NOTICE OF ANNUAL GENERAL MEETING

Transcription

1 To the shareholders of TTS Group ASA NOTICE OF ANNUAL GENERAL MEETING The Annual General Meeting of TTS Group ASA will be held on Thursday 5 June 2014 at 14:00 (2:00 p.m.) in the company s offices at Folke Bernadottesvei 38, Bergen. The following items are on the agenda: Opening of the meeting by Chairman of the Board, Trym Skeie, and registration of shareholders present at the meeting. 1. Election of one person to chair the meeting and one person to take the minutes of the meeting Chairman of the Board, Trym Skeie, will be proposed as chairperson 2. Approval of the proposal for agenda and meeting notice 3. Election of a person to co-sign the minutes with the chairperson 4. Approval of the company s Annual Report and Directors Report for 2013, including allocation of annual results: - Presentation and approval of the annual accounts for TTS Group ASA and TTS Group. - Review and approval of the Directors Report. - Review and approval of corporate governance principles. - Review of the Auditor s Report. - Allocation of the annual results for TTS Group ASA. The Board of Directors proposes the following allocation of the annual results: - Allocated for proposed dividend NOK 0 - Allocated from other reserves NOK Total allocations NOK The Board of Directors proposes that no dividend be paid out for the accounting year TTS Group ASA s Directors Report, corporate governance principles and annual accounts for 2013, prepared in accordance with IFRS, are approved by the Annual General Meeting. The Annual General Meeting approved that no dividend be paid out for the accounting year

2 5. Adoption of the auditor s fees for TTS Group ASA and the group has paid a total of NOK in fees for services rendered to KPMG. Of this TTS Group ASA has paid NOK , where NOK is related to audit and NOK is related to other services. Note 1 in the enclosed accounts for TTS Group ASA for 2013, gives an account of the fees paid out to the company s auditor for professional services, including auditing of the company s subsidiaries, as well as fees related to auditing of the company s consolidated accounts for The Annual General Meeting approves the auditor s fee of NOK Proposal to authorize the Board of Directors to increase the company s share capital by issuing shares The proposal is enclosed as Appendix 1A. 7. Proposal to authorize the Board of Directors to increase the company s share capital by issuing shares to leading employees The proposal is enclosed as Appendix 1B. 8. Proposal to give authorization to the Board of Directors to buy own shares for employees share program The proposal is enclosed as Appendix 1C. 9. Proposal to give the Board of Directors authority to buy own shares for deletion The proposal is enclosed as Appendix 1D. 10. Proposal to give the Board of Directors authority to buy back the convertible callable unsecured subordinated bond The proposal is enclosed as Appendix 1E. 11. Review of the Board of Director s statement for adoption of remuneration and other benefits for leading employees in the company The proposal is enclosed as Appendix Election of members to the Board of Directors and stipulation of remuneration to the Board of Directors - Nomination Committee s recommendations The proposals are enclosed as Appendix Election of members to the Nomination Committee and stipulation of remuneration to the Nomination Committee - Nomination Committee s recommendation to Nomination Committee and the Board of Directors recommendation to remuneration The proposals are enclosed as Appendix 4. 2

