Ved henvendelse �l Selskapet har enhver aksje-eier likevel ret �l å be om at dokumentasjon �lsendes kostnadsfrit per post.

Lenke �l denne innkalling er �lgjengelig her:

htps://horisontenergi.no/en/investor-rela�ons/stockexchange-releases/

For øvrig finnes kontak�nformasjon på Selskapets hjemmeside www.horisontenergi.no.

January 2024 (the Record Date), are en�tled to atend and vote at the general mee�ng, cf. Sec�on 4-4 third paragraph leter a of the Companies Act cf. Sec�on 5-2 of the Norwegian Public Limited Companies Act.

A shareholder who wishes to atend and vote at the general mee�ng must be registered in the shareholder register (VPS) at the Record Date or have reported and documented an acquisi�on as per the Record Date. Shares that are acquired a�er the Record Date do not en�tle the holder to atend and vote at the general mee�ng.

Any shareholder wishing to grant a proxy is encouraged to use the atached form, Appendix 2, and send to legal@horisontenergi.com.

Registra�on, pre-vote, and proxy must be received prior to 1 PM on Thursday 1 February 2024. The proxy form is atached to this no�ce as Appendix 2. Pre-vo�ng via VPS Investor Services is available on investor.vps.no but must be submited within the same deadline.

Pursuant to sec�on 1-7 of the Companies Act, the Board of Directors has resolved that communica�on with the Company's shareholders shall take place electronically.

The Company's Ar�cle of Associa�on clause 5 also provide that communica�on with the shareholders shall generally be digital.

Upon request to the Company any shareholder is en�tled to request that the documenta�on is sent free of charge by mail.

Link to this no�ce is available here:

htps://horisontenergi.no/en/investor-rela�ons/stockexchange-releases/

Contact informa�on can be found on the Company's website www.horisontenergi.no.

Vedlegg 1 / Appendix 1

Ekstraordinær generalforsamling – 5. februar 2024

Til behandling foreligger: The agenda is as follows:

1. Åpning av den ekstraordinære generalforsamlingen 1. Opening of the extraordinary general meeting Generalforsamlingen åpnes av Frode A. Berntsen, utpekt fra styret.

2. Godkjenning av innkalling og dagsorden 2. Approval of notice and agenda

Styret foreslår at generalforsamlingen treffer følgende vedtak:

Innkallingen og dagsorden datert 22. januar 2024 godkjennes.

3. Valg av møteleder og en person til å medundertegne protokollen

Styret foreslår at advokat Frode A. Berntsen velges som møteleder og at Dan Jarle Flølo velges til å medundertegne protokollen.

Styret ønsker fleksibilitet til å utpeke inntil to daglige ledere, som i tilfellet skal opptre som et kollektivt organ og fatte beslutninger i fellesskap. En mulighet til å utpeke mer enn én daglig leder krever regulering i vedtektene.

Styret foreslår derfor at generalforsamlingen fatter følgende vedtak:

Ny § 11 i Selskapet vedtekter skal lyde:

§ 11 Daglig leder

Selskapet skal ha én eller to daglige ledere, etter styrets beslutning. Dersom selskapet skal ha to daglige ledere skal de fungere som et kollektivt organ.

Tidligere § 11 blir ny § 12.

Vedtektene slik de vil lyde eter at foreslåt endring er vedtat er inntat som vedlegg 3.

5. Fastsettelse av instruks for valgkomiteen

I henhold �l selskapets vedtekter § 6 kan generalforsamlingen fastsete instruks for valgkomiteen. Forslag �l slik instruks er inntat som vedlegg 4.

Extraordinary General Meeting – 5 February 2024

The general meeting shall be opened by Frode A. Berntsen, appointed by the board.

The board proposes that the general meeting passes the following resolution:

The notice and the agenda dated 22 January 2024 are approved.

3. Election of chairperson of the meeting and one cosigner of the minutes

The board proposes that attorney-at-law Frode A. Berntsen is elected as chair of the meeting and that Dan Jarle Flølo is elected to co-sign the minutes.

