Pandora A/S

Item 6.06: Election of Directors – Catherine Spindler
Rationale:
Folketrygdfondet expects board members to have sufficient time available to devote to their appointments as directors. 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.