3 The company s annual accounts and Directors Report for 2013, this Notice and the appendixes are available on the company s website The same for Articles of Association and Procedures for Nomination. Following the Annual General Meeting, there will be a short presentation of the results for the 1st quarter of The company s share capital consists of shares, each with a nominal value of NOK Each share has one vote. Shareholders may attend the Annual General Meeting either in person or by proxy. Shareholders who wish to meet by proxy must fill out and send in the enclosed proxy form. Proxies may be granted to the Chairman of the Board, Trym Skeie, or President & CEO Björn Andersson, or anyone else the shareholders may wish to grant a proxy to. Shareholders who wish to participate in the Annual General Meeting must give notice to the company by contacting Anne-Berit Thorsen before 4:00 pm 4 June 2014 on ir@tts-group.no or phone or fax or sending in the enclosed form (enclosed in Appendix 5). From TTS Group ASA articles of associations: 9 Registration date. A shareholder s right to participate in and vote at the Annual General Meeting may only be exercised if the acquisition is registered in the registry of shareholders at the latest five working days prior to the Annual General Meeting, ref. the Norwegian Public Limited Companies Act, Section 4-2, third paragraph. 10 Prohibition on electronic participation in the company s Annual General Meeting. Shareholders shall not be given access to participate electronically in the company s Annual General Meeting pursuant to Section 5-8 of the Norwegian Public Limited Companies Act. Any shareholder has the right to submit alternative proposals to the Board of Directors proposals for resolutions. Shareholders may further propose other matters for consideration by the Annual General Meeting, if the matter is submitted in writing to the company at the latest three weeks prior to the date of Annual General Meeting. Pursuant to the Norwegian Public Limited Companies Act, Section 5-14 (1), the Annual General Meeting may consider matters included in the Notice. Matters conveyed subsequent to the aforementioned date, will not normally be considered. The following matters may still be taken up for consideration, pursuant to the Norwegian Public Limited Companies Act, Section 5-14 (2); (i) matters that are statutory according to the law or the company s Articles of Association (ii) proposals regarding inquiry; and (iii) proposals for summoning a new General Meeting to resolve proposals submitted by the Annual General Meeting. The shareholders are furthermore entitled to request information from members of the Board and general manager in accordance with further provisions of the Norwegian Public Companies Act, Section This Notice and its appendices and outline for resolutions, as well as information regarding the number of shares and votes in the company, are available on the company s website Bergen, 14 May 2014 TTS Group ASA Board of Directors 3

4 APPENDIX 1A: PROPOSAL TO GRANT THE BOARD OF TTS GROUP ASA AUTHORITY TO PERFORM AN INCREASE OF SHARE CAPITAL The Board proposes the establishment of an authorization to carry out an increase of share capital. The Boards considers an increase of the company s share capital to be beneficial, in order to further develop the company and/or acquisition of other business activity or capital assets within the same or corresponding business sector as the company. In order to take advantage of good business opportunities, the Board would like to be granted authority to issue new shares without giving notice of an extraordinary general meeting in each individual case. Since the authority is granted, among other reasons to acquire other business activity, the authority must further include the right to waiver the shareholders right of preference, cf. the Norwegian Public Limited Companies Act, cf. Section 10-4 cf. Section a) In accordance with the Norwegian Public Limited Companies Act, Section 10-4, the Board is granted authority to increase the company s share capital by up to NOK , by a subscription of up to shares, each at a nominal value of NOK b) The share capital increase may be effected against cash contribution or other non-monetary compensation, and the authorization comprises the right to bring upon the company specific duties. E.g. the share capital increase may be done in the form of an acquisition of other business activity or capital asset within the same or corresponding business sector as the company. The authorization comprises a resolution regarding mergers according to Section 13-5, including mergers with subsidiary companies against settlement in parent company shares. c) The share capital increase may be effected through one or more directed share issues. The authorization entails that the company s Board of Directors is granted authority to set the date, and to stipulate the subscription price for the new subscription. d) In connection with its resolution on a share capital increase, the Board of Directors shall be able to make a decision on a waiver of the shareholders pre-emptive right to subscribe to shares, cf. the Norwegian Public Limited Companies Act, Section 10-4 cf. Section e) The Board of Directors is granted authority to carry out necessary amendments to the Articles of Association in connection with the abovementioned share capital increases. f) The authorization remains in effect until the next Annual General Meeting and latest on The authorization replaces corresponding authorization granted by the Annual General Meeting on g) This resolution shall be reported immediately to the Register of Business Enterprises, cf. the Norwegian Public Limited Companies Act, Section APPENDIX 1B: PROPOSAL TO GRANT THE BOARD OF TTS GROUP ASA AUTHORITY TO CARRY OUT A SHARE CAPITAL INCREASE TO THE BENEFIT OF THE COMPANY S LEADING EMPLOYEES - FOR ALLOCATION IN 2014 The Board of Directors considers it to be beneficial that the company s leading employee s takes part in the company s economic development through shareholding. Consequently, the Board of Directors aims to continue its option scheme for the company s leading employees, which has been in practice since Furthermore, the Board of Directors would like to continue its arrangement of offering discounted shares to the company s employees. Implementation of the option scheme is proposed according to the principles set out in the Norwegian Public Companies Act, Section 10-14, where the first step is for the Board of Directors is to obtain authority to increase the company share capital. The proposal for authorization is based on a one-year term in line with the recommendations by the Norwegian Code of Practice for Corporate Governance. On the basis that the authority is granted in order to issue shares to employees, the authorization must also include the right to waiver the shareholders pre-emptive rights. More detailed guidelines for employment of the option scheme are considered and approved in item 11 (ref. Appendix 2), a) In accordance with the Norwegian Public Limited Companies Act, Section 10-4, the Board is granted authority to increase the company s share capital by up to NOK , by a subscription of up to shares, each at a nominal value of NOK b) The capital increase shall be effected against cash contribution, and accordingly does not comprise capital increase in the event of a merger. c) The share capital increase may be effected through one or more resolutions regarding the issue of shares to leading employees. The authorization entails that the company s Board of Directors is given authority to determine in more detail the conditions for the subscription of shares, including to set the subscription date and subscription price of the shares, and to determine which employees may subscribe for shares in the company. 4

