Pandora buy-back update
Following a series of transactions related to its share buyback program that was announced in February, &nbsp;Pandora now owns 5.8% of the share capital
No. 227

30 March 2015

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 735,571 442,237,072 23 March 2015 47,497 610.07 28,976,604 24 March 2015 1,000 615.83 615,830 25 March 2015 80,000 612.69 49,015,136 26 March 2015 4,000 600.39 2,401,571 27 March 2015 60,000 605.42 36,325,344 Accumulated under the program 928,068 559,571,557

With the transactions stated above, PANDORA owns a total of 7,425,961 treasury shares, corresponding to 5.8% of the share capital.

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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.

For more information, please contact:

INVESTOR RELATIONS Morten Eismark

VP Group Investor Relations

Phone +45 3673 8213

Mobile +45 3045 6719

MEDIA RELATIONS Jakob Risom Langelund Press Officer

Phone +45 3673 0634

Mobile +45 6165 6540

Magnus Thorstholm Jensen Investor Relations Officer Phone +45 4323 1739

Mobile +45 3050 4402

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