1

Results PresentationYear Ended 2 February 2008

9 April 2008

2

2

Safe Harbor StatementSafe Harbor Statement(Private Securities Litigation Reform Act of 1995)(Private Securities Litigation Reform Act of 1995)

This release includes statements which are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, based upon management’s beliefs as well as on assumptions made by and data currently available to management, appear in a number of places throughout this release and include statements regarding, among other things, our results of operation, financial condition, liquidity, prospects, growth, strategies and the industry in which the Company operates. Our use of the words “expects,” “intends,” “anticipates,” “estimates,” “may,” “forecast,” “objective,” “plan” or “target,” and other similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties, including but not limited to general economic conditions, the merchandising, pricing and inventory policies followed by the Group, the reputation of the Group, the level of competition in the jewellery sector, the price and availability of diamonds, gold and other precious metals, seasonality of the Group’s business and financial market risk. For a discussion of these and other risks and uncertainties which could cause actual results to differ materially, see the “Risk and Other Factors” section of the Company’s 2006/07 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on May 4, 2007 and other filings made by the Company with the Commission. Actual results may differ materially from those anticipated in such forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein may not be realised. The Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.

Certain financial information used during this presentation are considered to be 'non-GAAP financial measures'. For a reconciliation of these to the most directly comparable GAAP financial measures, please refer to slides 47/48, or to the Company's release, dated April 9, 2008, available on the ‘News’ section of the Company's website at www.signetgroupplc.com.

3

3

ResultsResults

2007/08 52 weeks

2006/07 53 weeks

Reported Change

Change 52 weeks constant exchange

rates(1) Like for like sales (0.7)% 4.8%

Sales $3,665.3m $3,559.2m 3.0% 3.2%

Profit before tax $333.5m $400.8m (16.8)% (17.7)%

Earnings per share 12.6c 15.4c (18.2)% (19.2)%

Dividend per share 7.277c 7.162c(2) 1.6%

ROCE 16.8% 22.8% Movement in net debt before exchange adjustment $143.6m $86.4m

(1) See slides 47/48 for reconciliation (2) 2006/07 interim dividend paid in pounds sterling, translated at £/US$ as at 3 November 2006.

4

4

Balanced Use of CapitalBalanced Use of Capital

Strong balance sheet(2007/08: 21% debt / equity)

•consistency of execution•favoured business partner

Strong balance sheet(2007/08: 21% debt / equity)

•consistency of execution•favoured business partner

Investment to improve the business

•maintain high quality of assets (2007/08: maintenance capex $79m)

•new space growth (2007/08: $179m investment)•20% pre tax IRR over 5 years required

Investment to improve the business

•maintain high quality of assets (2007/08: maintenance capex $79m)

•new space growth (2007/08: $179m investment)•20% pre tax IRR over 5 years required

Returns to shareholders(2007/08: $153m)

•dividends•share buy back

Returns to shareholders(2007/08: $153m)

•dividends•share buy back

5

5

Actions for 2008/09Actions for 2008/09Changed background

challenging economic environmentinternational credit market uncertainty

Appropriately prudent approach takencost reduction programmemore moderate store investment programme

Net debt expected to increase by c.$60 million in 2008/09Maintain strong balance sheet and financial flexibility to take advantage of growth opportunities

6

6

US Jewellery“Further growth from a

proven strategy”

7

7

US ResultsUS Results

2007/08

52 weeks2006/07

53 weeksReported Change

Change 52 weeksconstant exchange

rates(1)

Sales $2,705.7 $2,652.1m 2.0% 4.1%

Like for like sales (1.7)% 6.2%

Operating profit $262.2m $326.7m (19.7)% (19.6)%

Operating margin 9.7% 12.3%

ROCE 14.9% 21.5%

(1) See slides 47/48 for reconciliation

8

8

Industry Leading PerformanceIndustry Leading Performance

Operating margin (5 year average)Signet US – 12.0%(a)

Zale Corp. – 4.8%(b)

Typical US speciality jeweller – 5.4%(c)

EBIT / Total Assets (5 year average)Signet US – 14.9%(a)

Zale Corp. – 8.2%b

Typical US speciality jeweller – 7.7%(c)

(a) To y.e. 2 February 2008(b) To y.e. 31 January 2008 based on SEC filings(c) To y.e. 31 December 2006 based on JA Cost of Doing Business

9

9

Business Development Business Development HighlightsHighlights

New store space +10%Completed roll-out of enhanced training proceduresContinued development of rough diamond initiativeExpansion of exclusive merchandise rangesStart of national network TV advertising for JaredContinued improvement of in-store execution

10

10

US Trading EnvironmentUS Trading EnvironmentCurrent

macro economic driven issuesrecord gold priceaccelerated consolidation anticipatedy.t.d. like for like sales down c.4%