5 d) The shareholders pre-emptive right to subscription of shares, pursuant to the Norwegian Public Limited Companies Act, Sections and 10-15, may be waived. e) The Board of Directors is granted authority to carry out necessary amendments to the Articles of Association in connection with the mergers. f) The authorization remains in effect for 2 years and latest on g) This resolution shall be reported immediately to the Register of Business Enterprises, cf. the Norwegian Public Limited Companies Act, Section h) This authorization is an addition to previous authorizations granted to the Board of Directors to carry out a share capital increase to the benefit of the company s leading employees. APPENDIX 1C PROPOSAL TO GRANT THE BOARD OF TTS GROUP ASA AUTHORITY TO BUY OWN SHARES FOR THE COMPANY S EMPLOYEES SHARE PROGRAM The Board of Directors considers it to be beneficial that the company s employees take part in the company s economic development through shareholding. Consequently, the Board of Directors aims to continue the arrangement of offering discounted shares to the company s employees. The Board of Directors would like to continue the arrangement of a discount to employees upon the purchase of discounted shares in the company. The discount for each individual employee is limited upward to 20 percent, to a maximum of NOK This limit coincides with the tax-exempt limit in Norway. The maximum discounted purchase for each employee is NOK Should the interest for shares exceed the number of shares mentioned below, the shares will be distributed proportionally. The offer to employees is usually made during the third quarter of If the Board of Directors find it appropriate the shares also can be used in connection with execution of the option scheme for the company s leading employees, see item 7 (appendix 1B). a) The board of Directors gives authority to buy own shares at Oslo Stock Exchange corresponding to a share capital up to a total of NOK , corresponding up to shares, each at a nominal value of NOK b) The lowest and the highest share price for the shares are NOK 1 and NOK 25. c) This authority will remain in effect to the ordinary general meeting in 2015, at the latest APPENDIX 1D PROPOSAL TO GRANT THE BOARD OF TTS GROUP ASA AUTHORITY TO BUY OWN SHARES FOR DELETION The Board of Directors proposes that the General meeting adopt a resolution granting it authority to buy own shares for deletion. It would not be possible to use the authority for other purposes. a) The board of Directors gives authority to buy own shares at Oslo Stock Exchange corresponding to a share capital up to a total of NOK , corresponding up to shares, each at a nominal value of NOK b) The lowest and the highest share price for the shares are NOK 1 and NOK 25. c) This authority will remain in effect to the ordinary general meeting in 2015, at the latest APPENDIX 1E PROPOSAL TO GIVE THE BOARD OF TTS GROUP ASA AUTHORITY TO BUY BACK PORTIONS OF THE CONVERTIBLE CALLABLE UNSECURED SUBORDINATED BOND 2011/2016 The Board of Directors proposes that the General meeting adopt a resolution granting it authority to buy back portions of the convertible callable unsecured subordinated bond 2011/2016. It would not be possible to use the authority for other purposes. a) The board of Directors gives authority to buy back portions of the convertible callable unsecured subordi nated bond 2011/2016 up to a total of NOK b) This authority will remain in effect to the ordinary general meeting in 2015, at the latest

