General meeting of Norwegian Property

Statement of reasons relating to item number 6:

As a matter of principle, Folketrygdfondet takes the view that board members should not be issued with options, and further that board members should not accept separate assignments for the company in addition to their board appointment. This is also expressed in section 11 of the Norwegian Code of Practice for Corporate Governance, which points out that such arrangements may undermine the independence of the board, particularly in relation to company management.

Guidelines for salary and other remuneration to leading personnel in Norwegian Property states that one board member has an individual option agreement. Under the arrangement, the board member in question is to provide advisory services to the company in addition to the board appointment, and is to be compensated for this through an option agreement. As both the issue of options to board members and the conclusion of agreements on advisory services with board members are contrary to the view taken by Folketrygdfondet on grounds of principle and the recommendation in the Norwegian Code of Practice for Corporate Governance, Folketrygdfondet will vote against the proposal in item number 6.

Statement of reasons relating to item number 11 c:

The purpose of the board authorisation proposed in item number 11 c is linked to the share option arrangement for board members. Reference is made to the voting statement relating to item number 6.

Statement of reasons relating to item number 13 b:

The purpose of the board authorisation proposed in item number 13 b is linked to the share option arrangement for board members. Reference is made to the voting statement relating to item number 6.