Longer termincreasing demand for jewellerynumber of weddings forecast to increasejewellery prices supported by imbalance in diamond supply and demand rationalisation of fragmented sector and supply chain

11

11

Consolidation in US MarketConsolidation in US Market

6.4%7.3%7.7%6.4%Zale Corp. US(2)

67.6%

6.2%

10.0%

8.8%

2006

n/a 68.3%74.9%Other speciality jewelers(sales under $100 million in 2007)

n/a5.4%5.4%Chains ranked 8-15(3)

n/a10.3%8.4%Chains ranked 3-7(3)

8.8%8.2%4.9%Signet US(2)

200720051998Estimated US Speciality Jewellery(1) Market Share

Sources: (1) Market size US Census Bureau(2) Sales based on annual & quarterly reports(3) National Jeweler (sales)

12

12

Response to Current Response to Current EnvironmentEnvironment

Manage business tightlyclosely monitor gross margin dollarsstrict control of inventorycost realignmentconsistent credit standards and proceduresstringent real estate investment criteria with sales models stressed

13

13

Dynamics of Gross MarginDynamics of Gross MarginDiamonds

c.50% of cost of goods sold in 2007/08polished diamond prices little changed in 2006/07 & 2007/08increasing pressure from higher rough prices

Goldc.20% of cost of goods sold in 2007/08gold costs +c.30% pa in 2006/07 & 2007/08further significant increase in 2008/09 y.t.d.

Supply chain initiatives Price increases

14

14

New Pricing ArchitectureNew Pricing ArchitectureExtensive analysis and planningImplementation

increases in basic and fashion rangesclear communications to sales associatesefficient execution in storeenhanced training in overcoming customer objectionsadditional targeted promotional activity

Competitor actionCustomer responseEarly results are encouraging

15

15

Cost Control ActionCost Control ActionRealign marketing spendFlex store staffing

minimum level requiredretain well trained, motivated staff

Home officefreeze staffing levelsfocus on short term initiativestrim miscellaneous costs

Improve operating proceduresbenefits of Sterling Performance Matrix

16

16

Reduced Space Growth in 08/09Reduced Space Growth in 08/09

50-100810Outlet centres

2,430+361,399Totalc.30017 154Jared*c.700(14)351Regionals

1,430+33894Kay Total30+nil3Metropolitan

500+1992Off-mall850+6789Mall

Kay

Long term potential

Planned net openings

2008/092 February

2008Store numbers

* A Jared store is equivalent to four mall stores

17

17

KayKay

Sales c.40% greater than No.2 brand in marketHigh brand name recognition driven by multi channel marketingNet increase of 62 stores in fiscal 2008Planned net increase of 33 stores in fiscal 2009

$1,710$1,470(000)Average sales per store894676Stores at y.e.

$1,490$1,011(million)Sales

2007/082002/03

18

18

JaredJared

Only c.44% of stores more than 5 years oldNational network TV advertising commenced Christmas 2007National radio advertising planned 2008/09

$5,341$4,277(000)Average sales per store

15467Stores at y.e.$756$259(million)Sales

2007/082002/03

19

19

Jared PerformanceJared PerformanceActual 2007/08

0

5

Projected

1st year

2nd ye

ar3rd

year

4th yea

r5th

year

6th yea

r7th

year

8th yea

r9th

year

10-13 ye

arsA

vera

ge s

tore

sal

es $

m

Original projection pro-forma Outperformance Sales

24stores

14stores

12stores

18stores

12stores

12stores

20%18% 6% 3%

1%

15stores

8stores

13stores

19stores

7stores

Average of 6+ years $6.4m

20

20

Regional BrandsRegional Brands

New markets not meeting sales expectations

Acquisition less likely in current market

Limit openings to areas with marketing supportReview stores applying strict ROCE and return on marketing standard

$1,344$1,536(000)Average sales per store351307Stores at y.e.

$460$461(million)Sales2007/082002/03

21

21

Growing OffGrowing Off--mall Presencemall Presence

75%

1%

24%

72%

1%

27%

69%

2%

29%

64%

4%

32%

61%

6%

33%

57%

7%

36%

2003

/04

2004

/05

2005

/06

2006

/07

2007

/08

2008

/09 Forec

ast

% of Total Space

Mall Off-mall Jared

40%

10%

50%

23%

11%

66%

29%

12%

59%

22%

15%

62%

18%

38%

44%

-7%

44%

69%

2003/04

2004/05

2005/06

2006/07

2007/08

2008/09 F

orecast

% of Space Growth

Mall Off-mall Jared

22

22

UK Jewellery“Making existing space

work harder”

