Pandora

Transaction in Own Shares • Dec 19, 2016

On 9 February, PANDORA initiated a share buy-back programme, cf. Company
announcement no. 281. The share buyback programme is executed in accordance
with Commission Regulation (EC) no 2273/2003 of 22 December 2003 and from 3
July 2016 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 4,000
million in the period from 9 February to 31 December 2016.

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 4,583,131 3,948,261,793
announcement

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12 December 2016 13,100 837.82 10,975,494

13 December 2016 9,975 841.33 8,392,275

14 December 2016 11,100 834.73 9,265,450

15 December 2016 6,627 831.50 5,510,365

16 December 2016 18,059 856.31 15,464,111

Accumulated under the 4,641,992 3,997,869,488
programme

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With the transactions stated above, PANDORA owns a total of 5,130,682 treasury
shares, corresponding to 4.4% 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
approximately 9,000 points of sale, including more than 2,000 concept stores.

Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more
than 18,000 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, 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