Maha Energy : Corporate Governance Reports 2023

M A H A- E N E R G Y.C O M

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C O R P O R A T E

G O V E R N A N C E

R E P O R T

M A H A - E N E R G Y. C O M

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Corporate Governance Report

Corporate Governance is an integral part of Maha's foundation which guides our corporate culture, business objectives, and enables the accommodation of stakeholder interests. Maha is committed to delivering value to all our stakeholders (including shareholders, employees, contractors, and the communities in which we operate) by prioritizing transparency and accountability. For Maha, strong corporate governance ensures anticipation and mitigation of risks, as well as oversight of our operational protocols and practices to ensure activities are undertaken in an ethical, safe, reliable, and responsible manner.

This Corporate Governance Report has been prepared in accordance with the Swedish Companies Act (SFS 2005:551), the Annual Accounts Act (SFS 1995:1554) and the Swedish Corporate Governance Code (the "Code") and has been subject to a review by the Company's statutory auditor.

M A H A- E N E R G Y

The Swedish Corporate Governance Code is based on the tradition of self-regulation and the principle of "comply or explain". It acts as a complement to the corporate governance rules contained in the Swedish Companies Act, the Annual Accounts Act, EU rules and other regulations such as the Rulebook for Issuers and good practice on the securities market. The Code is published on www. bolagsstyrning.se, where a description of the Swedish Corporate Governance model can be found.

As a Swedish public company listed on Nasdaq Stockholm (under symbol MAHA-A) Maha Energy is subject to the Rule- book for Issuers of Nasdaq Stockholm which can be found on www.nasdaqomxnordic.com. In addition, the Company abides by principles of corporate governance found in several internal and external documents to build trust on how Maha responsibly conducts its business.

The Company is not aware of any deviations from Nasdaq Stock- holm's Rulebook for Issuers, recommendations from the Swedish Securities Council, decisions from Disciplinary Committee at Nasdaq Stockholm or statements from the Swedish Securities Council. The Company does not report any deviations from the

Code. The report has been examined by the Company's auditors, please see page 97.

Maha Energy AB (publ), company registration number 559018- 9543, has its corporate head office at Eriksbergsgatan 10, SE-114 30 Stockholm, Sweden and the registered seat of the Board of Directors is Stockholm, Sweden. The Company's website is www.maha-energy.com.

This 2023 Corporate Governance Report is submitted in accordance with the Swedish Annual Accounts Act and the Code. It explains how Maha has conducted its corporate governance activities during 2023.

Maha's business model is built on the corporate governance foundation, which aims to decrease associated risk of unethical behavior, unclear responsibilities, and avoid potential conflicts of interests. Our Corporate Governance Framework further strengthens and clarifies Maha's corporate governance foundation and ensures that business is conducted in a responsible manner. Our governance structure includes our Board of Directors and its committees, together with our executive team.

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Nomination Committee

Shareholder Meeting		External
	Auditors

Board Of Directors

AuditInvestment

CommitteeCommittee

Renumeration	HSE & Reserves
Committee	Committee

CEO and Executive Management

Internal Auditors

Independent Reserves Auditor

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External and Internal governance framework

The Company observes good corporate governance practices in accordance with the laws and regulations of Swedish legislation, the Company's own Articles of Association and policies. The Company's Articles of Association do not contain any provisions for a special procedure for changing the Articles of Association. The Company issues Annual Consolidated Financial Statements and interim reports in accordance with the International Financial Reporting Standards (IFRS), as adopted by the EU, and Swedish Annual Accounts Act.

Maha adheres to both the internal and external rules for Corporate Governance principles; thus, decreasing potential risks associated with unclear individual and company responsibilities and avoiding conflicts of interests between its shareholders, managers, and Board of Directors.

