PANDORA A/S has established a sponsored Level 1 American Depositary Receipt (ADR) programme, effective 21 February 2017.

The ADR programme increases the convenience of investing in PANDORA A/S for residents in the United States of America.

Please find details on the programme below.

The PANDORA A/S ADR profile, performance and development can be found at www.adr.com.

PANDORA A/S ADR programme is sponsored by J.P. Morgan who will undertake the following roles for ADR holders of PANDORA A/S:

1. Record and maintain the register of ADR holders
2. Act as the stock transfer agent
3. Distribute dividends in U.S. dollars
4. Issue and cancel PANDORA A/S ADRs

For those investors who hold ADRs through a "Street Name" (nominee account), your nominee will receive company documents from time to time from J.P. Morgan to distribute to ADR holders. As an ADR holder, you will need to inform your nominee should you desire to receive any such company documents and to be able to exercise your vote through the depositary bank at general meetings (if applicable).

For more information, please contact J.P. Morgan shareholder services:

Depositary Bank
J.P. Morgan
4 New York Plaza, Floor 12
New York, NY 10004
(866) JPM-ADRS (866 576-2377)

J.P. Morgan Transfer Agent Service Center
J.P. Morgan Chase Bank N.A.
P.O. Box 64504
St. Paul, MN 55164-0854
In US: +1 800 990 1135
Outside the U.S.: +1 651 453 2128
e-mail: jpmorgan.adr@wellsfargo.com