6 APPENDIX 2: REVIEW OF THE BOARD OF DIRECTOR S STATEMENT REGARDING STIPULATION OF REMUNERATION AND OTHER BENEFITS FOR LEADING EMPLOYEES IN THE COMPANY Introduction Pursuant to the new provision to Section 10-16a, cf. Section 5-6, third paragraph of the Norwegian Public Limited Companies Act, the Annual General Meeting shall review the Board of Directors statement regarding stipulation of remuneration and other benefits of leading employees for the coming accounting year. Statement of principles for stipulation of remuneration An advisory vote will be held concerning the Board s guidelines regarding stipulation of remuneration of leading employees, while the Annual General Meeting must approve a possible continuance of the share option program. Principles regarding stipulation of remuneration and other benefits for leading employees The remuneration policy of TTS Group ASA is based on offering the group management competitive conditions. The level of remuneration shall reflect that the company is a listed company focusing internationally. The annual remuneration is based on the group management taking part in the company s results, and in the added value for the shareholders through increased company value. Remuneration consists of three main components; base salary, bonus and a share option program. Bonus is determined on the basis of target results. In certain circumstances where change and development are on a decisive nature, the bonus is further based on specific development targets. Bonus targets are revisited annually. The maximum bonus is one year s base salary for the President & CEO, and up to 50 percent for other leading employees. Since 1998 a share option program has been active for the group management of TTS; the goal being that the group management shall have the same incentive as the shareholders in respect of increasing company value over time. The Annual General Meeting has each year given the Board authority to establish share option programs with a two year term. Redemption price equals market price on allotment. First exercise is 50% after reporting Q1 results the following year. Thereafter 12.5% per quarter (after reporting quarterly results), in addition to share options that have not been previously exercised. Share options may not be exercised subsequent to the second anniversary. The group pension scheme in Norway is based on approximately 65 percent of base salary at the age of 67, limited to a maximum of 12G, except for TTS Offshore Handling Equipment AS that has a contribution pension. For employees abroad, the schemes prevailing in the respective companies where they are employed apply. The period of notice is 6 months with a severance pay from 6 to 24 months, period of notice inclusive. The share option program is conditional upon the Annual General Meeting s approval, based on the Board being granted authority to make such allotments. The President & CEO s remuneration is determined by the Board of TTS Group ASA. With respect to other leading employees, their remuneration is determined by the boards of the respective subsidiaries / President & CEO. The Board proposes that the Annual General Meeting support the statements mentioned above and approves the section of the statement regarding share option program for leading employees. APPENDIX 3: THE NOMINATION COMMITTEE S PROPOSAL The Nomination Committee has the following members: Bjørn Olafsson, Chairman, Bjørn Sjaastad, Petter Sandtorv. The Nomination Committee considers itself as independent of the Board of Directors and company management. None of the Nomination Committee members are represented in the company management or the board. The Nomination Committee has held 4 meetings (2 by phone/office meeting), and had frequent contact in relation to the committees work. The Nomination Committee has communicated with the Chairman of the Board and the President & CEO individually. In addition, the committee has conversed with all the board members elected by the shareholders with the purpose to get a broad and direct orientation about the board work and operation. In addition, clarify their availability to continue on the board for the board members which are for election. 6

