BULGARI SPA 
By BULGARI S.P.A. (the “Issuer”)
NOTICE OF ADJUSTMENT TO THE CONVERSION PRICE
to the holders of the outstanding
€ 150,000,000 5.375% Equity Linked Bonds due 2014
(ISIN XS0434384920) (The “Bonds”) of the Issuer
NOTICE IS HEREBY GIVEN to the holders of the above Bonds (the “Bondholders”) of the adjustment to the conversion price.
Capitalised terms used but not defined into this notice (the “Notice of Adjustment”) have the meanings given to them in the terms and conditions of the Bonds (the “Conditions”). Pursuant the Ordinary Shareholders meeting resolution of last April 18th , 2011 the Issuer will pay Euro 0,12 dividend per Ordinary Share to its shareholders value date May 26th 2011 by detaching coupon no. 17 on May 23rd 2011. As a consequence, starting from May 23rd 2011 being the Effective Date, the current Conversion Price of Euro 4,95 per Ordinary Share, is adjusted to Euro 4.90 in accordance to the formula indicated in clause 6 (b) (iii) of the Conditions. The Bonds continue to be listed on the Official List of the Luxembourg Stock Exchange and traded on the Euro MTF Market of that Exchange. Copies of the Trust Deed and the Agency Agreement relating to the Bonds dated 8 July 2009 and made between the Issuer, the Trustee and the agents named therein are available for inspection at the offices of the Trustee, the Principal Paying, Transfer and Conversion Agent and the Registrar, in each case at the addresses specified below.Trustee
BNY Corporate Trustee Services Limited
One Canada Square London E14 5AL United KingdomPrincipal Paying, Transfer and Conversion Agent
The Bank of New York Mellon, London Branch
One Canada Square London E14 5AL United Kingdom Dated, May 25th 2011