4. Vedtektsendring 4. Amendment of the articles of association

The board wishes to have the flexibility to appoint up to two managing directors, who shall act as a collective corporate organ, passing resolutions jointly. A right to appoint more than one managing director requires a provision in the Articles of Association.

The board proposesthat the general meeting adopt the following resolutions:

A new § 11 of the Articles of Association shall state:

§ 11 Managing director

The company shall have one or two managing directors, as decided by the board of directors. If the company shall have two managing directors, they shall act as a collective organ.

The former clause 11 shall become clause 12.

The Articles of Association as these will be if the proposed amendment is approved, is enclosed as appendix 3.

5. Issuance of nomination committee instructions

Pursuant the Company's Articles of Association clause 6, the general meeting can set instructions for the election committee. Proposals for such instructions are included as Appendix 4.

Det foreslås at generalforsamlingen fater følgende vedtak:

For valgkomiteen fastsettes instruks som inntatt i vedlegg 4.

* * * * * *

It is proposed that the general meeting adopt the following resolution:

For the selection committee, instructions are laid down as included in appendix 4.

1. FULLMAKT

Undertegnede aksjeeier kan ikke møte selv og gir herved fullmakt til nåværende daglig leder, Bjørgulf Haukelidsæter Eidesen, til å møte og avgi stemme på vegne av meg / oss på ekstraordinær generalforsamling i Horisont Energi AS mandag den 5. februar 2024 kl. 9:30.

Fullmakten er bundet. Du / dere må angi hvordan fullmektigen skal stemme ved å angi for hver enkelt sak på dagsordenen om fullmektigen skal stemme for eller mot møteleders / styrets forslag ved å sette «X» i rubrikkene «FOR», «BLANK» eller «MOT» i de nummererte sakene listet i tabellen nedenfor. Mindre endringer i forslaget til vedtak anses omfattet av fullmakten.

Dersom det mangler «X» for en eller flere av sakene i tabellen nedenfor, blir dette regnet for å være en instruksjon om å stemme «FOR» den aktuelle saken. Dersom forslag blir mottatt fra gulvet i tillegg til eller i stedet for forslagene i innkallingen, kan fullmektigen stemme eller avstå fra å stemme etter eget skjønn. I så fall vil fullmektigen stemme på grunnlag av hans/hennes fornuftige forståelse av forslaget. Det samme gjelder dersom det er tvil om hvordan stemmeinstruksen er å forstå. Der en ikke kan komme fram til noen fornuftig forståelse av forslaget, kan fullmektigen avstå fra å stemme.

#	SAK PÅ AGENDAEN	FOR	BLANK	MOT
2.	Godkjenning av innkalling og dagsorden
3.	Valg av møteleder og en person til å medundertegne protokollen
4.	Vedtektsendring
5.	Fastsettelse av instruks for valgkomiteen

2. Jeg / vi instruerer fullmektigen om å stemme på følgende måte:

Antall aksjer jeg/vi eier (oppgi antall aksjer):

Sted: Dato (DD.MM.ÅÅÅÅ):

Navn på aksjonær (selskap eller person):

Adresse til aksjonæren:

Navn på den som signerer:

Signatur:

Fullmakten kan sendes på e-post til legal@horisontenergi.com

Fullmakten må være Horisont Energi AS i hende senest kl. 13:00 torsdag 1. februar 2024

5

_____

Vedlegg 2 / Appendix 2

1. PROXY (AUTHORIZATION)

The undersigned shareholder cannot attend in person and is,therefore, authorising the Company's current Chief Executive Officer, Bjørgulf Haukelidsæter Eidesen, to attend and vote on my/our behalf at the extraordinary general meeting of Horisont Energi AS on Monday 5 February 2024, at 9:30 AM.

The proxy is specific. You must specify how the proxy shall vote by indicating it in each item on the agenda if the proxy is to vote for or against the board's proposal by marking "X" in the blanks "FOR", "BLANK" or "AGAINST" in numbered items listed in the table below. Minor amendments to the proposed resolutions are considered to be covered by this proxy.