7 The Nomination Committee has evaluated the Board s work, composition of expertise and size. Furthermore, the Nomination Committee has reviewed the Board s self-assessment, and the participation in the board meetings. Also this year the mandate for the Nomination Committee has been limited due to the large shareholders nominate only male candidates and the Nomination Committee at the moment conclude that the Board of Directors is sufficient in size and in accordance with the Articles of Associations. The Nomination Committee has been in contact with the company s largest shareholders at the beginning of the process and before final proposal from the nomination committee. The unanimous proposal from the Nomination Committee to the ordinary general meeting is as follows: 1. Election of members to the board Pursuant to the Articles of Association, the company s Board of Directors shall consist of 3-8 members, whereof one-third shall be elected by and among the company s employees, according to Norwegian law. The Board had 7 members in the period to the ordinary general meeting in 2013, where 5 where elected by the shareholders. Shareholder elected members is elected one by one for a 2 year period. Chairman of the Board Trym Skeie and Directors of the Board Bjarne Skeie and Anne Breive are for election to the ordinary general meeting in Trym Skeie and Bjarne Skeie have informed the Nomination Committee that they are available for re-election while Anne Breive has informed the Committee that she is not available for re-election. The Nomination Committee nominates Trym Skeie, Bjarne Skeie and Marianne Sandal to be elected for a period of 2 years. The Board of Directors elects its own chairman. The Board of Directors will with the nomination above consist of: Name: Election period Trym Skeie Bjarne Skeie Marianne Sandal Jan Magne Galåen Toril Eidesvik Mona Halvorsen Ole Henrik Askvik CV for each member is attached, and is a part of the committee s proposal. CV for Board of Directors Director of the Board, up for election: Trym Skeie (Re-election) Chairman of the Board Trym Skeie (b. 1968) is one of the main founders (2006) of Skagerak Venture Capital AS (SVC), where he currently is a partner and holds chairman and board member positions in different portfolio companies. Skeie has been Investment Manager at Kistefos and worked as structural design engineer at Hydralift. Trym Skeie holds the equivalent of a Master s degree from the Norwegian School of Economics and Business Administration (NHH), and a MSc. from the Norwegian University of Science and Technology (NTH). Trym Skeie has been Chairman of the Board of TTS Group ASA since November Trym Skeie has shares (Tamafe Holding, 100% owner). In addition Trym Skeie own shares in TTS Group ASA and convertible bonds with a nominal value of MNOK 4 which can be converted to shares. Skeie has no options in the company. He is a Norwegian citizen. Trym Skeie is elected as Director of the Board for 2 years. 7

8 Bjarne Skeie (Re-election) Director of the Board Skeie (b. 1945) has an engineering background and is known as an entrepreneur, industrial developer and investor in the offshore, equipment and rigindustries. This includes the founding of Maritime Hydraulics AS (1970), as well as acquisitions and restructuring of a number of companies that were merged and listed on the Oslo Stock Exchange as Skeie Group (1986/87). He undertook further establishments and acquisitions of new companies, one of which was Hydralift (1990), a company that saw tremendous organic growth through acquisitions. Hydralift, at the time the largest shareholder in TTS Group ASA (39.1 percent), was sold to National Oilwell in the autumn of He founded Sinvest in 2002, which was sold in In 2006, Skeie Drilling & Productions was established, and in 2007, Skeie Energy was established. Bjarne Skeie was Chairman of the Board of TTS Group ASA in the period and has been a member of the board since Bjarne Skeie, through Skeie Technology, Skeie Consultants and Skeie Capital Investments where he owns all the voting shares, own shares in TTS Group ASA. In addition Bjarne Skeie own convertible bonds with a nominal value of MNOK 6 which can be converted to shares. Skeie has no options in the company. He is a Norwegian citizen. Bjarne Skeie is elected as Director of the Board for 2 years. Marianne Sandal (New) Director of the Board Sandal (b. 1965) is Vice President Operations in Q-Free ASA. She holds a Bachelor as Mechanical Engineer from Bergen University College and has further education in economics and management from BI Norwegian Business School. Sandal was heading Nera Networks worldwide Operations activities in Nera Networks AS in the period before she started in current position. In this period she was in charge of heading larger restructuring processes in the company. From Sandal has been employed in Nera ASA and Nera Networks AS in several positions with focus on business development, sales and project management in South-America. She has been based abroad for several years; Sao Paulo, Brazil ( ) Bogota, Colombia ( ) and Mexico City, Mexico ( ). Sandal has been Chairman of the Board in Noca AS ( ) and Director of the Board in Norges Forskningsråd; Program, VERDIKT ( ) and Director of the Board in Nera Satcom AS ( ). Sandal has no shares or options in TTS Group ASA. She is a Norwegian citizen. Marianne Sandal is elected as Director of the Board for 2 years Director of the Board, not up for election: Toril Eidesvik (Not up for election) Director of the Board Eidesvik (b. 1968) is CEO and EMS Seven Seas ASA. She holds a degree equivalent to Master of Laws from the University of Oslo and has further education from BI Norwegian Business School. Eidesvik was CEO of Green Reefers ASA from 2008 to 2012 (working Chairperson ) and CEO of Actinor Shipping ASA from 2006 to Ms. Eidesvik has held a number of positions as lawyer from 1994 to She has extensive board experience, including from Solstad Offshore ASA, where she has been a Director since Toril Eidesvik has been Director of the Board of TTS Group ASA since the ordinary general meeting in She has no shares or options in the company. Eidesvik is a Norwegian citizen. Jan Magne Galåen (Not up for election) Director of the Board Galåen (b. 1972) is working as portfolio manager in Rasmussengruppen. He holds an MSc from Norwegian University of Science & Technology (NTH) and has further formal education in economics from BI Norwegian Business School. He has worked for First Securities and as an analyst at Fernley Fonds. Galåen has also worked for industrial companies like Aker Maritime and Hydro Aluminium Maritime. Galåen is employed by Rasmussengruppen AS which is a major shareholder in the company. Jan Magne Galåen has been Director of the Board of TTS Group ASA since the ordinary general meeting in He holds no shares or options in TTS Group ASA. Galåen is a Norwegian citizen. 8

