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Board of Directors

Addax Petroleum believes that strong corporate governance is essential to creating shareholder value and maintaining the confidence of investors. Addax Petroleum Corporation has developed comprehensive corporate governance policies and procedures, and has adopted a “best practices” approach to corporate governance. Addax Petroleum Corporation has an experienced Board of Directors, the majority of whom are independent from Addax Petroleum and its controlling shareholder, AOG. In addition, Addax Petroleum Corporation has separated the offices of Chairman and CEO with the Chairman being independent from both Addax Petroleum and AOG. The Chairman of Addax Petroleum Corporation is Mr Peter Dey, who previously chaired the Toronto Stock Exchange Committee on Corporate Governance in Canada.

The Board of Directors has also adopted all of the recommendations set out in Canadian Securities Administrators National Policy 58-201 – Corporate Governance Guidelines. These include, among other things, creating an Audit Committee and a Corporate Governance, Nominating and Compensation Committee, each comprised solely of independent directors, as well as a Technical and Reserves Committee, comprised of a majority of independent board members.

The members of the Board of Directors are: