Pandora

Transaction in Own Shares • Jul 24, 2017

On 7 February 2017, PANDORA initiated a share buy-back programme, cf. Company
announcement no. 350. 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 1,800
million in the period from 7 February 2017 to 6 February 2018.

The following transactions have been made under the programme:

                       Number of        Average purchase  Transaction value,
                          shares              price, DKK                 DKK

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Accumulated, latest 1,110,199 799,484,773
announcement

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17 July 2017 1,500 655.67 983,500

18 July 2017 22,598 651.32 14,718,593

19 July 2017 2,802 655.28 1,836,100

20 July 2017 0 0

21 July 2017 26,300 696.68 18,322,792

Accumulated under the 1,163,399 835,345,757
programme

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With the transactions stated above, PANDORA owns a total of 1,488,439 treasury
shares, corresponding to 1.3% 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
8,100 points of sale, including more than 2,100 concept stores.

Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more
than 21,500 people worldwide of whom around 12,400 are located in Thailand,
where the Company manufactures its jewellery. PANDORA is publicly listed on the
Nasdaq Copenhagen stock exchange in Denmark. In 2016, PANDORA's total revenue
was DKK 20.3 billion (approximately EUR 2.7 billion).

CONTACT
For more information, please contact:

INVESTOR RELATIONS MEDIA RELATIONS
Magnus Thorstholm Jensen Kristian Lysgaard
Vice President, Head of Investor Relations Director, Corporate Communications
+45 7219 5739 +45 7219 5774
mtje@pandora.net krly@pandora.net
Brian Granberg Martin Kjaersgaard Nielsen
Investor Relations Officer Media Relations Manager
+45 7219 5344 +45 7219 5640
brgr@pandora.net mnie@pandora.net