Pandora

Director's Dealing • Feb 13, 2017

1. Details of the person discharging managerial responsibilities/person closely
   associated

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a) Name Björn Gulden

2. Reason for the notification

a) Position/status Member of the Board of Directors
in PANDORA A/S

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b) Initial notification/Amendment Initial notification

1. Details of the issuer, emission allowance market participant, auction
   platform, auctioneer or auction monitor

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a) Name PANDORA A/S

b) LEI 5299007OWYZ6I1E46843

1. Details of the transaction(s): section to be repeated for (i) each type of
   instrument; (ii) each type of transaction; (iii) each date; and (iv) each
   place where transactions have been conducted

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a) Description of the financial instrument, Shares
type of instrument ISIN DK0060252690
Identification code

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b) Nature of the transaction Purchase of shares from exercise
of stock option

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c) Price(s) and volume(s) Volume: 37,393 shares
- Volume(s) Price: DKK 19,444
- Price(s)

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d) Aggregated information
- Aggregated volume
- Price

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e) Date of the transaction 13 February 2017

f) Place of the transaction Nasdaq Copenhagen A/S

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