23

23

UK ResultsUK Results

2007/08

52 weeks2006/07

53 weeksReported Change

Change 52 weeksconstant exchange

rates(1) Sales $959.6m $907.1m 5.8% 0.9%

Like for like sales 2.0% 1.2%

Operating profit $105.1m $103.4m 1.6% (1.3)%

Operating margin 11.0% 11.4%

ROCE 29.9% 32.7%

(1) See slides 47/48 for reconciliation

24

24

Business Development Business Development HighlightsHighlights

Continued to develop training programmesSuccessfully tested enhanced Ernest Jones store designMore effective H.Samuel TV advertIncreased product availabilityBetter targeted promotional activityIntroduced branded store card via third partyReduced number of marginal H.Samuel stores

25

25

Trading EnvironmentTrading EnvironmentUncertain macro economic background

pressure on discretionary disposable incomeinflationary concerns limiting interest rate cutsemployment stable increase in sterling cost of gold y.t.d. like for like sales up mid single digits

Responsetight control of costs and gross marginprice increasestargeted promotional activity to drive footfall focus on ROCE

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26

Ernest JonesErnest Jones

Like for like sales up 2.9% in fiscal 2008good growth in watch salesdiamond body jewellery weak

Very encouraging performance from enhanced store design

£1,105£1,030(000)Average sales per store204192Stores at y.e.

£219.4£188.0(million)Sales

2007/082002/03

27

27

Benefits of Enhanced DesignBenefits of Enhanced Design

Increased differentiationEnhanced utilisation of store space

Expanded display of watches, with clearer brandingImproved diamond bridal sales area

28

28

H.SamuelH.Samuel

Like for like sales up 1.3% in fiscal 2008Successfully repositioning brand

greatly improved customer servicemore customer oriented store designrationalised merchandise rangeincreased brand differentiationbetter marketing

More focused store base

£722£677(000)Average sales per store359418Stores at y.e.

£256.7£279.0(million)Sales

2007/082002/03

29

29

Improve H.Samuel ReturnsImprove H.Samuel Returns

Focus on larger centresreflect customers’ shopping patternsnet 27 stores closed over last two years, net c.12 planned in 2008/09

Improved returns due to store closuresrelease working capitalmarginal profit contribution transfer sales help drive productivity in remaining stores

Investment in customer oriented formatimprove customer servicebetter store environment

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30

Customer Customer OrientedOriented FormatFormat

27%

29%

37%

7%

22%

28%

41%

9%

16%19%

47%

18%

11%12%

51%

26%

9%9%

52%

30%

2006/07 2007/08 Forecast2008/09

Forecast2009/10

Forecast2010/11

HS Traditional EJ TraditionalHS Customer oriented EJ Customer oriented

% o

f sto

re n

umbe

rs

31

31

Group SummaryGroup SummaryContinue to implement proven strategyAdjust execution to very challenging trading environment

tight control of costs, gross margins and inventoryclosely monitor receivables disciplined investment

Maintain strong balance sheet

32

32

Financial Review

33

33

Financial HighlightsFinancial Highlights

2007/08 2006/07 Reported Change 52 weeks

basis constant exchange

rates(1) Sales $3,665.3m $3,559.2m 3.0% 3.2%

Profit before tax $333.5m $400.8m (16.8)% (17.4)%

Earnings per share 12.6c 15.4c (18.2)% (18.7)%

Dividend per share 7.277c 7.162c 1.6%

Interest cover 19.7 27.0

Fixed charge cover 1.8x 2.0x

Group gearing 20.7% 13.4% (1) See slides 47/48 for reconciliation

34

34

2007/08 Sales Growth2007/08 Sales Growth

US %

UK %

Group %

Like for like on a 52 week basis (1.7) 2.0 (0.7)Change in space 5.8 (1.1) 3.9 Exchange translation - 6.5 1.7

4.1 7.4 4.9

Impact of 53rd week in 2006/07 (2.1) (1.6) (1.9)

Total sales growth 2.0 5.8 3.0

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35

ProfitProfit AnalysisAnalysis

2007/08

$m

2006/07 at constant

rate $m

2006/07reported

$mUS Jewellery 262.2 326.2 326.2 UK Jewellery 105.1 106.5 100.1 Group costs (16.0) (14.8) (13.9)Operating profit 351.3 417.9 412.4 Net financial expense (17.8) (14.2) (14.8)Profit before tax 333.5 403.7 397.6 Benefit of 53rd week - 3.4 3.2 Reported 333.5 407.1 400.8 Exchange rate $:£ 2.00 2.00 1.88

36

36

Operating Margin MovementOperating Margin Movement

US % UK % Group %2006/07 margin 12.3 11.4 11.7 53rd week 0.2 (0.2) 0.1 2006/07 52 week basis 12.5 11.2 11.8

Gross margin (0.3) (0.6) (0.4)

Expense leverage (1.9) 0.4 (1.4)

New space (0.6) - (0.4)

