Pandora

Transaction in Own Shares • May 1, 2017

On 7 February, 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 to 6 February 2018.

The following transactions have been made under the programme:

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

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Accumulated, latest 524,776 415,477,529
announcement

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24 April 2017 7,032 703.44 4,946,587

25 April 2017 2,000 712.00 1,424,000

26 April 2017 0 0

27 April 2017 560 731.52 409,649

28 April 2017 1,908 734.37 1,401,176

Accumulated under the 536,276 423,658,940
programme

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With the transactions stated above, PANDORA owns a total of 861,316 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
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
Investor Relations Officer
+45 7219 5344
brgr@pandora.net