Office translation for information purpose only. Legal authenticity remains with the original document

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1 OCEAN YIELD Office translatin fr infrmatin purpse nly. Legal authenticity remains with the riginal dcument MINUTES FROM THE ANNUAL GENERAL MEETING OF On 20 April 2017 at 10:00 a.m. Landgangen 1, 0252 Osl. the annual general meeting in Ocean Yield ASA was held at the premises f The Thief, The fllwing matters were dealt with: 1. Opening f the general meeting and apprval f ntice f meeting and agenda The general meeting was pened by Frank Ove Reite, chairman f the Bard f Directrs. The cmpany's auditr, the auditing firm KPMG, represented by state-authrised public accuntant Tm Myhre, Verdipapirservice, was als present. and DNB The recrd f attending sharehlders shwed that f the cmpany's ttal f 148,351,432 shares were represented, which crrespnd t apprximately 69.73% f the share capital. The list f attending sharehlders is set ut n page 5. The vting result fr each respective item is set ut n pages 6-8. N bjectins were made t the meeting call and the general meeting was declared duly cnstituted. 2. Electin f the chairman f the meeting Frank Ove Reite was elected chairman f the meeting. 3. Electin f a persn t c-sign the minutes f meeting alng with the chairman f the meeting Camilla Iversen was elected t c-sign the minutes tgether with the chairman f the meeting. 4. Presentatin f business activities (n vting) CEO Lars Slbakken and CFO Eirik Eide gave a presentatin f the business activities, main figures frm the annual accunts fr the imprtant ccurrences and the After the presentatin, the chairman f the meeting pened fr questins and cmments. 5. Apprval f the annual accunts and the Bard f Directrs' reprt fr 2016 The general meeting apprves the annual accunts, reprt fr 2016 fr Ocean Yield ASA. the grup cnslidated accunts and the Bard f Directrs' 6. Authrisatin t the Bard f Directrs t reslve and declare dividends The general meeting authrises the Bard f Directrs t reslve and declare dividends based n the Cmpany's annual financial statements fr The authrisatin is valid until the Annual General Meeting in Cnsideratin f the Bard f Directrs' declaratin regarding stipulatin f salary and ther remuneratin t executive management f the cmpany (a) Advisry guidelines The general meeting endrses the advisry guidelines in the declaratin frm the Bard f Directrs. (b) Binding guidelines The general meeting apprves the binding guidelines in the declaratin frm the Bard f Directrs. 8. Cnsideratin f the Bard f Directrs' statement f crprate gvernance (n vting) Oksenøyveien 10, P O. Bx 513, NO-1327 Lysaker, NORWAY Telephne Telefax Enterprise n. N VAT

2 OCEAN YIELD The Bard f Directrs' statement f crprate gvernance was cnsidered. 9. Electin f members t the Bard f Directrs In accrdance with the prpsal frm the nminatin cmmittee, Kjell Inge Røkke is re-elected as deputy chairman and Jens Ismar, Annicken Gann Kildahl and Anne Christin Døvigen are re-elected as bard members, all fr a perid f tw years. The Bard f Directrs f Ocean Yield ASA will then cmprise the fllwing sharehlder elected members: Frank O. Reite (chairman) Kjelllnge Røkke (deputy chairman) Jens Ismar Annicken Gann Kildahl Anne Christin Døvigen Per Kristian Reppe (deputy member) 10. Electin f members t the nminatin cmmittee In accrdance with the prpsal frm the nminatin cmmittee, Arild S. Frick is re-elected as chairman f the nminatin cmmittee fr a perid f tw years, and Peter D. Knudsen is re-elected as member f the nminatin cmmittee fr a perid f tw years. The nminatin cmmittee will then cmprise the fllwing members: Arild S. Frick (chairman) Peter D. Knudsen 11. Stipulatin f remuneratin t the members f the Bard f Directrs In accrdance with the prpsal frm the nminatin cmmittee, the fees t the members f the bard and the audit cmmittee fr the perid frm the annual general meeting 2016 until the annual general meeting 2017 shall be as fllws: Baard chairman: NOK 465, 000 Baard members: NOK 310,000 Deputy baard member: NOK 100, 000 Audit cmmittee chairman: NOK 65,000 Audit cmmittee members: NOK 35, Stipulatin f remuneratin t the members f the nminatin cmmittee In accrdance with the prpsal frm the nminatin cmmittee, the fees t the members f the nminatin cmmittee fr the perid frm the annual general meeting 2016 until the annual general meeting 2017 shall be as fllws: Chairman and members: NOK 34, Apprval f remuneratin t the auditr The auditr's fees f USD 125,000 fr the audit f Ocean Yield ASA fr 2016 are apprved. 14. Authrisatin t the Bard f directrs t acquire treasury shares in cnnectin with acquisitins, mergers, demergers r ther transactins Oksenøyveien 10, P.O. Bx 513, NO-1327 Lysaker, NORWAY Telephne Telefax Enterprise n. N VAT 2