If there is no "X" for one or more of the items in the table below, this will be deemed to be an instruction to vote "FOR" that item. However, if any motions are received from the floor in addition to or in lieu of the proposals in the notice, the proxy holder may vote or abstain fromvoting at his discretion. In that case, the proxy holder will vote on the basis of his reasonable understanding of the motion. The same applies if there is any doubt as to the interpretation of voting instructions. Where no such reasonable understanding of the motion can be formed, the proxy holder may abstain from voting.

#	ITEM ON THE AGENDA	FOR	BLANK	AGAINST
2.	Approval of notice and agenda
3.	Election of meeting chair and one co-signer of the minutes
4.	Amendment of the Articles of Association
5.	Issuance of nomination committee instructions

2. I / we instruct the proxy to vote as follows:

Number of shares I/we own (write number of shares):

Place: Date (DD.MM.YYYY):

Name of shareholder (company or person):

Address of shareholder:

Name of person signing:

Signature:

This proxy may be sent by e-mail at legal@horisontenergi.com

This proxy must reach Horisont Energi AS by 1 PM on Thursday 1 February 2024.

_____________________________________________________________________________________________

I tilfelle avvik mellom den norske og den engelske versjonen av dette dokumentet skal den norske versjonen gjøres gjeldende.

VEDTEKTER

FOR

HORISONT ENERGI AS

§ 1 Foretaksnavn

Selskapets navn er Horisont Energi AS.

§ 2 Selskapets forretningsformål

Selskapets virksomhet: Foredling og produksjon av karbonnøytrale energiprodukter, fangst og lagring av karbondioksid samt relaterte aktiviteter. Virksomheten kan også drives ved deltagelse i eller i samarbeid med andre foretagender.

§ 3 Aksjekapital

Selskapets aksjekapital er NOK 223 259,80 fordelt på 22 325 980 aksjer, hver pålydende NOK 0,01.

Aksjene skal registreres i Verdipapirsentralen.

§ 4 Erverv av aksjer

Selskapets aksjer er fritt omsettelige. Erverv av aksjer er ikke betinget av samtykke fra selskapet og aksjeeierne har ikke forkjøpsrett iht. aksjeloven.

§ 5 Saksbehandling

Når dokumenter som gjelder saker som skal behandles på generalforsamlingen, er gjort tilgjengelige for aksjonærene på selskapets internettsider gjelder ikke aksjelovens krav om at dokumentene skal sendes til aksjonærene. Dette gjelder også dokumenter som etter lov skal inntas i eller vedlegges innkallingen til generalforsamlingen. En aksjonær kan In case of discrepancy between the Norwegian and the English version of this document, the Norwegian version shall prevail.

ARTICLES OF ASSOCIATION

FOR

HORISONT ENERGI AS

(org.nr. 923 377 476) (organisation number 923 377 476) (sist endret 5. februar 2024) (last amended on 5 February 2024)

§ 1 Company name

The company's name is Horisont Energi AS.

§ 2 The company's business objective

The company's activities: Processing and production of carbon neutral energy products, capture and storage of carbon dioxide and related activities. Activities may also be carried out through participation in or in co-operation with other enterprises.

§ 3 Share capital

The company's share capital is NOK 223,259.80 divided into 22,325,980 shares, each with a nominal value of NOK 0.01.

The shares will be registered in the Norwegian Central Securities Depository.

§ 4 Acquisition of shares

The company's shares are freely tradable. Acquisition of shares is not conditional on consent from the company and the shareholders do not have any right of first refusal according to the Limited Liability Companies Act.

§ 5 Proceedings

When documents concerning matters to be considered at the general meeting have been made available to the shareholders on the company's website, the Companies Act's requirement that the documents be sent to the shareholders does not apply. This also applies to documents that by law must be included in or attached to the notice of the general meeting. A shareholder may likevel kreve å få tilsendt dokumenter som gjelder saker som skal behandles på generalforsamlingen.

