Company: PNDZF
Filing Date: 2025-03-07
Form Type: F-6EF
Source: 0001104659-25-021632
Chunk: 2

Company: Pandora A/S / ADR
Filing Date: 2025-03-07
Form: F-6EF
Chunk 2
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AKINGS

(a) The
Depositary hereby undertakes to make available at the principal office of the Depositary in the United States, for inspection by holders
of the Receipts, any reports and communications received from the issuer of the deposited securities which are both (1) received
by the Depositary as the holder of the deposited securities; and (2) made generally available to the holders of the underlying securities
by the issuer.

(b) If
the amount of fees charged is not disclosed in the prospectus, the Depositary undertakes to prepare a separate document stating the amount
of any fee charged and describing the service for which it is charged and to deliver promptly a copy of such fee schedule without charge
to anyone upon request. The Depositary undertakes to notify each registered holder of a Receipt thirty days before any change in the fee
schedule.

<div align='center'>II-1

SIGNATURE</div>

Pursuant
to the requirements of the Securities Act of 1933, as amended, Deutsche Bank Trust Company Americas, on behalf of the legal entity created
by the agreement for the issuance of American Depositary Shares, certifies that it has reasonable grounds to believe that all of the requirements
for filing on Form F-6 are met and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of New York, State of New York, as of March 6, 2025.

| Legal entity created by the agreement for the issuance of American                                                         
 Depositary Receipts evidencing American Depositary Shares representing the right to receive ordinary shares of Pandora A/S |                                                  |                  |
| By:                                                                                                                        | DEUTSCHE BANK TRUST COMPANY AMERICAS, Depositary |                  |
| By:                                                                                                                        | /s/ Michael Tompkins                             |                  |
|                                                                                                                            | Name:                                            | Michael Tompkins |
|                                                                                                                            | Title:                                           | Director         |
| By:                                                                                                                        | /s/ Michael Curran                               |                  |
|                                                                                                                            | Name:                                            | Michael Curran   |
|                                                                                                                            | Title:                                           | Vice President   |

<div align='center'>II-2

INDEX TO EXHIBITS</div>

| Exhibit 
 Number  |                                                                                             |
| (a)     | Form of ADR                                                                                 |
| (d)     | Opinion of counsel to the Depositary as to the legality of the securities to be registered