North European Oil Royalty Trust (NRT) Proxy filing summary

Executive summary

• Annual meeting scheduled for February 26, 2025, by Zoom; agenda includes electing five Trustees and an advisory vote on Managing Director compensation. Record date: December 30, 2024.

• 9,190,590 units were outstanding at the record date, with one vote per unit; proxies with no instructions will be voted for both proposals.

Voting matters and shareholder proposals

• Trustees recommend FOR all five incumbent nominees: Nancy J. Floyd Prue, Andrew S. Borodach, Ahron H. Haspel, Richard P. Howard and Lawrence A. Kobrin.

• Trustee election requires a majority of units represented by proxy; withheld votes count as present and have the same effect as votes against.

• Managing Director pay proposal is advisory and passes if FOR votes exceed AGAINST votes; Trustees and the Compensation Committee will consider the result in future pay decisions.

• Brokers cannot vote on either proposal without unit-owner instructions; unit owners may vote online, by phone or by mail, and revoke a proxy before it is exercised.

Board of directors and corporate governance

• All five nominees are current Trustees; Borodach and Howard joined October 1, 2024. Trustees recommend annual re-nomination to preserve continuity, with remaining Trustees handling vacancies under the Trust Agreement.

• All current Trustees are considered NYSE-independent. Managing Trustee and Managing Director roles have been held by separate individuals since 1990; the Managing Trustee serves in a non-executive role.

• Trustees met eight times in FY2024; Audit Committee met formally three times and Compensation Committee once. Currently serving Trustees attended 100% of applicable meetings during their FY2024 tenure.

• Ahron H. Haspel chairs both standing committees; Audit Committee has a charter, while Compensation Committee does not. No Governance or Nominating Committee is planned.