Styret kan bestemme at aksjeeierne skal kunne avgi sin stemme skriftlig, herunder ved bruk av elektronisk kommunikasjon, i en periode før generalforsamlingen. For slik stemmegivning skal det benyttes en betryggende metode for å autentisere avsenderen.

§ 6 Valg av valgkomité

Selskapet skal ha en valgkomité. Valgkomitéen skal bestå av tre medlemmer, som skal være uavhengige av styret og ledelse. Medlemmene av valgkomitéen, inkludert lederen, velges av generalforsamlingen for en periode som utløper ved neste ordinære generalforsamling.

Valgkomitéen skal gi sine anbefalinger for valg av aksjonærvalgte styremedlemmer og medlemmer av valgkomitéen, og godtgjørelse til styremedlemmer og medlemmer av valgkomitéen. Godtgjørelse til medlemmer av valgkomitéen fastsettes av generalforsamlingen. Generalforsamlingen kan fastsette en instruks til valgkomitéen.

§ 7 Antall styremedlemmer

Styret skal bestå av tre til fire styremedlemmer valgt av generalforsamlingen, og ett medlem utpekt etter § 9. Eventuelle medlemmer valgt av og blant ansatte etter reglene i aksjeloven kommer i tillegg.

§ 8 Særskilte flertallskrav

Følgende beslutninger i generalforsamlingen krever tilslutning fra mer enn 75 % av stemmene og den aksjekapital som er representert på den aktuelle generalforsamlingen:

• (a) endring av vedtektene;
• (b) utstedelse av aksjer eller andre

nevertheless request that documents relating to matters to be considered at the general meeting be sent to him.

The Board of Directors may decide that the shareholders shall be able to cast their vote in writing, including through the use of electronic communication, for a period before the general meeting. For such voting, a reassuring method shall be used to authenticate the sender.

§ 6 Election of nomination committee

The company shall have a nomination committee. The nomination committee shall consist of three members, who shall be independent of the board and management. The members of the nomination committee, including the chairman, are elected by the general meeting for a period expiring at the next ordinary general meeting.

The nomination committee shall give its recommendations for the election of shareholder-elected board members and members of the nomination committee, and remuneration to board members and members of the nomination committee. Remuneration to members of the nomination committee is determined by the general meeting. The general meeting may issue an instruction to the nomination committee.

§ 7 Board members

The board shall comprise three to four members elected by the general meeting, and one member appointed pursuant to § 9. Any board members elected by and among the employees shall be in addition.

§ 8 Specific majority requirements

The following resolutions in a general meeting shall require the affirmative vote of more than 75 % of the votes and share capital represented in such general meeting:

• (a) amendments of the articles of association;
• (b) the issuance of shares or other financial

finansielle instrumenter, herunder fullmakter til styret om utstedelse av samme;

• (c) kapitalnedsettelse;
• (d) beslutning om fusjon eller fisjon av selskapet;
• (e) vedtak om oppløsning og avvikling av selskapet;
• (f) fullmakt til erverv av egne aksjer;
• (g) utdeling av utbytte; og
• (h) beslutning om å sette til side aksjonærenes fortrinnsrett til tegning av aksjer eller andre finansielle instrumenter utstedt av selskapet.

§ 9 Rett til å utpeke styremedlem

Så lenge E.ON Energy Projects GmbH, eller et selskap i samme konsern, kontrollerer mer enn 12 % av aksjene i selskapet, skal E.ON Energy Projects GmbH eller konsernselskapet ha rett til å utpeke ett styremedlem samt ett personlig varamedlem.

§ 10 Styreinstruks

Styret kan ved enstemmighet fastsette en styreinstruks som kan sette strengere flertallskrav for visse beslutninger i styret enn det som ellers følger av aksjeloven § 6-25.

§ 11 Daglig leder

Selskapet skal ha én eller to daglige ledere, etter styrets beslutning. Dersom selskapet skal ha to daglige ledere skal de fungere som et kollektivt organ.

