Pandora A/S

Item 6.05 – Elect Cathrine Spindler

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 in this case the coard member attended less than 75% of all board meetings for the previous year as well. The company has not provided a rationale for the attendance record. For these reasons, Folketrygdfondet has voted against the reelection of the board member to the Board of directors.