Pandora

Transaction in Own Shares • Jun 13, 2016

PANDORA A/S Hovedvejen 2|DK-2600 Glostrup |Denmark Tel. +45 3672 0044 www.pandoragroup.com

No. 311 COMPANY ANNOUNCEMENT 13 June 2016

TRANSACTIONS IN CONNECTION WITH SHARE BUYBACK PROGRAMME

On 9 February, PANDORA initiated a share buy-back programme, cf. Company announcement no. 281. The programme is implemented in accordance with the provisions of European Commission Regulation no. 2273/2003 of 22 December 2003 (the Safe Harbour 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.

	Number of shares	Average purchase price, DKK	Transaction value, DKK
Accumulated, latest announcement	1,891,550		1,653,565,936
6 June 2016	20,000	957.52	19,150,316
7 June 2016	0		0
8 June 2016	62,500	973.86	60,866,394
9 June 2016	0		0
10 June 2016	102,000	950.29	96,929,070
Accumulated under the programme	2,076,050		1,830,511,716

The following transactions have been made under the programme:

With the transactions stated above, PANDORA owns a total of 2,564,740 treasury shares, corresponding to 2.2% of the Company's share capital.

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 1,800 concept stores.

Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more than 16,700 people worldwide of whom approximately 11,000 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 Morten Raunholt Eismark VP Group Investor Relations Phone +45 3673 8213 Mobile +45 3045 6719

MEDIA RELATIONS Kristian Lysgaard Director, Group Communications Phone +45 4323 1774 Mobile +45 2556 8561

Magnus Thorstholm Jensen Senior Investor Relations Officer Phone +45 4323 1739 Mobile +45 3050 4402