§ 12 Forholdet til annen lovgivning

For øvrig henvises til den enhver tid gjeldende aksjelovgivning.

instruments, including authorisation to the board of directors to issue the same;

• (c) share capital reduction;
• (d) resolutions on merger or demerger of the company;
• (e) resolutions to dissolve the company;
• (f) authorisations to the board to acquire treasury shares;
• (g) distribution of dividends; and
• (h) resolution to set aside preferential right to subscribe for shares or other financial instruments issued by the company.

§ 9 Right to appoint a board member

For as long as E.ON Energy Projects GmbH, or a company within the same group of companies, controls more than 12 % of the shares in the company, E.ON Energy Projects GmbH or the group company shall have the right to appoint one member of the board with one personal deputy board member.

§ 10 Board instructions

The Board may by unanimous vote adopt and approve a board instruction which may determine more stringent majority requirement for certain resolutions in the board than required pursuant to the Norwegian Private Limited Liability Company's Act Section 6-25.

§ 11 Managing director

The company shall have one or two managing directors, as decided by the board of directors. If the company shall have two managing directors, the two shall act as a collective corporate organ.

§ 12 Relationship to other legislation

In other matters, reference is made to the current limited liability company legislation.

Approved by: The general meeting of Horisont Energi AS (Horisont Energi or Company)

Valid from: 5 February 2024

The nomination committee is established pursuant to Article 6 of the Articles of Association for Horisont Energi and "the general meeting may issue an instruction to the nomination committee".

The general meeting has therefore passed the following instructions for the nomination committee:

1. MANDATE

• 1.1 The nomination committee shall submit its recommendation to the general meeting for the election of shareholder elected members of the board of directors and the chairperson of the board of directors or decide to let the board of directors constitute itself, as well as propose the remuneration of all members of the board of directors.
• 1.2 The board of directors shall submit its recommendation to the general meeting for the election of the members of the nomination committee, including their remuneration.

2. COMPOSITION, ELECTION AND REMUNERATION

2.1 The nomination committee is composed and elected in accordance with article 6 of the articles of association (AoA) of Horisont Energi.

The nomination committee shall pursuant to the AoA consist of three (3) members who shall be shareholders or representatives of shareholders and shall be independent of the board of directors and management of Horisont Energi. This also implies that members of the board of directors or members of the management of Horisont Energi are not eligible for election to the nomination committee.

The members and the chairperson of the nomination committee shall be elected by the general meeting.

• 2.2 The members of the nomination committee are elected for a period of up to two years. If a member of the nomination committee elected by the general meeting terminates or for other reason cannot perform the role before the expiry of the period of service, the election of a new member can be held at the following general meeting, provided the nomination committee is not less than two (2) persons. As required, the remaining members of the nomination committee shall appoint a new chairperson.
• 2.3 It is an aim to have a natural, balanced turnover over time in the nomination committee.
• 2.4 The general meeting determines the remuneration to the nomination committee. The nomination committee's expenses are covered by the Company.
• 2.5 The Company and the nomination committee may propose revisions of these instructions to the board of directors and submit these for adoption by the general meeting.

3. RULES OF PROCEDURE

• 3.1 The nomination committee forms a quorum when the chairperson of the nomination committee and at least one other member are present or participate in the consideration of the matter in question.
• 3.2 The chairperson of the nomination committee has the overall responsibility for its work. The nomination committee holds meetings as often as it deems necessary.

Meetings of the nomination committee are convened by any member of the nomination committee, the chairperson of the board of directors, the chief executive officer(s), or the

appointed secretary of the board of directors. The chairperson of the nomination committee decides whether the meeting shall be physical, digital, or coordinated by email.