2007/08 margin 9.7 11.0 9.6

37

37

ReceivablesReceivables

Tight range of performance over last 10 yearsConsumer’s financial position deterioratingIncreased net bad debt somewhat offset by additional income due to reduction in collection rateEnhanced collection proceduresFinanced by long term borrowings and retained earnings

38

38

Full Year Receivables PerformanceFull Year Receivables Performance

0.01.02.03.04.05.06.07.08.09.0

10.0

1997

/9819

98/99

1999

/0020

00/01

2001

/0220

02/03

2003

/0420

04/05

2005

/0620

06/07

2007

/08

0.0

3.0

6.0

9.0

12.0

15.0

Net bad debtas %

of credit sales

Average monthly

collectionrate %

39

39

TaxationTaxation2007/08 tax rate at 35.5%

change in geographic mixfavourable resolution of certain prior year tax positions

Tax rate in 2008/09remain at about 35.5%subject to outcome of various uncertain tax positions

Tax payments in 2008/09decrease reflecting lower Q4 2007/08 profit

40

40

Operating Cash FlowOperating Cash Flow 2007/08

$m2006/07

$mOperating cash flows 465.7 519.9

Change in working capital (ex US space growth)

(52.2) (54.1)

Net interest paid (23.5) (14.5)

Taxation (128.5) (130.1)

Net capital expenditure (ex US space growth)

(79.3) (66.5)

Cash generated from operations 182.2 254.7 US space growth (178.9) (176.7)

Net distribution to shareholders (146.9) (164.4)

Net cash generated (143.6) (86.4)

41

41

Movement in Net DebtMovement in Net Debt 2007/08

$m2006/07

$m

Opening net debt (233.2) (174.5)

Cash inflow / (outflow)

Cash from operations 182.2 254.7

US space growth (178.9) (176.7)

Distribution to shareholders (146.9) (164.4)

(143.6) (86.4)

Exchange adjustments 2.2 27.7

Closing net debt (374.6) (233.2)

42

42

2008/09 US New Store Investment2008/09 US New Store Investment

Strict operational criteria20% IRR over 5 years required

well in excess of cost of capitalROCE & fixed charge cover impacted

$95mc.$58mMall brands

$179mc.$135mTotal investment

$84mc.$77mJared2007/08

Planned 2008/09

43

43

Cash Flow OutlookCash Flow OutlookFixed & working capital investment

expected decrease in US store investment, down c.$45mplanned increase in UK refurbishment, up c.$30m realignment of inventoryinvestment in rough diamond initiative

Lower tax paymentsSubject to general economic uncertainties, $40m to $80m cash outflow anticipatedMaintain strong balance sheet as competitive strength

44

44

Domicile and ListingDomicile and ListingRationale for primary US listing:

over 70% of assets and profits in US• US investors have first hand knowledge of brands• closer to economy• lesser foreign exchange risk

reflect changing shareholder baseremove dual reporting requirement

Following consultation believe, on balance, sufficient shareholder support to approve:

redomicile to Bermudamove primary listing to New York

Continue to take steps to facilitate such a changeIn light of market conditions, the determination and timing of any proposal remains uncertain

continue to keep matter under review

45

45

Logistics of Possible ChangeLogistics of Possible ChangeSeparate from possibility of becoming a domestic issuer for SEC purposes75% majority of those voting at a general meetingHigh Court approvalBermuda domicile

similar legal systemhelp shareholder transitionavoid tax disadvantages of US domicile

46

46

Regulation G

47

47

2007/08 Sales 2007/08 Sales The Group has historically used constant exchange rates to compare period-to-period changes in certain financial data. This is referred to as ‘at constant exchange rates’ throughout this presentation and constitutes a “non GAAP financial measure”. The Group considers this to be a useful measure for analysing and explaining changes and trends in the Group’s results. The impact of the re-calculation of sales at constant exchange rates and the impact of the 53rd week in 2006/07, including a reconciliation to the Group’s results, is analysed below.

3.23,550.857.04.93,493.8(65.4)3,559.23,665.34.12,599.9-4.12,599.9(52.2)2,652.12,705.7US0.9950.957.07.4893.9(13.2)907.1959.6

UK, Channel Islands & Republic of Ireland

%$m$m%$m$m$m$m

52 week growth at constant

exchange rates

(non-GAAP)

2006/07 on 52 week basis

(non-GAAP)

Impact of exchange

rate movement

Growth at constant

exchange rates (non-GAAP)

2006/07 on 52 week basis at

actual exchange rates (non-GAAP)

Impact of 53rd

week53 weeks to 3

February 2007

as reported

52 weeks to 2 February

2008 as reported

48

48

2007/08 Profit/(Loss) 2007/08 Profit/(Loss) The Group has historically used constant exchange rates to compare period-to-period changes in certain financial data. This is referred to as ‘at constant exchange rates’ throughout this presentation and constitutes a “non GAAP financial measure”. The Group considers this to be a useful measure for analysing and explaining changes and trends in the Group’s results. The impact of the re-calculation of operating profit and profit before tax at constant exchange rates and the impact of the 53rd week in 2006/07, including a reconciliation to the Group’s results, is analysed below.

