PANDORA CLOSES OFFERING TO RETAIL INVESTORS IN DENMARK FOR AMOUNTS UP TO AND INCLUDING DKK 3 MILLION

PRESS RELEASE                                                                   
1 October 2010                                                                  



NOT FOR RELEASE OR DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART, DIRECTLY OR 
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH     
AFRICA                                                                          

PANDORA CLOSES OFFERING TO RETAIL INVESTORS IN DENMARK FOR AMOUNTS UP TO AND    
INCLUDING DKK 3 MILLION                                                         

Following the setting of the indicative price range of its intended initial     
public offering (the “IPO”) on 20 September 2010, PANDORA A/S (“PANDORA”) has   
now closed the offering to retail investors in Denmark for amounts up to and    
including DKK 3 million in connection with the IPO.                             

Information about the offer price and allocation of shares is expected to be    
announced on Tuesday, October 5, 2010.                                          

ABOUT PANDORA                                                                   
PANDORA is a designer, manufacturer, marketer and distributor of hand finished  
and modern jewellery made from genuine materials - primarily sterling silver,   
gold, precious and semi-precious stones and Murano glass. As at 30 June 2010,   
our jewellery was sold in 47 countries on six continents through approximately  
10,000 points of sale, including over 260 PANDORA branded concept stores.       

Our collectible charm bracelets made from sterling silver and gold and charms   
made from different genuine materials, which are featured in our Moments        
collection, constitute our core product offering. In addition, we offer other   
pieces of jewellery, such as rings, bracelets, necklaces and earrings, through  
our Moments, Stories, Compose, LovePods and Liquid Silver collections.          

PANDORA was founded in 1982 in Copenhagen, Denmark and employs over 4,500 people
worldwide, of whom more than 3,300 are located in Gemopolis, Thailand, where    
PANDORA manufactures its jewellery. The company is privately owned by the       
founders and - since March 2008 - funds managed by the private equity firm Axcel
as the majority shareholders. In 2009, PANDORA generated revenue of             
approximately DKK 3.5 billion (approximately EUR 465 million) and EBITDA of     
approximately DKK 1.6 billion, and in H1 2010 generated revenue of approximately
DKK 2.6 billion (approximately EUR 345 million) and EBITDA of approximately DKK 
1.0 billion.                                                                    

CONTACT                                                                         
For further queries, please contact:                                            

Kasper Riis, Communications Manager                                             
Phone +45 3672 0044                                                             
Mobile +45 3035 6728                                                            


This document and the information contained herein are not for distribution in  
or into the United States of America (including its territories and possessions,
any state of the United States of America and the District of Columbia) (the    
“United States”).  This document does not constitute, or form part of, an offer 
to sell, or a solicitation of an offer to purchase, any securities in the United
States. The securities of PANDORA A/S have not been and will not be registered  
under the U.S. Securities Act of 1933 (the “Securities Act”) and may not be     
offered or sold within the United States absent registration or an applicable   
exemption from, or in a transaction not subject to, the registration            
requirements of the Securities Act.                                             

In any EEA Member State, other than the Kingdom of Denmark, that has implemented
Directive 2003/71/EC (together with any applicable implementing measures in any 
member State, the “Prospectus Directive”), this communication is only addressed 
to and is only directed at qualified investors in that Member State within the  
meaning of the Prospectus Directive.                                            

This communication is only being distributed to and is only directed at (i)     
persons who are outside the United Kingdom, (ii) to investment professionals    
falling within Article 19(5) of the U.K. Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth entities 
falling within Article 49(2)(a) - (d) of the Order (the persons described in (i)
through (iii) above together being referred to as “relevant persons”).  The     
securities are only available to, and any invitation, offer or agreement to     
subscribe, purchase or otherwise acquire such securities will be engaged in only
with, relevant persons.  Any person who is not a relevant person should not act 
or rely on this document or any of its contents.