External Corporate		Internal Corporate
Governance Rules		Governance Rules

• The Annual Accounts Act
• The Exchange Rules for Issuers
• NASDAQ Rules and Regulations
• The Swedish Companies Act
• Swedish Code of Corporate Governance
• Statements of the Swedish Securities Council

• Anti-CorruptionPolicy
• Articles of Association
• Code of Conduct
• Corporate Governance Policy
• Health, Safety, and Environment Policy
• Internal Control and Risk Management
• Business Partner Code of Conduct
• Other Company Policies, Guidelines, and Procedures

2 0 2 3 A N N U A L R E P O R T

Shareholders

The Company's shares (MAHA-A) are listed on Nasdaq Stock- holm. At year-end 2023 the share capital amounted to SEK 1,962,892.283, represented by 178,444,753 shares. All shares represent one vote each. At 31 December 2023, the number of shareholders was 8,608 (2022: 10,761). Of the total number of shares, foreign shareholders accounted for approximately 76 percent. Turmalina Fundo De Investimento Em Participacoes Multiestrategia and DBO Invest S.A. are the only shareholders with a holding in excess of 10 percent of shares and votes, with a holding of 33,101,674 and 21,936,598 shares respectively, representing approximately 18.55 and 12.29 percent of shares and votes respectively. For further information on share, share capital development and shareholders, see page 18 and the Company's website.

Annual General Meeting

According to the Swedish Companies Act (2005:551), the general meeting is the Company's highest decision-making body. At the general meeting, the shareholders exercise their voting rights in key issues, such as changes to the Articles of Association, the election of the Board of Directors and auditors, adoption of the income statement and balance sheet, discharge from liability of

the Board of Directors, the CEO and Managing Director, the appropriation of profit or loss and the principles for the appointment of the nomination committee. The Annual General Meeting ("AGM") must be held within six (6) months of the close of the fiscal year. The Company calls the meeting through announcements in the Swedish Official Gazette, the Svenska Dagbladet and the Compa- ny's website.

Right to attend AGMs

All shareholders who are listed in the share registry on the record date, and who have notified the Company of their participation in due time, are entitled to participate in the AGM. Shareholders are entitled to exercise their respective voting rights in accordance with the description above (item entitled "Shareholders").

Annual General Meeting 2023

The 2023 AGM was held in Stockholm on 24 May 2023. The AGM was attended by 26 shareholders, personally or by proxy, representing 33.97 percent of the Company's share capital. The Chairman of the Board of Directors and all Board members, including the CEO and Managing Director, were present, as well as the Company's auditor and a member of the Nomination Committee for the 2023 AGM.

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The submissions and resolutions passed by the 2023 AGM included the following major items:

M A H A-

• Fabio Vassel, Paulo Thiago Mendonça, Enrique Peña, Viktor Modigh, Richard Norris, Halvard Idland and Kjetil Solbraekke were re-elected as members of the Board of Directors.
• Fabio Vassel was re-elected as Chairman of the Board.
• Remuneration of the Board of Directors.
• Approval of the Company's remuneration report

• Approval on the policy for remuneration and other employment conditions for senior executives of the group
• The accounting firm Deloitte AB was re-elected as the auditor of the Company
• Authorization of the Board of Directors to resolve upon issuance of new shares, warrants and/or convertible debentures.

E N E R G Y.C O M

For more information about the Annual General Meeting, including the minutes, see Maha's website.

The suggested incentive program through issuance of warrants for employees and consultants was withdraw by the Board of Directors. The suggested incentive program through issuance of warrants for the Board of Directors was likewise withdraw by the Nomination Committee.

Extra General Meetings 2023

E X T R A O R D I N A R Y G E N E R A L M E E T I N G I N M A R C H 2 0 2 3

An Extraordinary General Meeting ("EGM") was held in Stockholm on 29 March 2023. The EGM was attended by 20 shareholders, representing 6.87 percent of the votes and share capital in the Company. The Chairman of the Board of Directors and enough Board members, including the CEO and Managing Director, for a quorum were present, as well as a member of the Nomination Committee. The major resolutions passed by the EGM included the following:

• Resolution on changes to the Articles of Association;
• Resolution on issue of new shares against payment in kind regarding the acquisition of all shares in DBO 2.0 S.A.;

• Election of new Board members Halvard Idland and Kjetil Solbraekke. Harald Pousette was, upon his own request, discharged from the Board of Directors.

