1. Details of the person discharging managerial responsibilities/person closely associated -------------------------------------------------------------------------------- a) Name Björn Gulden -------------------------------------------------------------------------------- 2. Reason for the notification -------------------------------------------------------------------------------- a) Position/status Member of the Board of Directors in PANDORA A/S -------------------------------------------------------------------------------- b) Initial notification/Amendment Initial notification -------------------------------------------------------------------------------- 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor -------------------------------------------------------------------------------- a) Name PANDORA A/S -------------------------------------------------------------------------------- b) LEI 5299007OWYZ6I1E46843 -------------------------------------------------------------------------------- 4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted -------------------------------------------------------------------------------- a) Description of the financial instrument, Shares type of instrument ISIN DK0060252690 Identification code -------------------------------------------------------------------------------- b) Nature of the transaction Purchase of shares from exercise of stock option -------------------------------------------------------------------------------- c) Price(s) and volume(s) Volume: 37,393 shares - Volume(s) Price: DKK 19,444 - Price(s) -------------------------------------------------------------------------------- d) Aggregated information - Aggregated volume - Price -------------------------------------------------------------------------------- e) Date of the transaction 13 February 2017 -------------------------------------------------------------------------------- f) Place of the transaction Nasdaq Copenhagen A/S -------------------------------------------------------------------------------- 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 around 8,100 points of sale, including more than 2,100 concept stores. Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more than 21,500 people worldwide of whom around 12,400 are located in Thailand, where the Company manufactures its jewellery. PANDORA is publicly listed on the Nasdaq Copenhagen stock exchange in Denmark. In 2016, PANDORA's total revenue was DKK 20.3 billion (approximately EUR 2.7 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