2 May, 2008

Mikkel Vendelin Olesen new CEO of Pandora Jewelry

Mikkel Vendelin Olesen has been appointed Chief Executive Officer of Pandora Jewelry. Concurrently, Torben Ballegaard Sørensen has been appointed Chairman and Erik Danquard Jensen has been appointed member of the Board of Directors of Pandora.

All appointments are part of the strategy for Pandora Jewelry’s development which has been prepared by majority shareholder Axcel in co-operation with Pandora’s management and other owners, following Axcel’s acquisition of 60% of the shares in Pandora Jewelry in March 2008.

Mikkel Vendelin Olesen (41) has been appointed CEO of Pandora Jewelry. Mikkel Vendelin Olesen comes from IC Companys A/S, where he has been employed since 1998 and has held the position as Chief Operating Officer since 2004. Prior to this, he held a number of executive positions including the position as Product and Marketing Director. Before this, Mikkel Vendelin Olesen has worked for Huset Sand A/S and Apple Center ComputerMac A/S. Mikkel Vendelin Olesen is married with two children aged 10 and 12.

Torben Ballegaard Sørensen (57) has been appointed Chairman of the Board of Directors of Pandora Jewelry. Torben Ballegaard Sørensen has most recently been Chief Executive Officer of Bang & Olufsen from 2001 to 2008. Before this, he held a number of executive positions including the position as Executive Vice President of LEGO A/S, where he is currently a board member. Furthermore, Torben Ballegaard Sørensen is a board member of a number of large companies, including Egmont International, AB Electrolux and Monberg-Thorsen A/S.

Erik Danquard Jensen (60) has been appointed Member of the Board of Directors of Pandora Jewelry. Most recently, Erik D. Jensen has been Chief Executive Officer of Royal Scandinavia since Axcel’s investment in 2000 and up to 2007. He is currently Chairman of the Board of Directors of Royal Scandinavia which today consists of Royal Copenhagen (porcelain) and Georg Jensen (silverware and jewelry). Furthermore, Erik D. Jensen is a board member of a number of companies, including MT Højgaard and Artium – Danish Design Center.

Pandora was founded by the Enevoldsen family in 1982. Launched in 2000 – and what truly boosted Pandora’s business development – the company’s core product is a bracelet in silver or gold with charms sold separately. Since then, Pandora has shown impreesive growth rates in both turnover and revenues, and the company’s turnover today is approx. DKK 1.1 bn.

The company manufactures its products in Bangkok, Thailand, where it has about 1000 employees.


About Pandora

Pandora was founded in 1982 by goldsmith Per Enevoldsen and his then wife Winnie. The company’s roots go back to the 1950s, when Per Enevoldsen’s father, Algot Enevoldsen, designed and manufactured jewelry. Pandora designs, manufactures, markets and sells handmade jewelry all over the world.

Launched in 2000 – and what truly boosted Pandora’s business development – the company’s core product is a bracelet in silver or gold with charms sold separately. The bracelet has a unique design that distributes the individual charms evenly around the wrist. The charms are all handmade with fine details, patterns and/or gemstones such as topaz, sapphire, amethyst or brilliant-cut diamonds, and they hook directly onto the bracelet. New charms are added to the assortment regularly. The current selection of about 500 different charms makes for countless personal combinations. Building on the success of the charm bracelet, the company has also launched a series of earrings based on the same basic concept.

The Pandora range also includes a wide selection of necklaces, finger rings, earrings, and other items. The jewelry, like the charms, is fashioned from 14kt gold or sterling silver with brilliant-cut diamonds, gemstones and various coloured stones. Pandora has 35 employees at its Copenhagen headquarters. The company manufactures its products in Bangkok, Thailand, where it has about 1000 employees, and there are about 100 employees in its US and Canadian subsidiaries.

In 2007, Pandora generated revenues of about DKK 1,1 bn in 20 countries. North America is the company’s largest market.

www.pandora.dk

About Axcel

Axcel is the largest private equity fund in Denmark and focuses on creating strong and valuable enterprises. Axcel was founded in 1994 and has a large number of Danish and international investors. Since its inception, Axcel has invested actively in Danish enterprises through three investment funds with a capital commitment totalling DKK 6.6 billion and has developed a significant and comprehensive network in Denmark and abroad through its many acquisitions outside Denmark. With 33 investments, Axcel is the fund which has made the most investments in medium-sized Danish enterprises. Axcel participates actively in the top management of the acquired enterprises. Axcel’s investments currently include 15 enterprises with combined revenues of approximately DKK 1,1 billion:

To date, 18 of the enterprises Axcel has invested in have been further developed and sold:

www.axcel.dk