E X T R A O R D I N A R Y G E N E R A L M E E T I N G I N S E P T E M B E R 2 0 2 3

An Extraordinary General Meeting ("EGM") was held in Stockholm on 18 September 2023. The EGM was attended by 27 shareholders, representing 39.75 percent of the votes and share capital in the Company. The Chairman of the Board of Directors and enough Board members, including the CEO and Managing Director, for a quorum were present, as well as a member of the Nomination Committee. The resolutions passed by the EGM included the following:

• Resolution on changes to the Articles of Association with respect to share capital and number of shares
• Resolution regarding an incentive program and issuance of warrants to employees and consultants (LTIP 8);
• Resolution regarding an incentive program and issuance of warrants to the members of the Board of Directors (LTIP 9). According to the Nomination Committee's revised proposal presented at the general meeting all Board members except Halvard Idland and Svein Harald Øygard shall be comprised by the program;

• Election of Paulo Thiago Mendonça as chairman of the Board of Directors
• Election of new Board member Svein Harald Øygard. Kjetil Solbraekke was on his own request discharge from his assignment as ordinary Board member.
  Effective as of the general meeting's resolution, Kjetil Solbraekke took the position as CEO of Maha.

For more information about the General Meetings, including the minutes, see Maha's website.

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Annual General Meeting 2024

The Annual General Meeting (AGM) of Maha Energy AB (publ) is planned to be held on 29 May 2024 in Stockholm, Sweden.

Nomination Committee and its Function

The duties of the nomination committee include the preparation and drafting of proposals regarding the election of members of the Board of Directors, the chairman of the Board of Directors, the chairman of the general meeting and auditors. The nomination committee shall also propose fees for Board members and the auditor. The composition of the nomination committee is publicly announced at least six months ahead of the AGM.

The principles for the appointment of and instructions regarding a nomination committee adopted at the Annual General Meeting in 2019, and have since then not been changed. In accordance with these, the Nomination Committee for the 2024 AGM consists of members appointed by three (3) of the largest shareholders of the Company based on shareholdings as at 30 September 2023 and the Chairman of the Board of Directors. The names of the members of the Nomination Committee were announced and posted on the Company's website on 28 November 2023 (within the time frame of six (6) months before the AGM, as prescribed by the Code).

The Nomination Committee for the 2024 AGM consists of:

• Rodrigo Pires, appointed by Turmalina Fundo de Investimento em Participações Multiestratégia;
• Luis Araujo, appointed by DBO Invest S.A.
• Edwyn Neves, appointed by Banco BTG Pactual S.A; and
• Paulo Thiago Mendonça, Chairman of the Company's Board.

At the Nomination Committee's first meeting, Edwyn Neves was elected as Chairman of the Nomination Committee.

The Nomination Committee Report, including the final proposals to the 2024 AGM, is published on the Company's website at the same time the Notice of the AGM is given.

The Nomination Committee's purpose is to produce proposals for certain matters including, amongst others, the following (which will be presented to the 2024 AGM for consideration):

• Number of members of the Board of Directors;
• Remuneration to the Chairman of the Board of Directors, the other members of the Board of Directors and auditors respectively;
• Election of auditors;
• Remuneration, if any, for committee work;
• The composition of the Board of Directors;
• The Chairman of the Board of Directors;
• Resolution regarding the process of the Nomination Committee 2025;
• Chairman at the AGM.

The work of the Nomination Committee includes evaluation of the Board's work, competence and composition, as well as the independence of the members. The Nomination Committee will also consider criteria such as the background and experience of the Board of Directors, and evaluate the ongoing work.

