HOWARD RICHARD PAGE 4

What Happened

• Howard Richard Page, a trustee of North European Oil Royalty Trust (NRT), sold a total of 25,000 shares in two open-market transactions on March 17, 2026. He sold 10,000 shares at $8.73 each for $87,323 and 15,000 shares at $8.55 each for $128,279, for a combined proceeds of $215,602. These were sales (not purchases), which are often routine disposals rather than a bullish signal.

Key Details

• Transaction dates and prices:
  • 2026-03-17 — 10,000 shares at $8.73 ($87,323)
  • 2026-03-17 — 15,000 shares at $8.55 ($128,279)
• Transaction type: Open-market sales (Form 4 codes: S = Sale).
• Shares owned after the transaction: Not specified in the provided filing data.
• Filing: Report filed 2026-03-19 covering the 2026-03-17 trades — appears to be timely (filed two days after the trades).
• No footnotes provided in the supplied data indicating a 10b5-1 plan, tax withholding, gift, or derivative activity.

Context

• Sales by trustees and other insiders can be for many reasons (diversification, personal liquidity, estate planning) and do not by themselves indicate negative or positive views on the company. No purchase or option-exercise activity was reported in this filing.