3 OCEAN YIELD 1. The Bard f Directrs is authrised t acquire and be granted security in wn shares up t an aggregate nminal value f NOK 148,351, The purchase price fr each share shall be minimum NOK 1 and maximum NOK The authrisatin may nly be used fr the purpse f uti/ising the cmpany's shares as transactin currency in acquisitins, mergers, de-mergers r ther transactins. The Bard is therwise free t decide the methd f acquisitin and dispsal f the cmpany's shares. 4. The authrisatin is valid until the annual general meeting f 2018, hwever nt after 30 June Authrisatin t the Bard f Directrs t acquire treasury shares fr investment purpses r subsequent sale r deletin f such shares 1. The Bard f Directrs is authrised t acquire and be granted security in wn shares up t an aggregate nminal value f NOK 148,351, The purchase price fr each share shall be minimum NOK 1 and maximum NOK The authrisatin may nly be used t purchase treasury shares fr investment purpses r subsequent sale r deletin f such shares. The Bard is therwise free t decide the methd f acquisitin and dispsal f the cmpany's shares. 4. The authrisatin is valid until the annual general meeting f 2018, hwever nt after 30 June Authrisatin t the Bard f Directrs t acquire treasury shares in cnnectin with the Cmpany's emplyee share prgramme 1. The Bard f Directrs is authrised t acquire and be granted security in wn shares up t an aggregate nminal value f NOK 8,000, The purchase price fr each share shall be minimum NOK 1 and maximum NOK The authrisatin may nly be used fr the purpse f sale and/r transfer t emplyees in the cmpany as pari f the share prgram fr such emplyees, as apprved by the Bard f Directrs. The Bard is therwise free t decide the methd f acquisitin and dispsal f the cmpany's shares. 4. The authrisatin is valid until the annual general meeting f 2018, hwever nt after 30 June Authrisatin t the Bard f Directrs t increase the share capital in cnnectin with acquisitins, mergers, de-mergers r ther transactins 1. The Bard f Directrs is authrised t increase the share capital with up t NOK 148,351, The sharehlders' preferential rights pursuant t sectin 10-4 f the Nrwegian Public Limited Liability Cmpanies Act may be set aside. 3. The authrisatin cvers an increase in capital in return fr nn-cash cntributins and a right t assume special bligatins n behalf f the cmpany, as well as reslutins n mergers and demergers, cf. sectins 13-5 and 14-6(2) f the Nrwegian Public Limited Liabi/ity Cmpanies Act. The authrisatin can be used in situatins as described in the Nrwegian Securities Trading Act sectin The authrisatin may nly be used fr the purpse f issuing shares as cnsideratin in cnnectin with acquisitins, mergers, demergers r ther transactins. 5. The authrisatin is valid unti/ the annual general meeting f 2018, hwever nt after 30 June Authrisatin t the Bard f Directrs t increase the share capital fr future investments within the Cmpany's scpe f peratins and general crprate purpses Oksenøyveien 10, P.O. Bx 513, NO-1327 Lysaker, NORWAY Telephne Telefax Enterprise n. N VAT 3