(15.9)417.95.5(14.8)412.4(3.8)416.2351.3Operating profit

(2.8)91.75.53.486.2(3.3)89.589.1

(17.4)403.76.1(16.1)397.6(3.2)400.8333.5Profit before tax

(19.6)326.2-(19.6)326.2(0.5)326.7262.2US

(1.3)n/a

106.5(14.8)

6.4(0.9)

5.0n/a

100.1(13.9)

(3.3)-

103.4(13.9)

105.1(16.0)

UK, Channel Islands & Republic of Ireland- Trading- Group function

%$m$m%$m$m$m$m

52 week growth at constant

exchange rates

(non-GAAP)

2006/07 on 52 week basis

(non-GAAP)

Impact of exchange

rate movement

Growth at constant

exchange rates (non-GAAP)

2006/07 on 52 week basis at

actual exchange rates (non-GAAP)

Impact of 53rd

week53 weeks to 3 February

2007 as reported

52 weeks to 2 February

2008 as reported

49

49

Appendix

50

50

US Listing DetailsUS Listing Details

PageGrowth of US Ownership 2Major Shareholders 2US Investor Information 3

51

51

Growth of US InterestGrowth of US Interest

0%

5%

10%

15%

20%

25%

30%

35%

Apr-01

Oct-01

Apr-02

Oct-02

Apr-03

Oct-03

Apr-04

Oct-04

Apr-05

Oct-05

Apr-06

Oct-06

Apr-07

Oct-07

US-based fund management*

* US beneficial holders amounted to just under 50% in mid December 2007

52

52

Major Shareholders Major Shareholders April 2008April 2008

5.1Hermes

3.8Investec5.1Artisan

4.4Sanderson7.2Sprucegrove

4.2First Pacific9.6Capital

4.8Legal & General17.8Harris Associates

%%

53

53

US Investor InformationUS Investor InformationIR : Tim JacksonInvestor Relations DirectorSignet Group plc15 Golden SquareLondon W1F 9JG+44 (0)20 7317 9711

IR US: Brian RaffertyTaylor Rafferty205 Lexington Avenue8th FloorNew York 10016(212) 889 4350

ADS: Deutsche Bank Trust Co85 Challenger RoadRidgefield ParkNew Jersey 07660(866) 249 2593

Specialists: Lehman Brothers745 Seventh AvenueNew York 10019(646) 576 2700

54

54

Group 5 Year RecordGroup 5 Year Record

PageGroup LfL Performance 4Group Financial Performance 4Group Summary Financials, £ 5Group Gearing 5Capital Expenditure & Amortisation 6

55

55

US Like for Like Sales5 year c.a.g.r. 4.4% to 2007/08

4.65.9

7.16.2

1.7

2003/04 2004/05 2005/06 2006/07 * 2007/08

Group Group LfLLfL PerformancePerformance

Group Like for Like Sales5 year c.a.g.r. 3.3% to 2007/08

-0.7

4.8

2.4

5.04.9

2003/04 2004/05 2005/06 2006/07 * 2007/08

UK Like for Like Sales5 year c.a.g.r. 0.8% to 2007/08

5.53.0

1.2-8.22.0

2003/04 2004/05 2005/06 2006/07 * 2007/08

* 53 week year

56

56

Operating Margin %12.7 13.2

11.9 11.79.6

2003/04 2004/05 2005/06 2006/07 2007/08

ROCE %25.7 26.3

22.4 22.8

16.8

2003/04 2004/05 2005/06 2006/07 2007/08

Group Financial PerformanceGroup Financial Performance

Dividend per share, cents

7.2777.25.95.6

4.2

2003/04 2004/05 2005/06 2006/07 2007/08

Earnings per share, cents

12.114.5 13.6

15.412.6

2003/04 2004/05 2005/06 2006/07* 2007/08

15.4

* 53 week year

57

57

Sales, $m

2,697.23,004.8 3,154.1

3,559.2 3,665.3

2003/04 2004/05 2005/06 2006/07 2007/08

Gearing %

11.4 10.8 11.213.4

20.7

2003/04 2004/05 2005/06 2006/07 2007/08

Group Financial PerformanceGroup Financial Performance

Net Debt, $m

374.6

233.2174.5157.9145.3

2003/04 2004/05 2005/06 2006/07 2007/08

Profit Before Tax, $m

323.7379.3 360.7 400.8

333.5

2003/04 2004/05 2005/06 2006/07* 2007/08

15.4

* 53 week year

58

58

Capital Expenditure, Capital Expenditure, Depreciation & AmortisationDepreciation & Amortisation

