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Offer Document Published on August 6, 2011, in Respect of the Mandatory Tender Offer Launched by LVMH Moët Hennessy - Louis Vuitton S.A

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Offer Document Published on August 6, 2011, in Respect of the Mandatory Tender Offer Launched by LVMH Moët Hennessy - Louis Vuitton S.A Translation for convenience only This is a non binding English courtesy translation of the Offer Document published on August 6, 2011, in respect of the mandatory tender offer launched by LVMH Moët Hennessy - Louis Vuitton S.A. pursuant to Article 106, paragraph 1, of the Legislative Decree no. 58/98, over all ordinary shares of Bulgari S.p.A.. The Italian version of the Offer Document is the only official and binding document, approved by Consob on August 4, 2011, and shall prevail in any event over this English version. The Offer is valid only on Italian market. This document may not represent any invitation to adhere to the described offer to any individuals who have not title thereto. The distribution of this document in certain jurisdictions may be subject to specific requirements or authorization by law or the relevant regulatory authorities. Whoever has title and intends to accept the offer is exclusively responsible in complying with the applicable laws and regulations and, consequently, before accepting the offer, he is reminded to take information on the offer existence and applicability, addressing its own consultants. Neither LVMH Moët Hennessy - Louis Vuitton S.A. nor Bulgari S.p.A. accept any liability to any person in relation to the distribution or possession of this document in or from any jurisdiction. OFFER DOCUMENT MANDATORY PUBLIC TENDER OFFER pursuant to Article 106, paragraph 1, of Legislative Decree No. 58 of 24 February 1998 ISSUER BULGARI S.P.A. OFFEROR LVMH MOËT HENNESSY - LOUIS VUITTON S.A. NUMBER OF SHARES SUBJECT TO THE OFFER maximum No. 118,564,484 ordinary shares of Bulgari S.p.A., having a nominal value of Euro 0.07 each, on the basis of the fully diluted share capital OFFER PRICE 12.25 Euro for each ordinary share ACCEPTANCE PERIOD AGREED WITH BORSA ITALIANA S.P.A. from 8:00 a.m. (Italian time) of August 22, 2011 to 5:40 p.m. (Italian time) of September 23, 2011 (included) PAYMENT DATE OF THE OFFER PRICE September 28, 2011 FINANCIAL ADVISOR OF THE OFFEROR Crédit Agricole Corporate & Investment Bank INTERMEDIARY IN CHARGE OF COORDINATING THE COLLECTION OF ACCEPTANCES ON THE MTA, THE ELECTRONIC SHARE MARKET (MERCATO TELEMATICO AZIONARIO) ORGANISED AND MANAGED BY BORSA ITALIANA S.P.A. Crédit Agricole Cheuvreux S.A. The publication of this Offer Document has been approved by Consob with resolution No. 17901 of August 4, 2011. The approval of the Offer Document does not imply any opinion by CONSOB with regard to the advisability of accepting the Offer and the reliability of the data and the information contained herein. August 4, 2011 CONTENTS GLOSSARY.........................................................................................................................5 INTRODUCTION ............................................................................................................9 A. NOTICES............................................................................................................................... 16 A.1 Conditions for effectiveness of the Offer........................................................................................................16 A.2 Related Parties.......................................................................................................................................................16 A.3 Future plans of the Offeror................................................................................................................................16 A.4 Authorizations......................................................................................................................................................17 A.5 Declaration of the Offeror in relation to the Purchase Obligation pursuant to Art. 108, paragraph 2, of the TUF.............................................................................................................................................................17 A.6 Declaration of the Offeror in relation to the fulfillment of the Purchase Obligation pursuant to Art. 108, paragraph 1, of the TUF and the simultaneous exercise of the Squeeze-out Right.........................18 A.7 Delisting of the Shares.........................................................................................................................................18 A.8 Potential conflicts of interest..............................................................................................................................18 A.9 Alternatives for the parties to which the Offer is made................................................................................19 A.10 Acceptance to the Offer for the owners of Convertible Bonds and of stock option rights under the Stock Option Plans ..............................................................................................................................................21 A.11 Issuer’s Statement.................................................................................................................................................21 B. PARTIES INVOLVED IN THE TRANSACTION .............................................................. 22 B.1 Offeror ...................................................................................................................................................................22 B.1.1 Company name, legal form and registered office ........................................................................................22 B.1.2 Governing law and jurisdiction.......................................................................................................................22 B.1.3 Major Shareholders ...........................................................................................................................................22 B.1.4 Description of the Offeror’s Group ..............................................................................................................22 B.1.5 Corporate bodies ...............................................................................................................................................30 B.1.6 Accounting information...................................................................................................................................32 B.1.7 Recent trends of the Offeror...........................................................................................................................51 B.1.8 Persons acting in concert with the Offeror in relation to the Offer........................................................51 B.2 Issuer: Bulgari........................................................................................................................................................53 B.2.1 Company name, legal form and registered office ........................................................................................53 B.2.2 Share Capital.......................................................................................................................................................53 B.2.3 Major shareholders............................................................................................................................................54 B.2.4 Corporate bodies ...............................................................................................................................................56 B.2.5 Recent trends and prospects............................................................................................................................58 B.3 Intermediaries........................................................................................................................................................58 B.4 Global Information Agent..................................................................................................................................59 C. CATEGORIES AND AMOUNTS OF THE FINANCIAL INSTRUMENTS SUBJECT TO THE OFFER.......................................................................................................................... 60 C.1 Category and quantity of the financial instruments subject to the Offer...................................................60 C.2 Authorisations.......................................................................................................................................................61 D. SECURITIES OF THE ISSUER HELD BY THE OFFEROR, ALSO THROUGH FIDUCIARY COMPANIES OR THIRD PARTIES ............................................................. 62 D.1 Number and categories of securities of the Issuer held by the Offeror.....................................................62 D.2 Repurchase agreements, usufruct, pledge transactions or other commitments having as underlying securities of the Issuer .........................................................................................................................................62 E. OFFER PRICE PER SHARE AND ITS DETERMINATION ............................................ 63 E.1 Offer Price for each tendered Share and criteria used for the determination of the Offer Price..........63 E.2 Maximum Disbursement.....................................................................................................................................64 E.3 Comparison between the Offer Price and some indicators pertaining to the Issuer...............................64 E.4 Traded prices of the Issuer’s shares and comparison with the Offer Price...............................................66 2 E.5 Values
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