No. 232

COMPANY ANNOUNCEMENT

27 April 2015

TRANSACTIONS IN CONNECTION WITH SHARE BUYBACK PROGRAMME

On 17 February, PANDORA initiated a share buy-back programme, cf. Company announcement no.
217. 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 3,900 million in the period from 17 February to 31 December 2015.
The following transactions have been made under the programme:

Number of

shares

Average purchase

price, DKK

Transaction value,

DKK

Accumulated last announcement

1,190,645

732,336,678

20 April 2015

1,762

676.50

1,191,989

21 April 2015

63,000

696.82

43,899,912

22 April 2015

25,000

693.66

17,341,503

23 April 2015

38,195

692.41

26,446,543

24 April 2015

1,000

718.00

718,000

Accumulated under

the program

1,319,602

821,934,624

With the transactions stated above, PANDORA owns a total of 7,817,495 treasury shares, corresponding to 6.1% of the share capital.

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ABOUT PANDORA

PANDORA designs, manufactures and markets hand-finished and modern jewellery made from genuine metals at affordable prices. PANDORA jewellery is sold in more than 90 countries on six continents through approximately 9,900 points of sale, including more than 1,400 concept stores.
Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more than
11,400 people worldwide of whom approximately 7,900 are located in Gemopolis, Thailand, where the company manufactures its jewellery. PANDORA is publicly listed on the NASDAQ Copenhagen stock exchange in Denmark. In 2014, PANDORA's total revenue was DKK 11.9 billion (approximately EUR 1.6 billion). For more information, please visit www.pandoragroup.com.

CONTACT

For more information, please contact:
INVESTOR RELATIONS Morten 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 Investor Relations Officer Phone +45 4323 1739
Mobile +45 3050 4402

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