On 18 February, PANDORA initiated a share buy-back programme, cf. Company announcement no. 143. 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 2,400 million in the period from 18 February to 31 December 2014.

The following transactions have been made under the programme:

	Number of shares	Average purchase price, DKK	Transaction value, DKK
Accumulated last announcement	1,373,981		481,444,581
22 April 2014	6,225	352.71	2,195,595
23 April 2014	45,693	354.00	16,175,509
24 April 2014	57,116	353.37	20,183,087
25 April 2014	33,184	347.99	11,547,846
Accumulated under the program	1,516,199		531,546,618

With the transactions stated above, PANDORA owns a total of 2,939,712 treasury shares, corresponding to 2.3% of the share capital.

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 80 countries on six continents through approximately 10,300 points of sale, including approximately 1,100 Concept stores.

Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs over 8,500 people worldwide of whom 5,900 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 2013, PANDORA's total revenue was DKK 9.0 billion (approximately EUR 1.2 billion). For more information, please visit www.pandoragroup.com.

CONTACT
For more information, please contact:

INVESTOR RELATIONS Morten Eismark VP Group Investor Relations Phone +45 3673 8213 Mobile +45 3045 6719	MEDIA RELATIONS Jakob Risom Langelund Press Officer Phone +45 3673 0634 Mobile +45 6165 6540
Magnus Thorstholm Jensen Investor Relations Officer Phone +45 4323 1739 Mobile +45 3050 4402