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The Board of Directors and its work

M A H A

Board of Directors' composition

After the general meeting, the Board of Directors is the highest decision-making body. According to the Swedish Companies Act, the Board of Directors is responsible for the organization and management of the company's affairs, which means that the Board of Directors is responsible for, among other things, establishing targets and strategies, securing procedures and systems for monitoring of set targets, continuously assessing the company's financial position and evaluating the operational management. Furthermore, the Board of Directors is responsible for ensuring that proper information is given to the company's shareholders, that the company complies with laws and regulations and that the company develops and implements internal policies and ethical guidelines. Moreover, the Board of Directors is responsible for ensuring that annual reports and interim reports are prepared in a timely matter. The Board of Directors also appoints the company's CEO and Managing Director and determines its salary and other compensation.

The members of the Board of Directors, including the Chairman of the Board, are elected annually at the annual general meeting for the period until the end of the next annual general meeting. Pursuant to the Company's Articles of Association, the Board shall consist of not less than three (3) and not more than seven

1. ordinary members, without any deputy members. There are no specific stipulations in the Company's Articles of Association on how the Board members should be assigned or dismissed. The Company aims to promote diversity at all levels of the Company. In 2023, two EGMs were convened to resolve upon i.a. proposed elections of new Board of Directors of the company (for more information, see Extra General Meetings 2023 above). Up to March 29, 2023, the Company's Board consisted of 6 ordinary members, appointed until the end of the next annual share- holders' meeting. This number was increased to seven (7) Board Members, as per a resolution approved during an Extraordinary Board Meeting held on 29 March 2023 which removed Mr. Harald Pousette, upon his own request, from his position, and elected Halvard Idland and Kjetil Solbraekke as new ordinary Board members until the end of the next annual general meeting. At an Extraordinary Board Meeting held on 18 September 2023, Svein Harald Øygard was elected as new ordinary Board member until the close of the annual general meeting to be held in 2024. At the same EGM, it was resolved to elect Paulo Thiago Mendonça as chairman of the Board of Directors and thereby, upon his own request, replace Fabio Vassel. It was also resolved, upon his own request, to discharge Kjetil Solbraekke from his assignment as ordinary board member. Effective as of the general meeting's resolution, Kjetil Solbraekke took the position as CEO of Maha. Maha's existing members of the Board of the Directors include seven Board members and no deputy Board Member: Mr. Paulo

Mendonça (Chairman), Mr. Halvard Idland, Mr. Viktor Modigh, and Mr. Richard Norris, Mr. Svein Harald Øygard, Mr. Enrique Peña and Mr. Fabio Vassel (see bios in section "The Board of Directors and Management"). The majority of the Directors are independent of the company and its executive management and two (2) of the members of the Board who are independent of the company and its executive management are also to be independent in relation to the company's major shareholders.

E V A L U A T I O N O F T H E B O A R D ' S W O R K

The Board of Directors' work was evaluated in a structured process conducted by a third party. The evaluation during 2023 was conducted by means of a questionnaire that each Board member was requested to complete, in the aim of gaining an idea about the Board members' views on how the Board work has been conducted and which measures can be taken to improve the Board work as well as which matters the directors feel should be given more attention and in which areas it could possibly be suitable to have additional expertise on the Board. The results of this evaluation were reported to and discussed by the Board.

B O A R D O F D I R E C T O R S 2 0 2 3

The Board of Directors in Maha Energy AB consist of Paulo Thiago Mendonça (Chairman), Fabio Vassel, Enrique Peña, Viktor Modigh, Richard Norris, Halvard Idland and Svein Harald Øygard. Previous Board members during 2023 also include Kjetil Solbraekke (took the position as CEO of Maha in connection with the EGM on September 18, 2023, when he also resigned from the Board (and Harald Pousette (resigned from the Board on the EGM held in March 2023). For more information about Maha's Board of Direc- tors, please see page 12.