4 OCEAN YIELD 1. The Bard f Directrs is authrised t increase the share capital with up t NOK 148,351, The sharehlders' preferential rights pursuant t sectin 10-4 f the Nrwegian Public Limited Liability Cmpanies Act may be set aside. 3. The authrisatin cvers an increase in capital in return fr nn-cash cntributins and a right t assume special bligatins n behalf f the cmpany, as well as reslutins n mergers and demergers, cf. sectins 13-5 and 14-6(2) f the Nrwegian Public Limited Liability Cmpanies Act. The authrisatin can be used in situatins as described in the Nrwegian Securities Trading Act sectin The authrisatin may nly be used fr the purpse f raising equity capital fr future investments within the Cmpany's scpe f peratins and general crprate purpses. 5. The authrisatin is valid until the annual general meeting f 2018, hwever nt after 30 June Authrisatin t the Bard f Directrs t increase the share capital in cnnectin with the Cmpany's emplyee share prgramme 1. The Bard f Directrs is authrised t increase the share capital with up t NOK 8,000, The sharehlders' preferential rights pursuant t sectin 10-4 f the Nrwegian Public Limited Liability Cmpanies Act may be set aside. 3. The authrisatin can be used in situatins as described in the Nrwegian Securities Trading Act sectin The authrisatin may nly be used fr the purpse f sale and/r transfer t emplyees in the cmpany as part f the share prgram fr such emplyees, as apprved by the Bard f Directrs. 5. The authrisatin is valid until the annual general meeting f 2018, hwever nt after 30 June Authrisatin t the Bard f Directrs t raise a cnvertible lan with a subsequent right t increase the share capital in the Cmpany 1. The Bard f Directrs is authrised t raise a cnvertible lan pursuant t sectin 11-1 f the Nrwegian Public Limited Liability Cmpanies Act. 2. The ttal lan amunt may be up t USD 200,000,000 (r a crrespnding amunt in ther currency, based n the exchange rate n the date which the lan agreement is entered int). 3. The share capital may be increased with up t NOK 148,351, The sharehlders' preferential rights pursuant t sectin 11-4, cf. sectin 10-4 and 10-5 f the Nrwegian Public Limited Liability Cmpanies Act may be set aside. 5. The authrisatin may nly be used fr the purpse f raising capital fr future investments within the Cmpany's scpe f peratins and general crprate purpses. 6. The authrisatin is valid until the annual general meeting f 2018, hwever nt after 30 June N further items being n the agenda, the annual general meeting was adjurned. Osl, 20 April2017 (sign.) Frank Ove Reite, chairman (sign.) Camilla Iversen, c-signer Oksenøyveien 10, P O. Bx 513, NO-1327 Lysaker, NORWAY Telephne Telefax Enterprise n. N VAT 4

5 VPS GeneralMeeting Side l av l Represented ISIN: N General meeting date: 20/04/ Tday: Number f persns with vting rights represented/attended: 8 Number f shares / se shares 148,351,432 - wn shares f the cmpany 42,813 shares with vting rights 148,308,619 Represented by wn shares 1,653, % Represented by advance vte 98,455, % Sum wn shares 100,109, / Represented by prxy 366, % Represented by vting instructin 2,966, % Sum prxy shares 3,333, / represented with vting rights % represented by share capital Registrar fr the cmpany: DNB Bank ASA Signature cmpany: vps.n/gmlttalrepresented.htm?reprttype=total _REPRESENT

