Two Resign from Pandora CWE Board

Pandora announced June 30 that Jesper Nielsen and Annette
Laustrup Nielsen have resigned from the board of directors of Pandora Jewelry
Central Western Europe, a holding company for Pandora’s activities in Central
and Western Europe.

Laustrup Nielsen is also leaving her position as deputy
managing director of Pandora CWE. Peter Mark will continue as president.

In January 2010, Pandora and KASI Group merged to establish
PANDORA CWE, with Pandora as the majority owner with a 51 percent shareholding.
In connection with the listing of Pandora in October 2010, the company
purchased the remaining 49 percent of the shares.

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