R U L E S O F P R O C E D U R E

The Board of Directors' work is governed by the approved Rules of Procedure for BoD. The Board of Directors supervises the work of the Managing Director by monitoring the Company's operational and financial activities. The Board of Directors ensures that the Company's organisation, administration, and controls are properly managed. The Board of Directors adopts strategies and goals and provides review and approval of larger investments, acquisitions and disposals of business activities or assets. The Board of Directors also appoints the Managing Director and determines the Managing Director's salary and other compensation. The Chairman of the Board of Directors supervises the Board's activities and is responsible for it functioning well. The Chairman, among other things, is regularly updated on the Company's operations, meets with the Managing Director and is responsible to ensure information and documentation is provided by the Company to ensure high quality discussions and proper consideration of matters.

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Board of Directors' Yearly Work Cycle:

Q1 / Q2 targeted main activities:		Q3 / Q4 main activities:

• Approval of the fourth quarter report;
• Approval of the Annual Report and other annual reports;
• Review of the Auditor's Report and meeting with the Auditor (excluding Management) to discuss the audit process, risk management and internal controls;
• Review of the Policy on Remuneration for submission to the AGM;
• Determination of the AGM details and approval of the AGM materials;
• Approval of the first quarter report;
• Annual investor relations assessment;
• Review of the Rules of Procedure.

T H E B O A R D O F D I R E C T O R S ' W O R K I N 2 0 2 3

During 2023, the Board of Directors held thirty (30) meetings, in person, via telephone or digitally and per capsulam meetings. Attendance for the in-person meetings is shown in the tables below. The Company's Chief Legal Officer, Barbara Bittencourt, acted as corporate secretary. Prior to each meeting, Board

• Adoption of the budget and work programme;
• Consideration of the Board self-evaluation to be submitted to the Nomination Committee;
• Approval of the second and third quarter reports;
• Review of the third quarter Auditor's Report and meeting with the Auditor (excluding Management) to discuss interim review results;
• Performance assessment of the CEO and Managing Director;
• Consideration of the performance review of Group management and Remuneration Committee remuneration proposals;
• Long-termstrategy discussions;
• Evaluation of internal controls;
• Insurance Program renewal.

members were provided with an agenda and written information on the matters to be covered. Each meeting has included the possibility to discuss without management representatives being present. The Company's Auditor also met at least once with the Board of Directors or respective board committee.

2 0 2 3 A N N U A L R E P O R T

Board	Board	Audit	Remuneration	Reserves/ HSE	Investment
Committee	Committee	Committee	Committee
Member	attendence	attendance	attendance	attendance	attendance
Paulo Mendonça (Chairman)	28/30		0/0	2/2	1/1
Halvard Idland*	21/21	4/4			1/1
Enrique Peña	30/30	5/5
Viktor Modigh	30/30	5/5	2/2	2/2	1/1
Richard Norris	30/30	5/5		2/2
Svein Harald Øygard**	8/8		0/0		1/1
Fabio Vassel	28/30		1/2
Kjetil Solbraekke***	13/13
Harald Pousette****	9/9	1/1	2/2
* Elected on March 29, 2023			*** Elected on March 29, 2023, resigned on September 18, 2023
** Elected on September 18, 2023			**** Resigned on March 29, 2023

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Board Committees

In order to increase the efficiency of its work and enable a more detailed analysis of certain matters, the Board of Directors has formed four (4) committees, being: Audit Committee; Remuneration Committee; Reserves/HSE Committee; and Investment Committee. Committee's members are appointed by the Board of Directors within the Board members up to the next AGM. The Committee's duties and authorities are governed by those Mandates, Policies and Terms of Reference described below. The committees perform monitoring and evaluations, resulting in recommendations to the Board of Directors, where all decision -making takes place.

A U D I T C O M M I T T E E

The Board of Directors has established an Audit Committee for the period up to and including the AGM 2024. The present members of the Audit Committee are Enrique Peña (Chairman), Halvard Idland, Richard Norris and Viktor Modigh. Following changes in the composition of the Board of Directors, the Audit Committee members have changed during the year. Previously in 2023, Harald Pousette was a member of the Audit Committee. The Committee convened five (5) times during 2023.

