North European Oil Royalty Trust (NRT) Proxy filing summary

Executive summary

• Annual meeting scheduled for February 17, 2026, via Zoom; unit owners of record on December 31, 2025, may vote on four trustee nominees and an advisory compensation proposal.

• 9,190,590 units were outstanding at the record date; each unit carries one vote, and any number of units represented by proxy constitutes a quorum.

Voting matters and shareholder proposals

• Proposal One asks unit owners to elect Nancy J. Floyd Prue, Andrew S. Borodach, Ahron H. Haspel, and Richard P. Howard; trustees recommend voting FOR all four.

• Proposal Two seeks an advisory vote FOR the Managing Director’s compensation; the result is nonbinding but will inform future compensation decisions.

• Trustee elections require a majority of units represented by proxy; abstentions count as present and have the same effect as votes against. Brokers cannot vote either proposal without unit-owner instructions.

• Proposals for inclusion in the 2026 proxy materials are due September 11, 2026; other meeting proposals are due November 24, 2026, and universal-proxy nomination notices by November 7, 2026.

Board of directors and corporate governance

• All current trustees are considered independent under NYSE rules; Managing Trustee and Managing Director roles have been held by separate individuals since 1990, with the Managing Trustee serving non-executively since 2008.

• Four nominees bring experience in oil and gas investing, law, M&A, accounting, financial services, governance, and risk management; Borodach and Howard joined the board in October 2024.

• Trustees met seven times in FY2025; the Audit and Compensation Committees each formally met once, and serving trustees attended 100% of applicable meetings during their tenure.

• Starting FY2025, annual trustee fees became the greater of 0.2% of annual gross royalties and interest or $20,000, with additional compensation permitted for designated roles.