INTERIM REPORT FOR Q2 2014 - REVENUE INCREASED 31.7% OR 37.1% IN LOCAL CURRENCY DRIVEN BY ALL REGIONS AND PRODUCT CATEGORIES. EBITDA INCREASED BY 68.5% WITH EBITDA MARGIN OF 35.1%

• Group revenue in Q2 2014 was DKK 2,544 million, an increase of 31.7% or 37.1% in local currency, compared with Q2 2013:
  • Americas increased by 5.0% (11.7% increase in local currency)
  • Europe increased by 65.7% (63.9% increase in local currency)
  • Asia Pacific increased by 57.0% (75.3% increase in local currency)  
• The gross margin increased to 70.7% in Q2 2014, compared with a gross margin of 66.0% in Q2 2013  
• EBITDA increased by 68.5% to DKK 893 million for the quarter, corresponding to an EBITDA margin of 35.1%, compared with an EBITDA margin of 27.4% in Q2 2013  
• Net profit for the quarter was DKK 662 million, compared with a net profit of DKK 431 million in Q2 2013  
• Free cash flow was DKK 547 million in Q2 2014 compared with DKK 102 million in Q2 2013  
• During Q2 2014, PANDORA bought back 1,744,863 own shares at a total value of DKK 658 million as part of the on-going DKK 2.4 billion share buyback programme.  

UPGRADED FINANCIAL GUIDANCE FOR 2014 Based on the strong performance in the first half of the year, PANDORA has decided to increase revenue guidance for 2014 to more than DKK 11.0 billion (previously guided more than DKK 10.5 billion). The EBITDA margin expectation is unchanged, and is expected to be approximately 35%.

PANDORA plans to continue to expand the store network and now expects to add more than 275 new concept stores in 2014 compared to previously expected more than 225. A proportionally higher share of owned and operated (O&O) stores is expected to be opened in the second half, compared to last year. In connection with the Q2 2014 results, CEO Allan Leighton said: “We have had another exceptionally strong quarter with positive progress across all regions. The growth was primarily driven by our new markets in Europe and Asia as well as by the UK. The US is generally performing well except for the Northeast where our plan to refresh the network has begun. All product categories had good growth, and Rings particularly so, with revenue from that category increasing 200% in the quarter.” CONFERENCE CALL A conference call for investors and financial analysts will be held today at 10.00 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 3272 8018 UK (International): +44 (0) 1452 555 131 US: +1 866 682 8490 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 67998331 when dialling into the conference. 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 10,000 points of sale, including more than 1,200 concept stores. Founded in 1982 and headquartered in Copenhagen, Denmark, PANDORA employs more than 9,000 people worldwide of whom approximately 7,000 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: 

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