9 2. Remuneration for the Board of Directors The Nomination Committee has evaluated the development in the company remuneration for the Board of Directors in accordance to the development of the size of the company and complexity, external analysis of the level on remuneration for the Board of Directors in Norwegian Companies on Oslo Stock Exchange and own evaluation/experience. With reference to above the Nomination Committee proposes the following remuneration to the Board of Directors, including remuneration for subcommittee work: Chairman NOK ( extraordinary remuneration) Directors, shareholder-elected NOK (for each of the 4 directors) Directors, employee-elected NOK (for each of the 2 directors) Audit committee, chairman NOK Audit committee NOK (for each of the 2 members) The proposed remuneration is unchanged from The higher level of remuneration to Chairman of the Board and chairmen of the committees is based on the additional workload that these commissions involve. For the Chairman of the Board, led former CEO s resignation and subsequent reorganization of the company a disproportionate and extraordinary work load of approx. 6 months duration. The Board of Directors has asked the Nomination Committee to compensate the Chairman of the Board for the work of an extraordinary one-time compensation of NOK , corresponding to a half board remuneration. The Nomination Committee has taken into account the Board of Director s request and recommends to the general meeting that the Chairman of the Board be compensated with NOK The proposed remuneration will be in effect from general meeting in 2013 ( ) to the general meeting in 2014 ( ). Proposed remuneration for each member is as follows if the annual general meeting chooses the proposed remuneration: Name Remuneration Trym Skeie NOK Toril Eidesvik NOK Jan Magne Galåen NOK Anne Breive NOK Bjarne Skeie NOK Mona Halvorsen NOK Ole Henrik Askvik NOK The annual general meeting approved the proposed remuneration for each member as follows: Name Remuneration Trym Skeie NOK Toril Eidesvik NOK Jan Magne Galåen NOK Anne Breive NOK Bjarne Skeie NOK Mona Halvorsen NOK Ole Henrik Askvik NOK