The Audit Committee is a supervisory body within the Board of Directors of Maha. The Audit Committee shall ensure compliance with the Board of Director's monitoring responsibilities pertaining to financial reporting, risk management and assessing the efficiency of the Company's internal controls over financial reporting. The Audit Committee shall thereby, in particular, contribute to sound and regular financial reporting to ensure the market's trust in Maha. The Audit Committee shall furthermore regularly liaise with the Company's external auditors as part of the annual audit process and review their fees, as well as the auditors' qual- ifications, independence and impartiality. The Audit Committee also assists the Nomination Committee with proposals for resolutions on the election and remuneration of the auditor. The Audit Committee shall also ensure that good communication is maintained between the Board and the external auditor(s). As per the Audit Committee's functions and responsibilities, Audit Committee met with the external auditors more than once during the year, and also met without the presence of the management.

R E M U N E R A T I O N C O M M I T T E E

The Board of Directors has established a Remuneration Committee for the period up to and including the AGM 2024. The present members of the Remuneration Committee are Paulo Mendonça (Chairman), Viktor Modigh and Svein Harald Øygard. Following changes in the composition of the Board of Directors, the Remuneration Committee members have changed during the year. Previously in 2023, Fabio Vassel and Harald Pousette were members of the Remuneration Committee. The Committee convened two (2) times during 2023.

The Remuneration Committee is a preparatory body within the Board of Directors with the main duties to prepare resolutions to be adopted by the Board of Directors pertaining to matters regarding remuneration principles, remuneration policies and other terms of employment for executive management; monitor and evaluate current and during the year finalized programs for variable compensations for the executive management, and monitor and evaluate the compliance with the guidelines for remuneration for the executive management which the general meeting by law shall adopt, and applicable remuneration structures and remuneration levels in the Company. The work of the Remuneration Committee is governed by established rules of procedures that have been set by the Board of Directors.

R E S E R V E S / H S E C O M M I T T E E

The Board has established a Reserves/HSE Committee for the period up to and including the 2024 AGM. The present members of the Remuneration Committee are Richard Norris (Chairman), Paulo Mendonça and Viktor Modigh. The Committee convened two (2)times during 2023.

The Reserves & HSE Committee is responsible for the following functions:

• assisting the Board of Directors in fulfilling its oversight responsibilities generally with respect to the oil and natural gas reserves evaluation process of the Company and public disclosure of reserves data and related information in connection with the Company's oil and gas activities;
• evaluating and recommending on appointment of independent qualified reserve auditor, oversight of the reserves audit process;
• developing, implementing and monitoring policies, standards and practices of the Company with respect to matters concerning health, safety and environment, including public disclosures.

I N V E S T M E N T C O M M I T T E E

In October 2023, the Board established an Investment Committee for the period up to and including the 2024 AGM. The members of the Investment Committee are Paulo Mendonça, Halvard Idland, Svein Harald Øygard and Viktor Modigh. In addition, CEO Kjetil Solbraekke and Maha's M&A Director Roberto Marchiori (Chairman) are members of the Investment Committee. The Committee convened one time during 2023.

The purpose of the Investment Committee is to, on behalf of the Company, assist the Board in fulfilling their responsibilities with regards to investments proposed by the management of the Company. To accomplish this purpose, the Investment Committee will analyze and decide on investments proposed by the management of the Company. The Investment Committee continuously report to the Board regarding its work and the investments.

M A H A- E N E R G Y.C O M

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2 0 2 3 A N N U A L R E P O R T

Remuneration of

Board of Directors members

The remuneration of the Chairman and other Board of Directors' members follows the resolution adopted by the AGM. The Board of Directors members, except for the CEO and Managing Director up to the EGM in September 2023, are not employed by the Company, and therefore do not receive any salary from the Company. The EGM in September 2023 resolved in accordance with the proposal of the Nomination Committee on an incentive program for the members of the Board of Directors through issuance of warrants entitling to subscription of new shares in the Company. No warrants were issued in 2023. The Policy on Remuneration approved by the AGM also comprises remuneration paid to Board members for work performed outside their directorships.

