PANDORA CHANGES FINANCIAL REPORTING STRUCTURE

PANDORA today announces that it will change the financial reporting structure starting with the Company's interim report for Q1 2016. The purpose of the new reporting structure is to offer a more transparent, balanced and relevant financial reporting, reflecting the development in the Company in the years following PANDORA's initial public offering (IPO) in October 2010.

PANDORA's new financial reporting will have a more symmetric structure, centralised around the three already established regions: Americas, EMEA (previously Europe) and Asia Pacific.

The new financial reporting will include:

• Revenue, like-for-like sales-out growth and revenue per store type on regions
• Global like-for-like sales-out growth
• Country specific revenue and like-for-like sales-out growth will not, as historically, be reported on a quarterly basis, however it will be part of reporting, when found necessary to explain the development in the three regions
• Gold, silver and white stores and travel retail will be categorised as multibranded stores and will be reported as one, both in terms of revenue and number of stores
• An updated definition of 3rd party distributors (please refer to appendix for lists of 3rd party distributor countries)
• Silver and gold bracelets and Other bracelets (currently reported as part of Other jewellery) will be reported as one, and consequently Other jewellery will consist of Earrings and Necklaces only
• Costs previously categorised as unallocated costs will be allocated to the three geographical regions
• Average selling price (ASP) and volume development will not be part of the financial reporting.

Please refer to appendix for comparative figures provided for the last 8 quarters based on the new financial reporting structure.

The content of this release will have no impact on PANDORA's outlook for 2016, as latest communicated to the market in in connection with the 2015 annual report on 9 February 2016.

CONFERENCE CALL
A conference call for investors and financial analysts will be held today at 10:00 AM CET and can be accessed online at www.pandoragroup.com. The presentation for the call will be available on the website one hour before the call.

The following numbers can be used by investors and analysts:

DK: +45 3271 1660
UK (International): +44 (0) 203 427 0503
US: +1 718 971 5738

To help ensure that the conference begins in a timely manner, please dial in 5 minutes prior to the scheduled starting time. Participants will have to quote confirmation code "PANDORA" when dialling into the conference.

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 approximately 9,300 points of sale, including around 1,800 concept stores.

Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more than 16,700 people worldwide of whom approximately 11,000 are located in Gemopolis, Thailand, where the company manufactures its jewellery. PANDORA is publicly listed on the NASDAQ Copenhagen stock exchange in Denmark. In 2015, PANDORA's total revenue was DKK 16.7 billion (approximately EUR 2.2 billion).

CONTACT
For more information, please contact: