BULGARI S.p.A. SHARE CAPITAL AMENDMENT

This is to confirm you the new composition in the share capital of Bulgari S.p.A. pursuant the conversion of certain bonds issued by Bulgari S.p.A. on July 8th, 2009.

Current Sharecapital sharecapital (prior to current update)
Euro n. shares Par value Euro n.shares Par Value
Ordinary shares:

coupon n. 17
23.549.698,90 336.424.270 0,07 23.430.165,85 334.716.655 0,07

This variation has been duly filed on August 1st, 2011.