Pandora

Director's Dealing • Aug 31, 2016

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

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a) Name Birgitta Stymne Göransson

2. Reason for the notification

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

---

b) Initial notification/Amendment Initial notification

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

---

a) Name PANDORA A/S

b) LEI-code[1]

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

---

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

---

b) Nature of the transaction Purchase of shares

c) Price(s) and volume(s) 90 shares
- Volume(s) DKK 838
- Price(s)

---

d) Aggregated information 90 shares
- Aggregated volume DKK 75,420
- Price

---

e) Date of the transaction 30.08.2016

f) Place of the transaction NASDAQ Copenhagen A/S

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

---

a) Name Birgitta Stymne Göransson

2. Reason for the notification

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

---

b) Initial notification/Amendment Initial notification

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

---

a) Name PANDORA A/S

b) LEI-code[1]

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

---

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

---

b) Nature of the transaction Purchase of shares

c) Price(s) and volume(s) 135 shares
- Volume(s) DKK 840
- Price(s)

---

d) Aggregated information 135 shares
- Aggregated volume DKK 113,400
- Price

---

e) Date of the transaction 31.08.2016

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
approximately 8,900 points of sale, including more than 1,900 concept stores.

Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more
than 17,800 people worldwide of whom approximately 12,000 are located in
Gemopolis, Thailand, where the Company manufactures its jewellery. PANDORA is
publicly listed on the NASDAQ Copenhagen stock exchange in Denmark. In 2015,
PANDORA’s total revenue was DKK 16.7 billion (approximately EUR 2.2 billion).

CONTACT
For more information, please contact:

INVESTOR RELATIONS MEDIA RELATIONS
Magnus Thorstholm Jensen Kristian Lysgaard
Vice President, Head of Investor Relations Director, Group Communications
+45 3050 4402 +45 2556 8561
mtje@pandora.net krly@pandora.net
Brian Granberg
Investor Relations Officer
+45 6178 4884
brgr@pandora.net

[1] LEI codes are currently not a mandatory field.

[1] LEI codes are currently not a mandatory field.