• 3.3 Minutes shall be kept from the meetings of the nomination committee. The minutes shall be signed by the members who have participated in the meeting. Members who have not participated in a meeting shall confirm that they have received the minutes by signing "Seen" on the minutes.
• 3.4 Upon request to the Company the latest updated stock register shall be presented to the nomination committee.
• 3.5 The chairperson of the board of directors, the chief executive officer(s), and the appointed secretary of the board of directors shall be summoned to at least one meeting of the nomination committee before its final recommendation to the general meeting is submitted.
• 3.6 In its work, the nomination committee should seek to discuss board composition with major shareholders, all members of the board of directors, the Company's management, any regular interlocutors with the board, external advisors, or others as considered relevant.

The nomination committee should pay particular attention to the board of directors' selfassessment evaluation or to relevant parts of such evaluation.

The nomination committee should consult major shareholders concerning proposals for candidates and seek to ensure that its recommendations have sufficient shareholder support.

Steps must be taken to ensure that shareholders may submit proposals to the nomination committee for candidates for election the board of directors.

The Company shall provide information on its website about the nomination committee and any deadlines for submitting proposals to the nomination committee if they are to be considered by the nomination committee.

3.7 When assessing candidates, the nomination committee shall always take into consideration whether the candidates have the necessary experience, qualifications, and capacity to satisfactory and independently undertake the candidacy, and also consider the need to ensure satisfactory rotation of the members of the board of directors.

The composition of the board of directors should ensure that the board of directors can attend to the common interests of all shareholders and meet the Company's need for expertise, capacity, and diversity.

When evaluating candidates to the board of directors, the committee shall consider the fact that the board of directors shall function as a collegiate body so that various types of expertise and experience deemed key for the Company at time of nomination should be represented, and that the composition of the board of directors should ensure that it can act independent of special interests and interests of selling services to or acquiring services from the Company.

The nomination committee's recommendations shall comply with applicable legislation and applicable stock exchange regulations relating to the composition of the board of directors.

The nomination committee shall consider relevant recommendations, including the Norwegian Code of Practice for Corporate Governance1 issued by The Norwegian Corporate Governance Board (NCBG or in Norwegian "NUES") in its work.

¹ https://nues.no/english/

3.8 The nomination committee's recommendations should justify why it is proposing each candidate separately and include information on each candidate's competence, capacity, and independence.

Information on the candidates of the board of directors should include each candidate's age, education and business experience, and information should be given on any link to direct or indirect ownership interest in the Company, how long each candidate has been a member of the board of directors and any assignments carried out for the Company, as well as the candidate's material appointments with other companies and organizations.

The nomination committee's recommendations should provide a justification of how the proposed candidates consider the interests of shareholders in general and the Company's requirements.

Prior to recommending re-election of a member of the board of directors, the nomination committee should consider how long the candidate has been a member of the board of directors and also such candidate's record in respect of board meeting attendance.

The nomination committee should also provide a brief account of how the committee has carried out its work.

• 3.9 Candidates proposed by the nomination committee shall have been asked whether they accept to take on the office for which they have been proposed.
• 3.10 Any dissenting votes must be stated in the recommendation.

4. PROCESSING OF THE NOMINATION COMMITTEE'S RECOMMENDATION

• 4.1 The nomination committee's recommendations to the general meeting should be available in time to inform the shareholders prior to the general meeting. The recommendations should be available on the Company's website no later than fourteen (14) days prior to the general meeting and up and to including the day the meeting is held.
• 4.2 The nomination committee's recommendations to the general meeting regarding election of shareholder elected members for the board of directors and/or chairperson of the board of directors and/or vice-chair, shall be attached to the notice to the general meeting where the elections shall be made.
• 4.3 The chairperson of the nomination committee or the person the chairperson of the nomination committee may authorize presents the recommendation to the general meeting and gives an account of the nomination committee's work.

5. PRIVACY AND CONFIDENTIALITY

Assisted by the appointed secretary to the board of directors, the nomination committee members are responsible for ensuring that any material received is kept securely and in compliance with applicable privacy regulations.

6. DISQUALIFICATION

Members of the nomination committee may not participate in the processing or decision of matters in which they have a special and prominent personal or financial interest.