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THE BVLGARI GROUP

THE BVLGARI GROUP. First Quarter 200 5 Rome, 12 Ma y 200 5. When printing the presentation please choose the “Pure B/W” option. When printing the presentation please choose the “Pure B/W” option. FINANCIAL HIGHLIGHTS Q1 2005. REVENUES – Q1 2005 DETAILS BY PRODUCT LINE.

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THE BVLGARI GROUP

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  1. THE BVLGARI GROUP First Quarter 2005 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

  2. FINANCIAL HIGHLIGHTS Q1 2005

  3. REVENUES – Q1 2005 DETAILS BY PRODUCT LINE

  4. REVENUES – Q1 2005 DETAILS BY GEOGRAPHICAL AREA

  5. GROSS MARGIN

  6. GROSS MARGIN

  7. FINANCIAL HIGHLIGHTS Q1 2005

  8. ADVERTISING AND PROMOTIONINVESTMENTS IN M.EURO AND AS A % ON REVENUES +48% 8.7% 9.9% 13.2% On tot.revenues

  9. NET WORKING CAPITAL EXCLUDING OTHER REC. AND OTHER PAY.

  10. BALANCE SHEET HIGHLIGHTSM.EURO GEARING 29% 12% 5%

  11. BVLGARI FOCUS 2005 IMPORTANT PRODUCT LAUNCHES IN ALL CATEGORIES *=Q1 2005

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

  13. 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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