Pandora A/S

Item 6: Election of Directors – Catherine Spindler
Rationale:
Folketrygdfondet expects board members to have sufficient time available to devote to their appointments as directors. Here, Catherine Spindler has attended seven of nine meetings and three of six audit committee meetings over the past year. While extraordinary circumstances can arise that limit a board member’s participation in a single year, we note that Spindler attended less than 75% of all board meetings for the previous year as well. The company has not provided a rationale for her attendance record. For these reasons, Folketrygdfondet has voted against the reelection of Catherine Spindler to the Pandora board of directors.