Pandora

Transaction in Own Shares • Nov 26, 2018

PANDORA A/S Havneholmen 17 – 19 | DK-1561 Copenhagen V | Denmark Tel. +45 3672 0044 www.pandoragroup.com CVR: 28 50 51 16

No. 484 COMPANY ANNOUNCEMENT 26 November 2018

TRANSACTIONS IN CONNECTION WITH SHARE BUYBACK PROGRAMME

On 6 February 2018, PANDORA announced a share buy-back programme, cf. Company announcement no. 432. The share buyback programme is executed in accordance with Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation).

The purpose of the programme is to reduce PANDORAs share capital and to meet obligations arising from employee share option programmes.

Under the programme PANDORA will buy back shares for an amount up to DKK 4,000 million in the period from 14 March 2018 to 13 March 2019.

	Number of shares	Average purchase price, DKK	Transaction value, DKK
Accumulated, latest announcement	5,907,342		2,719,439,561
19 November 2018	54,000	342.20	18,478,778
20 November 2018	54,460	339.97	18,514,668
21 November 2018	51,664	343.65	17,754,297
22 November 2018	48,984	348.62	17,076,596
23 November 2018 20182018	46,892	352.82	16,544,290
Accumulated under the programme	6,163,342		2,807,808,190

The following transactions have been made under the programme:

With the transactions stated above, PANDORA owns a total of 6,551,870 treasury shares, corresponding to 6.0% of the Company's share capital.

In accordance with Regulation (EU) No 596/2014, all transactions related to the share buyback programme are presented in detailed form in the spread sheet attached to this Company Announcement.

ABOUT PANDORA

PANDORA designs, manufactures and markets hand-finished and contemporary jewellery made from high-quality materials at affordable prices. PANDORA jewellery is sold in more than 100 countries on six continents through around 7,700 points of sale, including more than 2,500 concept stores.

Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more than 23,000 people worldwide of whom around 13,200 are located in Thailand, where the Company manufactures its jewellery. PANDORA is publicly listed on the Nasdaq Copenhagen stock exchange in Denmark. In 2017, PANDORA's total revenue was DKK 22.8 billion (approximately EUR 3.0 billion).

CONTACT

For more information, please contact:

INVESTOR RELATIONS Brian Granberg Senior Investor Relations Officer +45 7219 5344 brgr@pandora.net

Christian Møller Investor Relations Officer +45 7219 5361 chmo@pandora.net

CORPORATE COMMUNICATION Mads Twomey-Madsen Vice President, Corporate Communications & Sustainability +45 2510 0403 madt@pandora.net