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. The following transactions have been made under the programme: Number of Average purchase Transaction value, shares price, DKK DKK -------------------------------------------------------------------------------- Accumulated, latest 1,657,461 1,423,678,908 announcement -------------------------------------------------------------------------------- 30 May 2016 8,000 994.34 7,954,731 -------------------------------------------------------------------------------- 31 May 2016 70,000 992.87 69,500,851 -------------------------------------------------------------------------------- 1 June 2016 10,336 991.19 10,244,976 -------------------------------------------------------------------------------- 2 June 2016 30,753 987.25 30,360,792 -------------------------------------------------------------------------------- 3 June 2016 115,000 972.40 111,825,678 -------------------------------------------------------------------------------- Accumulated under the 1,891,550 1,653,565,936 programme -------------------------------------------------------------------------------- With the transactions stated above, PANDORA owns a total of 2,380,240 treasury shares, corresponding to 2.0% 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 MEDIA RELATIONS Morten Raunholt Eismark Kristian Lysgaard VP Group Investor Relations Director, Group Communications Phone +45 3673 8213 Phone +45 4323 1774 Mobile +45 3045 6719 Mobile +45 2556 8561 Magnus Thorstholm Jensen Senior Investor Relations Officer Phone +45 4323 1739 Mobile +45 3050 4402