NYSE: NRT

There has been no significant change in the principal operation or purpose of the Trust during the past fiscal year.

As part of the Sarbanes-Oxley Act of 2002 (“SOX”), the Securities and Exchange Commission (the “SEC”) adopted rules implementing legislation concerning governance matters for publicly held
entities. The Trust is complying with the requirements of the SEC and SOX and, at this time, the Trustees have chosen not to request any relief from those provisions based on the passive nature of the Trust but may do so in the future. Accordingly,
the Trustees have directed that certain of the additional statements and disclosures set forth or incorporated by reference in this Report, which the SEC requires of corporations, be made even though such statements and disclosures might not now or
in the future be required to be made by the Trust.

In addition, the New York Stock Exchange (the “NYSE”), where units of beneficial interest of the Trust are listed for trading, has additional corporate governance rules as set forth in Section 303A
of the NYSE Listed Company Manual. Most of the governance requirements promulgated by the NYSE are not applicable to the Trust, which is a passive entity acting as a royalty trust and holding only overriding royalty rights. The Trustees have,
however, chosen to form an Audit Committee and a Compensation Committee but may not necessarily continue to do so in the future.

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(b) Narrative Description of Business. Under the Trust Agreement, the Trust conducts no active business operations and is restricted to collection of income from royalty rights and
distribution to unit owners of the net income after payment of current administrative and related expenses and making provisions for future anticipated expenses.

The overriding royalty rights held by the Trust are derived from contracts and agreements originally entered into by German subsidiaries of the predecessor Corporation during the early 1930s. The
Trust’s primary royalty rights are based on a government granted concession and remain in effect as long as there are continued production activities and/or exploration efforts within the concession. It is generally anticipated that production
activities will continue as long as they remain economically profitable. The Trust holds other royalty rights, which are based on leases which have passed their original expiration dates. These leases remain in effect as long as there is continued
production or the lessor does not cancel the lease. Individual lessors will normally not seek termination of the rights originally granted because the leases provide for royalty payments to the lessors if sales of oil or gas result from discoveries
made on the leased land. Additionally, termination by individual lessors would result in the escheat of mineral rights to the applicable state.

Royalties are paid to the Trust on sales from production under these leases and concessions on a regular monthly or quarterly basis pursuant to the royalty agreements. The Trust receives the
royalty payments exclusively in Euros. After the royalties have been deposited in the Trust’s account with Deutsche Bank in Germany, sufficient funds are reserved to handle any outstanding or anticipated expenses and maintain a minimal balance of
15,000 Euros. The Trust then converts the remainder of Euro-denominated funds into United States (“U.S.”) dollars based upon the available exchange rates. Following this conversion to U.S. dollars, the royalties are transferred to the Trust’s bank
account in the U.S. The Trust does not engage in activities to hedge against currency risk, and fluctuations in the conversion rate impact financial results. Since the actual royalty deposits are held as Euros for such a limited time, the market
risk with respect to these deposits is small. The Trust has not experienced any difficulty in effecting the conversion of Euros into U.S. dollars.

As the holder of overriding royalty rights, the Trust has no legal ability, whether by contract or operation of law, to compel production or exploration. Moreover, if an operator should determine
to terminate production in any concession or lease area and to surrender the concession or lease, the royalty rights for that area would thereby be terminated. Under certain royalty agreements, it is a requirement that the Trust be advised of any
intention to surrender lease or concession rights. While the Trust itself is precluded from undertaking any production activities, possible residual rights might permit the Trust to take up a surrendered concession or lease and attempt to retain a
third-party operator to develop such concession or lease. There is no assurance that the Trust could find such a third party and no effort has been undertaken to identify such third parties.

The exploration for and the production of gas and oil is a speculative business. The Trust has no means of ensuring continued income from its royalty rights at either their present levels or
otherwise. The Trust has no role in any of the operating companies’ decision-making processes, such as gas pricing, gas sales or exploration, which can impact royalty income. In addition, fluctuations in prices and supplies of gas and oil and the
effect these fluctuations might have on royalty income payable to the Trust and on reserves attributable to the Trust’s royalty interests cannot be accurately projected. Finally, natural gas and crude oil are wasting assets. While known reserves
may increase as additional development adds quantities to the reserve amount, the amount of known and unknown reserves is finite and will decline over time.