6 VPS Genera1Meeting Side l av 3 Prtcl fr general meeting ISIN: N General meeting date: 20/04/ Tday: Shares class FOR Against Pll in Abstain Pll nt registered Represented shares with vting rights Agenda item 1 Opening f the general meeting and apprval f ntice f meeting and agenda. 103,437,512 O 103,437,512 5,250 O % 103,437,512 O 103,437,512 5,250 O Agenda item 2 Electin f the chairman f the meeting. 103,437,512 O 103,437,512 5,250 O vtes east i n % % 103,437,512 O 103,437,512 5,250 O Agenda item 3 Electin f a persn t c-sign the minutes f meeting alng with the chairman f the meeting. 103,437,512 O 103,437,512 5,250 O % 103,437,512 O 103,437,512 5,250 O Agenda item 5 Apprval f the annual accunts and the Bard f Directrs' reprt fr O O O O O O Agenda item 6 Authrisatin t the Bard f Directrs t reslve and declare dividends. O O O O O O Agenda item 7a Advisry guidelines 103,436, ,437,512 5,250 O % % % 103,436, ,437,512 5,250 O Agenda item 7b Binding guidelines 101,435,063 2,002, ,437, % 1.94 % % 1.94 % % 1.35 % 101,435,063 2,002, ,437,512 Agenda item 9 Electin f members t the Bard f Directrs. O 5, % 5,250 O O O O _ menu=true&frmmain=t l 7

7 VPS Genera1Meeting Side 2 av 3 I I Shares class I FOR Against Pll in 10 I I ,442, ,442, ,442, ,442, Abstain Pll nt registered I Agenda item 10 Electin f members t the nminatin cmmittee. Represented shares with vting rights I 10 Agenda item 11 Stipulatin f remuneratin t the members f the Bard f Directrs Agenda item 12 Stipulatin f remuneratin t the members f the nminatin cmmittee. 628 Agenda item 13 Apprval f remuneratin t the auditr Agenda item 14 Authrisatin t the Bard f Directrs t acquire treasury shares in cnnectin with acquisitins, mergers, de-mergers r ther transactin 101,573,883 1,868, % 1.81 % 1.26 % ,573,883 1,868,879 Agenda item 15 Authrisatin t the Bard f Directrs t acquire treasury shares fr investment purpses r % % % subsequent sale r deletin r such shares. 101,573,883 1,868, % % % 1.81 % 1.81 % 1.26 % ,573,883 1,868,879 Agenda item 16 Authrisatin t the Bard f Directrs t acquire treasury shares in cnnectin with the Cmpanys emplyee share prgramme. 101,440,313 2,002, % % 1.94 % 1.94 % % 1.35 % 101,440,313 2,002,449 Agenda item 17 Authrisatin t the Bard f Directrs t increase the share capital in cnnectin with acquisitins, mergers, de-mergers r ther transact 101,331,521 2,111,

8 VPS Genera1Meeting sie j av j Shares class FOR Against Pll in Abstain Pll nt registered Represented shares I % I 2.04% I I I % 2.04 % % 1.42 % with vting rights 101,331,521 2,111,241 O O Agenda item 18 Authrisatin t the Bard f Directrs t increase the share capital fr future investments within the Cmpany's scpe f peratins and ge 101,331,521 2,111,241 O O % 2.04% 0.00% % 2.04% % 1.42 % 0.00% 101,331,521 2,111,241 O O Agenda item 19 Authrisatin t the Bard f Directrs t increase the share capital in cnnectin with the Cmpanys emplyee share prgramme. 101,333,421 2,109,341 O O % 2.04% % 2.04 % % 1.42 % 101,333,421 2,109,341 O O Agenda item 20 Authrisatin t the Bard f Directrs t raise a cnvertible lan with a subsequent right t increase the share capital in the Cmpany. 101,500,579 1,942,183 O O % 1.88 % 0.00% % 1.88 % % % 1.31 % 101,500,579 1,942,183 O O Registrar fr the cmpany: DNB Bank ASA Signature cmpany: Share infrmatin Name number f shares Nminal value Share capital Vting rights 148,351, ,483,514, Yes Sum: 5-17 Generally majrity requirement requires majrity f the given vtes 5-18 Amendment t reslutin Requires tw-thirds majrity f the given vtes like the issued share capital represented/attended n the general meeting menu=true&frmmain=t l 7