Pandora — Major Shareholding Notification 2014

May 23, 2014

In accordance with Section 29 of the Danish Securities Trading Act, cf. the
Danish Executive Order no. 668 of 25 June 2012 on major shareholders, the
following is hereby announced:

PANDORA has received the following information from Axcel III K/S 1, Axcel III
K/S 2, Axcel III K/S 3 and Axcel Management A/S.

Axcel III K/S 2 directly owns 2,230,081 shares of nominally DKK 1 (in total
nominally DKK 2,230,081) in PANDORA, corresponding to 1.7% of the total share
capital and 1.7% of the total voting rights.

Axcel III K/S 1 directly owns 1,551,938 shares of nominally DKK 1 (in total
nominally DKK 1,551,938) in PANDORA, corresponding to 1.2% of the total share
capital and 1.2% of the total voting rights.

Axcel III K/S 3 directly owns 993,257 shares of nominally DKK 1 (in total
nominally DKK 993,257) in PANDORA, corresponding to approximately 0.8% of the
total share capital and 0.8% of the total voting rights.

Axcel Management A/S acts as a management company for Axcel III K/S 1, Axcel
III K/S 2 and Axcel III K/S 3 and by virtue hereof exercises the controlling
interest on the three companies' PANDORA shares. Axcel Management A/S thus
exercises a controlling interest over 4,775,276 shares of nominally DKK 1 (in
total nominally DKK 4,775,276) in PANDORA, corresponding to 3.7% of the total
share capital and 3.7% of the total voting rights.

ABOUT PANDORA
PANDORA designs, manufactures and markets hand-finished and modern jewellery
made from genuine materials at affordable prices. PANDORA jewellery is sold in
more than 80 countries on six continents through approximately 10,000 points of
sale, including more than 1,100 concept stores.

Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more
than 9,000 people worldwide of whom 6,800 are located in Gemopolis, Thailand,
where the company manufactures its jewellery. PANDORA is publicly listed on the
NASDAQ OMX Copenhagen stock exchange in Denmark. In 2013, PANDORA’s total
revenue was DKK 9.0 billion (approximately EUR 1.2 billion). For more
information, please visit www.pandoragroup.com.

CONTACT
For more information, please contact:

INVESTOR RELATIONS MEDIA RELATIONS
Morten Eismark Jakob Risom
VP Group Investor Relations Press Officer
Phone: +45 3673 8213 Phone: +45 3673 0634
Mobile: +45 3045 6719 Mobile: +45 6165 6540
Magnus Thorstholm Jensen
Investor Relations Officer
Phone: +45 4323 1739
Mobile: +45 3050 4402