SJF Bank A/S

Item 9.02 – Authority to Issue Shares w/ or w/o Preemptive Rights

Folketrygdfondet opposes the general authority for issuance of shares as a matter of principle. The purpose of the authorisation is not tied to a specific purpose and the size of the authorization is excessive. Folketrygdfondet’s decision to vote against the Authority to Issue Shares w or w/o Preemptive Rights is based on the significant potential dilution effect the proposed rights issue may have.  On this basis, Folketrygdfondet voted against the authorization.