Pandora

Transaction in Own Shares • Apr 23, 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. 446 COMPANY ANNOUNCEMENT 23 April 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	Average purchase	Transaction value,
	shares	price, DKK	DKK
Accumulated, latest	440,915		281,634,656
announcement
16 April 2018	31,924	685.79	21,893,214
17 April 2018	10,000	691.90	6,919,011
18 April 2018	15,000	698.88	10,483,256
19 April 2018	19,000	696.89	13,240,973
20 April 2018	10,000	690.93	6,909,302
Accumulated under
the programme	526,839		341,080,411

The following transactions have been made under the programme:

With the transactions stated above, PANDORA owns a total of 931,375 treasury shares, corresponding to 0.8% 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 2,200 concept stores.

Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more than 22,300 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 Magnus Thorstholm Jensen Vice President, Head of Investor Relations +45 7219 5739 mtje@pandora.net

MEDIA RELATIONS Martin Kjærsgaard Nielsen Global Head of Media Relations +45 5077 5271 mnie@pandora.net

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