THE BVLGARI GROUP First Quarter 2005 Rome, 12 May 2005 When printing the presentation please choose the Pure B/W option.

THE BVLGARI GROUP THE BVLGARI GROUP

First First Quarter 200Quarter 20055

Rome, 12 May 2005

When printing the presentation please choose the “Pure B/W” option When printing the presentation please choose the “Pure B/W” option

FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS Q1 2005 Q1 2005

Eur mios. Q12005

Q12004

DELTAQ1 05/04

REVENUES - REPORTED

REVENUES – AT CONST.FX

179.4 160.3 +11.9%

+12.8%

GROSS PROFIT

% ON SALES

117.1

65.2%

100.3

62.5%

+16.8%

EBIT EX ADV. & PROM.

% ON SALES

41.9

23.4 %

34.8

21.7%

+20.4%

EBIT

% ON SALES

18.3

10.2%

18.9

11.8%

-3.0%

NET PROFIT

% ON SALES

14.7

8.2%

13.5

8.4%

+9.1%

PRODUCTCATEGORY

Q1 2005 VARIATION % 2005/2004

FIRST QUARTER

REPORTED AT COMP.FX

MEUR % ON TOTALSALES

% GROWTH

JEWELRY 72.2 40.3% +9.1% +10.2%

WATCHES 50.3 28.0% +1.8% +3.1%

PERFUMES 34.1 19.0% +20.3% +19.8%

ACCESSORIES

17.5 9.8% +27.9% +28.3%

ROYALTIES, HOTEL AND OTHER

5.3 2.9% 97.5% N/A

TOTAL 179.4 100% +11.9% +12.8%

REVENUES – Q1 2005 REVENUES – Q1 2005 DETAILS BY PRODUCT LINE

GEOGRAPHICALAREA

Q1 2005 VARIATION % 2005/2004

FIRST QUARTER

REPORTED AT COMP.FX

MEUR % ON TOTALSALES

% GROWTH

ITALY 21.7 12.1% +21.4%

EUROPEW/OUT ITALY

37.9 21.1% -0.8%

AMERICAS 30.3 16.9% +29.4% +33.7%

JAPAN 47.2 26.3% +18.3% +19.9%

FAR EAST 32.1 17.9% +7.7% +8.6%

MIDDLE EASTAND OTHER

10.2 5.7% -8.2% N/A

TOTAL 179.4 100% +11.9% +12.8%

REVENUES – Q1 2005 REVENUES – Q1 2005 DETAILS BY GEOGRAPHICAL AREA

GROSS MARGINGROSS MARGIN

60,2%

65,2%62,5%

60,9%

Q1 2002 Q1 2003 Q1 2004 Q1 2005

GROSS MARGINGROSS MARGIN% REV.On total revenues

Q1 2002

JEWELS 39.6%

WATCHES 33.4%

PERFUMES 19.4%

ACCESSOR.

5.2%

ROYA/OTH 2.4%

TOTAL 100%

% REV.On totalrevenues

Q1 2003

JEWELS 38.3%

WATCHES 32.7%

PERFUMES 17.2%

ACCESSOR.

9.2%

ROYA/OTH 2.6%

TOTAL 100%

% REVOn total revenues

Q1 2004

JEWELS 41.3%

WATCHES 30.8%

PERFUMES 17.7%

ACCESSOR.

