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THE BVLGARI GROUP

THE BVLGARI GROUP. First Half 200 5 Rome, 26 September 200 5. When printing the presentation please choose the “Pure B/W” option. When printing the presentation please choose the “Pure B/W” option. All 2004 and 2005 figures are IAS -IFRS compliant

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THE BVLGARI GROUP

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  1. THE BVLGARI GROUP First Half 2005 Rome, 26 September 2005 When printing the presentation please choose the “Pure B/W” option When printing the presentation please choose the “Pure B/W” option

  2. All 2004 and 2005 figures are IAS-IFRS compliant Previous years’ figures were not restated and are Italian GAAP

  3. FINANCIAL HIGHLIGHTS H1 2005

  4. REVENUES – H1 2005 DETAILS BY PRODUCT LINE

  5. REVENUES – H1 2005 DETAILS BY GEOGRAPHICAL AREA

  6. GROSS MARGIN * = before 2004 all figures are Italian GAAP

  7. OPERATING PROFIT ex A&P EVOLUTIONM.EURO +10.7% +22.5% * = before 2004 all figures are Italian GAAP

  8. ADVERTISING AND PROMOTIONINVESTEMENTS IN M.EURO AND AS A % ON REVENUESas well as INDICATION OF REVENUE GROWTH ON THE YEAR 9.6% 9.9% 10.6% 11.6% 10.2% 11.1% 13.6% 12.6% 12.2% 13.4% % on REV

  9. ADVERTISING AND PROMOTIONINVESTMENTS IN M.EURO AND AS A % ON REVENUES +28.7% 12.2% 14.2% On tot.revenues * = before 2004 all figures are Italian GAAP

  10. OPERATING PROFIT EVOLUTIONM.EURO +19.1% -7.8% * = before 2004 all figures are Italian GAAP

  11. NET PROFIT EVOLUTIONM.EURO +36.0% -15.0% * = before 2004 all figures are Italian GAAP

  12. NET WORKING CAPITAL **Excluding other payables and other receivables * = before 2004 all figures are Italian GAAP

  13. BALANCE SHEET HIGHLIGHTSM.EURO GEARING 55% 30% 11% 22% * = before 2004 all figures are Italian GAAP

  14. BVLGARI 2005 – PRODUCT LAUNCHES RECAP *= Q4 launches

  15. QUESTIONS & ANSWERS FOR MORE QUALITATIVE INFORMATION ON ASSIOMA WATCH COLLECTION PLEASE SEE THE DEDICATED SECTION ON http://www.bulgari.com When printing the presentation please choose “Pure B/W” option When printing the presentation please choose the “Pure B/W” option

  16. 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

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