2003/04

$m2004/05

$m2005/06

$m2006/07

$m2007/08

$mCapital expenditure US 55.6 77.6 88.4 101.1 111.1 UK 29.9 53.5 48.2 23.3 29.3Total 85.5 131.0 136.6 124.4 140.4Depreciation and amortisation US 41.5 45.2 51.3 61.3 72.1 UK 26.3 32.4 31.9 37.1 42.0Total 67.8 77.6 83.2 98.4 114.1

59

59

US Jewellery DivisionUS Jewellery Division

PageSummary Financials 6Sales Mix 7Test Before We Invest 7Average Retail Price of Merchandise Sold 8Average Sales Per Store 8Growth in US Stores 9Receivables Profile 9Diamond Supply Chain 10

60

60

US Summary FinancialsUS Summary Financials 2003/04(1) 2004/05 2005/06 2006/07 2007/08

Sales - $m 1,866.8 2,060.5 2,308.9 2,652.1 2,705.7

Like for like sales growth 4.6% 5.9% 7.1% 6.2% (1.7)%

Total sales growth 7.9% 10.4% 12.1% 14.9% 2.0%

Operating profit - $m 224.6 264.9 300.7 326.7 262.2

Operating margin 12.0% 12.9% 13.0% 12.3% 9.7%

ROCE 21.0% 22.2% 22.4% 21.5% 14.9%

(1) Unaudited, UK GAAP restated to IFRS

61

61

US Merchandise MixUS Merchandise Mix

2003/04%

2004/05 %

2005/06%

2006/07%

2007/08%

Diamonds & diamond jewellery

72 72 74 75 75

Gold jewellery 8 8 7 7 7

Other jewellery 13 13 12 11 11

Watches 7 7 7 7 7

Total 100 100 100 100 100

Excluding repairs, warrantees andother miscellaneous sales

62

62

““Test Before We InvestTest Before We Invest””

Expand designsEnhanced choiceIncreased selection2007

Introduce rangeIncreased selectionFashion jewellery2006

Test rangeAdditional cuts tested2003

Initial roll outIncreased availability of ranges

2004

Expanded range

Right Hand Ring

Bridal test2005

All storesStyles expanded

2002

All Jared & 300 mall stores

2001Selected Jared stores2000

“Journey”Leo Diamond

63

63

Average Retail Price of Average Retail Price of Merchandise Sold ($)Merchandise Sold ($)

2003/04 2004/05 2005/06 2006/07 2007/08Kay 257 282 305 317 327

Regionals 281 304 324 332 343

Jared 586 644 697 719 747

64

64

Average Sales Per StoreAverage Sales Per Store

2003/04 2004/05 2005/06 2006/07* 2007/08

Kay ($’000) 1,528 1,584 1,665 1,815 1,710

Jared ($’000) 4,573 4,975 5,453 5,676 5,341

Regionals ($’000) 1,532 1,533 1,514 1,517 1,344

Includes only stores operated for the full financial year

* 53 week year

65

65

Growth in US StoresGrowth in US Stores Kay &

RegionalsJared* Total Space

increase Cumulative space

increase

Jan 2000 799 28 827 +10% +10%

Jan 2001 956 43 999 +26% +39%

Jan 2002 970 55 1,025 +6% +47%

Jan 2003 983 67 1,050 +6% +56%

Jan 2004 1,024 79 1,103 +7% +67%

Jan 2005 1,063 93 1,156 +8% +80%

Jan 2006 1,111 110 1,221 +9% +96%

Jan 2007 1,173 135 1,308 +11% +118%

Jan 2008 1,245 154 1,399 +10% +140%

Jan 2009 planned c.1,280 c.170 c.1,450 +6% +c.152%

* Jared equivalent to about 4 mall stores

66

66

2003/04 2004/05 2005/06 2006/07 2007/08Average outstanding balance

$729 $792 $841 $957 $997

Average monthly collection rate 14.8% 14.8% 14.5% 14.6% 13.9%

Credit sales as % of sales 50.5% 51.2% 51.6% 51.7% 51.6%

Net bad debt as % of credit sales 5.5% 5.5% 5.8% 5.3% 6.7%

US Receivables ProfileUS Receivables Profile

67

67

US Diamond Supply ChainUS Diamond Supply Chain75% of US merchandise mix75% of US merchandise mix

Rough Diamond Initiative

ManufacturedPolishedRough

Mines

SightholdersCutters &polishers Manufacturers Wholesalers

Retailers

Traders

Traders

Contract Manufacture Complete

Signet

68

68

US Jewellery MarketUS Jewellery Market

PageLong Term Industry Growth 11Jewellery Sector Performance 11Market Structure 12Major Jewellery Retailers 12Fewer Speciality Jewellery Firms 13Superior Space Growth 13Test Before We Invest 14

69

69

Long Term Industry Long Term Industry Growth (nominal)Growth (nominal)

010203040506070

1980

1982

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

c.a.g.r. 5.6%

$bn

Source: US Department of Commerce

US Jewellery and Watch Market

70

70

US Jewellery Sector US Jewellery Sector PerformancePerformance

-3%0%3%6%9%

12%15%18%

1998

1999

2000

(a)20

01(a)

2002

2003

2004

2005

2006

2007

Gro

wth

p.a

.

