Investors

Based on the independence assessment carried out by the Board of Directors, the Board of Directors of the Company meets the independence requirements of the First North marketplace.

All nominees except Juha Lindfors, Sebastian Jägerhorn and Pasi Vainikka are independent of the Company and its significant shareholders. Juha Lindfors is not considered to be independent of the Company's major shareholders as he is employed by and controls Lifeline Ventures Fund III Ky, which holds more than 10% of the Company's shares. Sebastian Jägerhorn is not considered to be independent of the Company's major shareholders as he is employed by the Company's largest shareholder, Oy Karl Fazer Ab, which holds more than 10% of the Company's shares. Pasi Vainikka is not considered to be independent of the Company or its major shareholders, as he will continue to be employed by the Company until the end of 2025 and is also a major shareholder of the Company with a holding of nearly 10%.

In its organisational meeting held after the Annual General Meeting 2025, the Board of Directors decided to form a Nomination and Remuneration Committee to prepare the nomination and remuneration of the members of the Board of Directors of the Company.

The Nomination and Remuneration Committee includes Sebastian Jägerhorn (Chair), Jukka Moisio, Pasi Vainikka and Juha Lindfors as members.

In its organisational meeting held after the Annual General Meeting 2025, the Board of Directors decided to form an Audit Committee.

The Audit Committee includes Petra Teräsaho (Chair), Jari Tuovinen and Paula Laine as members.

Work experience and positions of trust

Jukka Moisio has over 20 years of experience as CEO of large-cap companies listed on NASDAQ Helsinki. Prior to
his role as CEO of Nokian Tyres Plc (2020-2024), he served as CEO of Huhtamäki Oyj for 11 years (2008-2019) and as CEO of Ahlstrom Oyj for 17 years (1991-2008).

Jukka is Chairman of Board of Munksjö Oyj and Paulig Group Oy, Vice-Chairman of Board of Cargotec Oyj, and
member of the Board of Metsä Board Oyj.

Independence

Jukka Moisio is independent of the company, its management and its major shareholders.

Work experience and positions of trust

Paula Laine is the CEO of Safegrid. Prior to this, she served as CEO of the Finnish Climate Fund for over four years, during which time the company made 22 investment decisions in scale-up environmental technology companies. Paula has served on the Boards of several corporate, foundation and cooperative organizations, currently she serves on the Board of the renewable energy and climate technology project development company Forus Oy and At Ease Consulting Oy in addition to Solar Foods. Her areas of expertise include sustainability, strategy and technology development, with which she has worked for a long time also at the Finnish Innovation Fund Sitra and Nokia before the Climate Fund.

Independence

Paula Laine is independent of the company, its management and its major shareholders.

Work experience and positions of trust

Pasi Vainikka has studied to become a Master of Science in Energy Economics at LUT University, a Master of Science in Energy Engineering at Cranfield University in England, and obtained a PhD in process chemistry from Åbo Akademi University.

In 2002-2017, Vainikka held various positions at VTT as a scientist, a principal scientist, team leader and a
member of the strategic steering group for energy research and the steering group for contract research. In
2014-2017, Vainikka was the responsible director of the so-called strategic opening of a research program
funded by Business Finland. The project is Finland’s largest research program for an energy system based on
100% renewable energy sources to date. Vainikka is a Member of Suomen Teknillisten Tieteiden Akatemia
(Finnish Academy of Technical Sciences).

Independence

Pasi Vainikka is not considered to be independent of the company or its major shareholders, as he will continue
to be employed by Solar Foods until the end of 2025 and is also a major shareholder of the company with a
holding of nearly 10%.

Work experience and positions of trust

Juha Lindfors joined Lifeline Ventures in 2016. Prior to that, he worked as an active angel investor and partner at EQT. As Lifeline’s representative, Juha headed the company’s seed round and has served as the Chairman of the Board of Directors since 2020. Among Lifeline's portfolio companies, he is involved in CurifyLabs, Droppe, Measurlabs, Sulapac and Swappie.

Independence

Juha Lindfors is not considered to be independent of the Company's major shareholders as he is employed by and controls Lifeline Ventures Fund III Ky, which holds more than 10% of the Company's shares.

Work experience and positions of trust

Jari Tuovinen is a Board professional and one of the founders of Nordic FoodTech VC and Visionplus Fund. Jari has extensive experience in creating strategies for growth companies, acquisitions and investments in various industries both as a private investor and through private equity funds. He is currently, for example, the Vice Chair of the Board of Directors of LähiTapiola Pääkaupunkiseutu, and Chairman of the Board of Tracegrow Oy, Fluentic Oy and TLD Registry LTD. He also acts as a Member of the Board in Janneniska Group Oy and Street Food Group Oyj.

Independence

Jari Tuovinen is independent of the company, its management and its major shareholders.

Work experience and positions of trust

Sebastian Jägerhorn is Director of Legal Affairs and a member of the Management Team at Fazer Group. Fazer is one of the leading food companies in the Nordic countries, focusing on bakery, confectionery and plant-based products.

Independence

Sebastian Jägerhorn is not considered to be independent of the Company's major shareholders as he is employed by the Company's largest shareholder, Oy Karl Fazer Ab, which holds more than 10% of the Company's shares.

Work experience and positions of trust

Petra Teräsaho is the CFO of Transmeri Group Oy. Previously, she has served, among other roles, as CFO of
Valmet Automotive Oy, SVP, Group Controller at Stora Enso Oyj, and VP Group Controller at Outotec Oyj. She
has also held several management positions at Nokia Oyj, such as Head of Finance, Global Marketing (2012-
2014), and Global Finance Director, Mobile Phones Marketing & Nokia Strategic Marketing (2004-2007).
Petra is a member of the Board of Directors and Chair of Audit Committee of F-Secure Corporation and Paulig
Group Oy.

Independence

Petra Teräsaho is independent of the company, its management and its major shareholders.