The 2023 AGM resolved that remuneration of the chairman of the Board of Directors shall be TSEK 415 per annum and of the other members TSEK 300 per member per annum. Remuneration is not paid for service of the Boards or directors of subsidiaries. Paulo Thiago Mendonça (until he stepped down on September 18 2023), who was employed by Maha, did not receive any remuneration for his service on the Board of Directors. The annual fee for Board committee members is TSEK 40 per committee assignment. The annual fee for the chairman of the respective committees is TSEK

60. Further, if a member of the Board of Directors, following a reso- lution by the Board of Directors, performs tasks which are outside the regular Board of Directors work, separate remuneration will apply, based on the company's Remuneration Policy and in accor- dance with resolution at the AGM 2023.

Management

The executive management in Maha in 2023 has consisted of

1. the Managing Director and Chief Executive Officer (Paulo Mendonça) until he stepped down September 18, 2023 and was succeeded by Kjetil Solbraekke, (ii) the Chief Financial Officer (Bernardo Guterres), until he stepped down March 10, 2023 and was succeeded by Guilherme Guidolin de Campos, (iii) the Chief Operating Officer Alan Johnson until he stepped down November 30, 2023 and was succeeded by, Javier Gremes Cordero (iv) the Chief Legal Officer Barbara Bittencourt, from February 1, 2023. The Board of Directors has adopted an instruction for the Managing Director which clarifies the responsibilities and authority of the Managing Director. According to the instruction, the Managing Director shall provide the Board of Directors with decision data to enable the Board of Directors to make well-founded decisions and with documents to enable it to continually monitor the activ- ities for the year. The Managing Director is responsible for the day-to-day business of the Company and shall take the decisions needed for developing the business - within the legal framework, the business plan, the budget and the instruction for the Managing Director adopted by the Board of Directors, as well as in accor- dance with other guidelines and instructions communicated by

the Board of Directors. The Board evaluates the work of the Chief Executive Officer. The Board examines this issue formally at least once a year, and without any member of the executive management present during this evaluation process.

Remuneration for Management

At the AGM 2023 it was resolved to adopt a policy for remuneration and other employment conditions for the Executive Management, which is available at the Company's website.

For additional information on Board of Directors' member and Executive Management compensation, please refer to Note 31 of the Financial Statements, as well as the Company's Remuneration Report available at the Company's website.

External Auditors

At the 2023 AGM and for the period until the conclusion of the next Annual General Meeting, the accounting firm Deloitte AB was elected as Maha's independent auditor. The Auditor in charge is Andreas Frountzos.

Financial Reporting and Internal Controls

The Board of Directors has the ultimate responsibility of the internal controls over financial reporting. Maha's systems of internal control, with regard to financials reporting, is designed to minimize risks involved in financial reporting process and ensure a high level of reliability in the financial reporting. Furthermore, the system of internal control ensures compliance with applicable accounting requirements and other disclosure requirements that Maha is required to meet as a publicly listed company

I N T E R N A L C O N T R O L S

While the Board of Directors (with assistance from the Audit Committee), in accordance with the Swedish Companies Act, has the ultimate responsibility for the internal controls over the Company's financial reporting; front line responsibility for such is with the CEO and CFO under the approved Instructions for Financial Reporting and the Instructions to Managing Director. In line with listed companies of similar size in the oil and gas sector, Maha maintains a system of internal controls for its financial reporting that is designed to minimize risks of error and ensure a high level of reliability and compliance with applicable accounting principles. The Company's CFO and CEO continually work on improving the financial reporting process through evaluating the risk of errors in the financial reporting and related control activities. Control activities include close monitoring and approval by the Compa- ny's executive team, in line with the authorization guidelines of invoices, other payables, contracts and legal commitments, and other financial and treasury activities in relation to the oil and gas operations of the Company in Brazil, Oman, Venezuela and the United States. The purpose of these activities is to ensure and monitor that control activities are in place for the areas of identi-

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