Furniture & Household excl. Electricals Electricals & ElectronicsClothing Jewellery & WatchesSignet US

Source: US Department of Commerce

(a) Excludes Marks & Morgan acquisition

71

71

US Market StructureUS Market Structure

Source: National Jeweler/Signet estimates

48%47%Total non-speciality4%3%Internet sales

21%21%Other (General, clothing & misc.)5%4%TV Home Shopping

10%10%Mass Merchants12%12%Chain Department Stores

15%14%Chain Jewelers ($100m+ sales)33%36%Independent Jewelers

48%50%Total speciality

100%100%Total

$62bn$54bnUS Market size

2006 2003

72

72

Major Jewellery Retailers 2006Major Jewellery Retailers 2006General Retailers Sales $

bn Speciality Retailers

Sales $ bn

Wal-Mart 2.81 Signet US 2.7 QVC 1.51 Zale Corp US 2.2 JC Penney 1.31 Tiffany 1.3 Sears 1.11 Helzberg 0.51

Finlay 0.9 Fred Meyer 0.51

Jewelry Television 0.51 Friedman’s 0.31

Costco 0.51 Ross-Simons 0.31

Macy’s East 0.51 Tourneau 0.31

Target 0.51 Cartier 0.31

Neiman Marcus 0.41 Whitehall 0.3

% of Market 15.8% % of Market 14.2%

1 Estimated Source: National Jeweler

73

73

Fewer Speciality Jewellery FirmsFewer Speciality Jewellery Firms

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Num

ber of firms

198719881999199019911992199319941995199619971998199920002001200220032004200520062007

Source: Jewelers Board of Trade

-c.1.5% pa

74

74

Superior Space GrowthSuperior Space Growth

1,245970761Signet US – Mall brands

314457400268

74

1,200154

2007

5.1%378191Whitehall inc. Lundstrom

0.6%665425Friedman4.4%442260Fred Meyer inc. Littman

3.5%254190Helzberg10.2%4828Tiffany US

0.5%1,2671,138Zales US (ex Piercing Pagoda)

557Signet US - Jared

1997-2006 CAGR

20021997Store numbers

(a) Includes Jared stores as the equivalent of 4 mall stores and the acquisition of Marks & Morgan

Source: Company accounts except Helzberg/Fred Meyer: National Jeweler.2007 figures derived from company websites except Zales: SEC filing

} 9.0%(a)

75

75

Test Before We InvestTest Before We InvestNew Kay FormatsNew Kay Formats

2007/082006/072005/062004/052003/04

51

-

4

21

26

41

-

-

10

31

Openings

33

-

8

19

6

Expected net

openings2008/09

1,430+894623925Total

30+3-3-Metro

50-100105--Outlet

500+92401110Off-mall

850+789172515Mall (net)

PotentialStores at 2 Feb

2008Stores

76

76

Jared Jared

PageJared Investment Model 15Jared Locations 15Jared Development 16Test Before We Invest 16

77

77

Jared Investment ModelJared Investment ModelInitial investment – c.$4.0m per storeFirst full year sales – c.$3.25mYear 5 sales - $5m to $6mAt maturity, EBIT% similar to mall stores67 Jared stores over 5 years old

achieved average sales of c.$5.6m in year 5sales continue to grow beyond year 5store contribution rate similar to mall storesmeeting investment criteria

Average sales in stores 6 or more years old in 2007/08 $6.4m

78

78

Existing storesOpened in 2007/08

Jared Stores in 2007Jared Stores in 2007

79

79

Jared DevelopmentJared Development1993/94: 3 test stores opened1996 revised format opened in Denver1997: 3 further test stores opened1998: 8 stores opened1999 to 2004: 12-15 stores opened p.a.2005: 18 stores opened2006: 25 stores opened2007: 19 stores opened2008: 17 stores planned

80

80

““Test Before We InvestTest Before We Invest””

2008 – Test 8

2006 & 2007 Test up to 5 p.a.

Kay outlet

2006 – 21 stores2007 – 40 stores2008 – 19 stores

2002-2005Test c.10 p.a.