8.5%

ROYA/OTH 1.7%

TOTAL 100%

60,2%

65,2%62,5%

60,9%

Q1 2002 Q1 2003 Q1 2004 Q1 2005

% REV.On total revenues

Q1 2005

JEWELS 40.3%

WATCHES 28.0%

PERFUMES 19.0%

ACCESSOR. 9.8%

ROYA, HOT oth

2.9%

TOTAL 100%

GROUPP/L - EXTRACT

Q1 2005MEUR

Q1 2004MEUR

Q1 05 / Q1 04 % GROWTH

Q1 2005% ON REVENUES

REVENUES 179.4 160.3 +11.9% 100%

GROSS MARGIN 117.1 100.3 +16.8% 65.2%

OPERATING EXPENSES WITHOUT ADV AND PROMOTION

75.2 65.5 +14.7% 41.9%

EBITBEFORE ADV AND PROMOTION

41.9 34.8 +20.4% 23.4%

ADV. AND PROMOTION 23.6 15.9 +48.3% 13.2%

EBIT 18.3 18.9 -3.0% 10.2%

NON OPERATING EXPENSES, MINORITIES AND TAXES

3.6 5.4 -33.3% 2%

NET PROFIT 14.7 13.5 +9.1% 8.2%

FINANCIAL HIGHLIGHTS Q1 2005FINANCIAL HIGHLIGHTS Q1 2005

ADVERTISING AND PROMOTIONADVERTISING AND PROMOTIONINVESTMENTS IN M.EURO AND AS A % ON REVENUES

1924

3350

61

82

102

7681

96

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

14 16

24

0

5

10

15

20

25

30

Q1 2003 Q1 2004 Q1 2005

8.7% 9.9%

On tot.revenues

13.2%

+48%

NET WORKING CAPITALNET WORKING CAPITAL

Me euro Q1 03 Q1 04 Q1 05

RECEIV. 110 112 118

INVENTORY

492 464 493

PAYABL. -97 -105 -121

TOT NWC 505 471 490

EXCLUDING OTHER REC. AND OTHER PAY.

552

-159

594

-73

674

-36

Q1 2003 Q1 2004 Q1 2005

net equity net cash

BALANCE SHEET HIGHLIGHTSBALANCE SHEET HIGHLIGHTSM.EUROM.EURO

GEARING29% 12% 5%

BVLGARI FOCUS 2005 BVLGARI FOCUS 2005 IMPORTANT PRODUCT LAUNCHES IN IMPORTANT PRODUCT LAUNCHES IN ALLALL CATEGORIES CATEGORIES

JEWELRY WATCHES PERFUMES ACCESSORIES

NEW PRODUCT LAUNCHES CABOCHON

collectionCICLADI collection

SAPPHIRE FLOWER collection

DIAMOND PROJECT

ASSIOMA collection

IPNO collectionAQUA POUR

HOMME*

CRUISE COLLECTION*

SPRING COLLECTION

LINE EXTENSIONSAND NEW VERSIONS

More to come

B.zero1ERGON CHRONO

ERGON CHRONO special editions

DIAGONO professionalTITANIUM

BB platinum TourbillonBB white gold Minute

Rep.

SEASONAL FLANKERS SPRING/SUMMERAND

FALL/WINTER

ADVERTISINGCAMPAIGNS

THE BVLGARI CAMPAIGNS ADVERTISE FIRST OF ALL THE BRAND

DEDICATED CAMPAIGNS FOR THE NEW PRODUCTS, DIAMOND PROJECT + NEW Bzero1 CAMPAIGN

AQUA CAMPAIGN*,NEW BLV CAMPAIGN*,

MORE TO COME

NEW EYEWEAR CAMPAIGN

*=Q1 2005

QUESTIONS & ANSWERS

ANNEX

FOR MORE QUALITATIVE INFORMATION ON

SAPPHIRE FLOWER, CABOCHON AND CICLADI

JEWELRY COLLECTIONS

PLEASE SEE

http://www.bulgari.com

When printing the presentation please choose “Pure B/W” option

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Disclaimer Disclaimer This document is for institutional investors only and is not available to private customers. This document is being supplied to a limited number of recipients and it may not be distributed, published or reproduced in whole or in part or disclosed by recipients to any other person.Under no circumstances shall this document constitute an offer to sell, an invitation to acquire or the solicitation of an offer to buy securities in any jurisdiction. Each investor contemplating purchasing securities issued by Bulgari S.p.A or any of its subsidiaries should make its own independent investigation of the financial condition and affairs, and its own appraisal of the creditworthiness, Bulgari S.p.A or any of its subsidiaries and should carefully consider the high risks involved in purchasing these securities. This document contains certain forward looking statements and key financial goals which reflect management’s current views, estimates, and objectives. The forward looking statements and key financial goals involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements and key financial goals. Potential risks and uncertainties include, amongst other things, internal, industry and external factors, such as general economic conditions