On 6 February 2018, PANDORA announced a share buy-back programme, cf. Company announcement no. 432. The share buyback programme is executed in accordance with Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse 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 14 March 2018 to 13 March 2019.

The following transactions have been made under the programme:

	Number of shares	Average purchase price, DKK	Transaction value, DKK
Accumulated, latest announcement	2,415,594		1,333,333,074
16 July 2018	30,000	441.16	13,234,914
17 July 2018	10,000	444.41	4,444,127
18 July 2018	30,000	449.54	13,486,179
19 July 2018	50,000	439.04	21,951,795
20 July 2018	7,500	456.40	3,423,023
Accumulated under the programme	2,543,094		1,389,873,112

With the transactions stated above, PANDORA owns a total of 2,931,622 treasury shares, corresponding to 2.7% of the Company’s share capital.

In accordance with Regulation (EU) No 596/2014, all transactions related to the share buyback programme are presented in detailed form in the spread sheet attached to this Company Announcement.

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 7,700 points of sale, including more than 2,200 concept stores.

Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more than 22,300 people worldwide of whom around 13,200 are located in Thailand, where the Company manufactures its jewellery. PANDORA is publicly listed on the Nasdaq Copenhagen stock exchange in Denmark. In 2017, PANDORA's total revenue was DKK 22.8 billion (approximately EUR 3.0 billion).

CONTACT
For more information, please contact:

INVESTOR RELATIONS    Magnus Thorstholm Jensen Vice President, Head of Investor Relations +45 7219 5739 mtje@pandora.net	CORPORATE COMMUNICATION Mads Twomey-Madsen Vice President, Corporate Communications & Sustainability +45 2510 0403 madt@pandora.net
Christian Møller Investor Relations Officer +45 7219 5361 chmo@pandora.net
Brian Granberg Investor Relations Officer +45 7219 5344 brgr@pandora.net

Attachments

• PANDORA_Company Announcement_No_459_UK
• Appendix_Company_Announcement_No_459
• Appendix_Company_Announcement_No_459