Kay off-mall

2005 – 18 store2006 – 25 stores2007 – 19 stores2008 – 17 stores planned

Accelerate roll-out

2004: 28 stores traded through 5 full years

Investment model confirmed

1999 – 200412 to 15 stores p.a.

Initial roll-out

1993 – 199815 store test

Test initial concept

JaredStage

81

81

Real EstateReal Estate

PageTypical Mall Layout 17In-Line v. Corner Location 18Typical Power Strip 18Typical Lifestyle Centre 19

82

82

Typical Mall LayoutTypical Mall LayoutDepartment

store

Good locations

OK locations

Poor locations

Dept store

Dept store

Food court

Department store

Best locations

No. 1 entrance

83

83

InIn--Line v. Corner LocationLine v. Corner Location

Mall

Display cases

Mall

Mall

84

84

Typical Power StripTypical Power Strip

MAJOR ROAD

MA

JOR

RO

AD

Dick

s Sp

ortin

g Go

ods

Toys

R U

s

Bed

Bath

&

Beyo

nd

Best

Buy

Bord

ers

Bank

Rest

aura

nt

JARE

D *

Rest

aura

ntK

ay

Kay *

Speciality retailers* Note: Kay and Jared are unlikely to be sited in the same power strip mall

85

85

Typical Lifestyle CentreTypical Lifestyle Centre

MAJOR ROAD

MA

JOR

RO

AD

Restaurants

Kay

Specialityretailers

Health & Beauty

Cine

ma

Nord

stro

m

Pedestrian area

Pedestrian area

Pedestrianarea

Bord

ers

86

86

UK JewelleryUK Jewellery

PageLike For Like Sales Growth 20Store Count 20Average Sales 21Sales Mix (HS) 21Sales Mix (EJ) 22Average Retail Price 22Store Investment (HS) 23Store Investment (EJ) 23

87

87

Like for Like Like for Like Sales GrowthSales Growth

H.Samuel5 year c.a.g.r. (0.4)% to 2007/08

3.51.9

0.7-8.71.3

2003/04 2004/05 2005/06 2006/07 2007/08

Ernest Jones5 year c.a.g.r. 1.9% to 2007/088.4

4.5

1.7-7.5

2.9

2003/04 2004/05 2005/06 2006/07 2007/08

88

88

UK Store CountUK Store Count

2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08

H.Samuel 422 418 407 398 386 375 359

Ernest Jones 184 192 197 204 207 206 204

Total 606 610 604 602 593 581 563

89

89

UK Average SalesUK Average Sales

2003/04 2004/05 2005/06 2006/07* 2007/08

H.Samuel (£’000) 707 723 681 695 722

Ernest Jones (£’000) 1,101 1,150 1,065 1,079 1,105

Average sales per store excluding VAT. Includes only stores operated for the full financial year * 53 week year

90

90

UK Merchandise MixUK Merchandise MixH.SamuelH.Samuel

2003/04%

2004/05%

2005/06%

2006/07%

2007/08 %

Gold jewellery 32 32 32 31 31

Watches 24 24 24 24 25

Diamond jewellery 17 19 20 21 22

Other jewellery 9 9 9 10 10

Gifts and other 18 17 15 14 12

Total 100 100 100 100 100

91

91

UK Merchandise MixUK Merchandise MixErnest JonesErnest Jones

2003/04%

2004/05%

2005/06%

2006/07%

2007/08%

Gold jewellery 25 25 25 25 25Watches 32 31 30 31 33

Diamond jewellery 34 36 36 35 34

Other jewellery 5 5 6 6 6

Gifts and other 4 3 3 3 2

Total 100 100 100 100 100

92

92

Average Retail Price of Average Retail Price of Merchandise Sold (Merchandise Sold (££))

2003/04 2004/05 2005/06 2006/07 2007/08H.Samuel 35 37 38 42 44

Ernest Jones 139 141 148 163 180

93

93

H.Samuel Store InvestmentH.Samuel Store Investment

Before After

94

94

Ernest Jones Store InvestmentErnest Jones Store Investment

Before After

95

95

UK Jewellery MarketUK Jewellery Market

PageRetail Market Map 24Growth of UK Jewellery Market 25

96

96

UK Retail Market Map UK Retail Market Map (ex. Independents)(ex. Independents)

£150

£0FEW MANY

Range of Products

Estimated Average Transaction Value

HIGH

LOW

Beaverbrooks

Goldsmiths

Argos

Half Price Jewellers

Warren James

F. Hinds

H.Samuel

Ernest Jones

Leslie Davis

Asda

97

97

Growth of UK Jewellery MarketGrowth of UK Jewellery Market

0

1000

2000

3000

4000

500019

8019

8219

8419

8619

8819

9019

9219

9419

9619

9820

0020

0220

0420

06

£m

Source: Office National Statistics

c.a.g.r. 5.1%