No. 103
COMPANY ANNOUNCEMENT
30 July 2013

The Board of Directors of PANDORA has decided to update the company's financial expectations for 2013.

The solid performance reported for Q1 2013 has continued in the second quarter and into July, with significant revenue growth across all major regions. The main drivers are continued strong sales of newly launched products and high replenishment rates.

The preliminary results for Q2 2013 indicate revenue of approximately DKK 1.9 billion and an EBITDA margin of approximately 27%. Additionally, like-for-like sales-out in PANDORA's Concept stores in Q2 2013 continued to be healthy with US sales-out up 8.8%, UK up 11.6%, Germany up 1.7% and Australia up 22.4% compared to the Q2 2012.

UPDATED FINANCIAL GUIDANCE FOR 2013
PANDORA expects revenue for 2013 to be approximately DKK 8 billion (from previously guided above DKK 7.2 billion) and expects an EBITDA margin of approximately 27% (from previously guided above 25%).

PANDORA expects CAPEX to be approximately DKK 400 million (previously approximately DKK 300 million) for 2013. The CAPEX figure excludes the one-off payment of DKK 190 million related to the purchase of IP rights from Trollbeads A/S in Q1 2013. The increase in CAPEX is primarily related to expansion of production facilities in Thailand in order to prepare for future demand.

PANDORA continues to expect an effective tax rate of approximately 19% for 2013.

During 2013 PANDORA expects to open approximately 175 Concept stores (from previously guided approximately 150).

A full and final financial report for Q2 2013 will be released on 13 August 2013, where executive management will elaborate further on the results.

ABOUT PANDORA
PANDORA designs, manufactures and markets hand-finished and modern jewellery made from genuine materials at affordable prices. PANDORA jewellery is sold in more than 70 countries on six continents through approximately 10,200 points of sale, including approximately 900 Concept stores.

Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs over 6,200 people worldwide of whom 4,200 are located in Gemopolis, Thailand, where the Company manufactures its jewellery. PANDORA is publicly listed on the NASDAQ OMX Copenhagen stock exchange in Denmark. In 2012, PANDORA's total revenue was DKK 6.7 billion (approximately EUR 900 million). For more information, please visit www.pandoragroup.com

CONTACT
For further queries, please contact:

INVESTOR RELATIONS Morten Eismark VP Group Investor Relations Phone +45 3673 8213 Mobile +45 3045 6719	MEDIA RELATIONS Jakob Risom Press Officer Phone +45 3673 0634 Mobile +45 6165 6540
Magnus Thorstholm Jensen Investor Relations Officer Phone +45 4323 17639 Mobile +45 3050 4402