10 APPENDIX 4 ELECTION OF MEMBERS TO THE NOMINATION COMMITTEE AND REMUNIRATION OF THE NOMINATION COMMITTEE 1. Election of members to the Nomination Committee Proposal from the Nomination Committee The Nomination Committee consists of: Bjørn Olafsson, Chairman Bjørn Sjaastad, Member Petter Sandtorv, Member Self-employed consultant Self-employed consultant Managing director Flu A/S The Nomination Committee members are elected individually for a period of 2 years and for the coming ordinary general meeting Bjørn Sjaastad is up for election. Bjørn Sjaastad has informed the Nomination Committee that he is not available for re-election. The Nomination Committee has been in contact with the largest shareholders and in accordance with the Procedures for Nomination chp. 2.3, and decided to nominate to the ordinary general meeting, EVP& CFO in Westfal-Larsen Management AS, Anders Nome Lepsøe, will be elected to replace Bjørn Sjaastad. The Nomination Committee will by the proposed composition consist of members which consider themselves as independent in relation to the Board of Directors and the company management, nor are they member or represented in the company management. According to Procedures for Nomination, chp. 2.2 the Nomination Committee elects its own chairman. The Board of Directors will after the above nomination consist of: Name: Election period Bjørn Olafsson Petter Sandtorv Anders Nome Lepsøe The annual general meeting approved the proposal to Nomination Committee, consisting of: Bjørn Olafsson, Petter Sandtorv and Anders Nome Lepsøe. Bjørn Olafson and Petter Sandtorv were not for election. Anders Nome Lepsøe was elected for 2 year. 2. Remuneration of the Nomination Committee proposal from the Board of Directors The TTS Group ASA s Board of Directors proposes remuneration of the Nomination Committee as follows: Chairman NOK Members of the committee NOK The proposed remuneration is unchanged from Including chairman and two members the proposal sums up to a total of NOK which applies from the ordinary general meeting of 2013 ( ) until this year ordinary annual general meeting in 2014 ( ). Distribution of proposed remuneration for each member if the proposal from the Board of Directors is followed: Name Remuneration Bjørn Olafsson NOK Bjørn Sjaastad NOK Petter Sandtorv NOK The annual general meeting approved the proposed remuneration for each member as followed: Name Remuneration Bjørn Olafsson NOK Bjørn Sjaastad NOK Petter Sandtorv NOK

11 APPENDIX 5 NOTICE OF ATTENDANCE AT THE GENERAL MEETING OF TTS GROUP ASA The board request that those who wish to participate at the general meeting kindly contact Anne-Berit Thorsen by 16:00hrs on Wednesday 4 June 2014, by at ir@tts-group.no or phone at , fax at or by sending in this form. At TTS Group ASA s general meeting on 5 June 2014: Attendance/attendance slip Owner: (Name in block letters) casts the following number of votes: 1. As owner of shares 2. By proxy for owners of shares Place Date Signature Name in block letters Authority If you do not have the opportunity to attend the annual general meeting in person, you may grant someone the authority to vote for you. If you do not have the opportunity to attend and do not authorize anyone, you may send the authorization to the company without appointing a proxy. The company will then add the name of the Chairman of the Board or President and CEO before the general meeting is held. The authorization must be received by TTS Group ASA, Att.: Anne-Berit Thorsen, P.O. Box 3577 Fyllingsdalen, N-5845 Bergen, by 16:00hrs on Wednesday 4 June As the owner of shares in TTS Group ASA, I hereby grant: (Name in block letters) the authority to attend and vote on my/our behalf at the general meeting of TTS Group ASA on 5 June Place Date Signature Name in block letters 11

12 VOTING INSTRUCTIONS Cross out the non-applicable option. If blank, the authority person decides the voting. ITEM FOR AGAINST 4 Approval of the company's Annual Report and Directors Report for 2012, including coverage of deficit 5 Approval of auditors fee for Authorization to increase company s share capital by issuing shares 7 Authorization to increase company s share capital by issuing shares to leading employees 8 Authorization to buy own shares for company s employee share program 9 Authorization to buy own shares for deletion 10 Authorization to buy back portions of convertible callable unsecured subordinated bond 2011/ Adoption of principles relating to remuneration and other benefits for leading employees in the company 12.1 Election of board member Trym Skeie 12.2 Election of board member Bjarne Skeie 12.3 Election of the board member Marianne Sandal 12.4 Approval of remuneration of the board 13.1 Election of the member to the nomination committee Anders Nome Lepsøe 13.2 Approval of remuneration to the election committee (Translation for information purpose) 12