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While Germany has laws relating to environmental protection, the Trustees do not have detailed information concerning the present or possible effect of such laws on operations in areas where the
Trust holds royalty rights on production and sale of products from those areas. In 2016, a law was passed in Germany prohibiting fracking of unconventional reservoirs. Fracking of conventional reservoirs, including sandstone, is permitted subject
to drilling permits as well as State and Federal laws. Based upon an analysis of the details of this law, the Trust’s German consultant has informed the Trust that fracking will be permitted in all current productive zones within the Oldenburg
concession (as defined below) both due to the depths involved and the nature of the productive zones. Within the Oldenburg concession, fracking was used in the Carboniferous zone and once in the Zechstein zone but has not been used in the Bunter
zone.

The Trust, in cooperation with a parallel royalty owner (Unitarian Universalist Congregation at Shelter Rock (“UUCSR”)), arranges for periodic examinations of the books and records of the operating
companies to verify compliance with the computation provisions of the applicable agreements. As a cost savings measure, the royalty examination is conducted on a biennial basis. From time to time, these examinations disclose computational errors or
errors from inappropriate application of existing agreements and appropriate adjustments are requested to be made. As a result of the amendments to the Trust’s royalty agreements which effect pricing simplification (see Item 7 of this Report),
examinations by the Trust’s German accountants have been simplified since these examinations are primarily limited to the verification of the gas quantities sold. Although these periodic examinations may also disclose other matters that are subject
to dispute between the parties, these disputes have historically been resolved through negotiations without the need for litigation. The Trust’s accountants in Germany began their examination of the operating
companies for calendar years 2023 and 2024 in October 2025 when the final sales figures and the German Border Import gas Prices (see Item 7 of this Report) were both available.

(c) Financial Information about Geographic Areas. In Item 2 of this Report, there is a schedule (by product, geographic area, and operating company) showing the royalty income received by the Trust during
the fiscal year ended October 31, 2025.

(d) Information about our Trustees and Executive Officers. As specified in the Trust Agreement, the affairs of the Trust are managed by not more than five individual Trustees who
receive compensation determined under that same agreement.

One Trustee is designated as Managing Trustee. Nancy J. Floyd Prue has served in a non-executive capacity as Managing Trustee since March 13, 2023. Ahron H. Haspel is independent and has been
determined to be a financial expert (both as defined in the SEC rules). Mr. Haspel serves as Chairman for the Audit and Compensation Committees. Lawrence A. Kobrin serves as Clerk to the Trustees. For these services, each of these three individuals
receives additional compensation. Andrew S. Borodach and Richard P. Howard were appointed as Trustees on October 1, 2024.

Day-to-day matters are handled by the Managing Director, John R. Van Kirk, who also serves as CEO and CFO. Mr. Van Kirk has held the position of Managing Director of the Trust since November 1990.
In addition to the Managing Director, the Trust has one administrative employee in the U.S., whose title is Administrator. The number of total employees of the Trust is two, and the number of full-time employees is two.

The Trust and UUCSR have retained the services of a consultant, an accounting firm, and a legal firm in Germany. The consultant has
broad experience in the petroleum industry and provides reports on a regular basis. The accounting firm reviews the royalty payments by the operating companies on a biennial basis. The Trust and the co-royalty holder regularly share the costs of
the consulting and accounting services in Germany. The legal firm advises and represents as needed.

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(e) Available Information. The Trust maintains a website at https://www.neort.com. The Trust’s Annual Reports, Form 10-K annual reports, Form 10-Q quarterly reports and the Definitive Proxy
Statements are available through the Trust’s website as soon as reasonably practicable after such reports are filed with or furnished to the SEC. Press releases and tax letters are available through the website as soon as practicable after release.
The North European Oil Royalty Trust Agreement (as amended), the Trust’s Code of Conduct and Business Ethics, the Trustees’ Regulations and the Trust’s Audit Committee Charter are also available through the
Trust’s website. The Trust’s website and the information contained in it and connected to it shall not be deemed incorporated by reference into this Report.