THE BVLGARI GROUP Fiscal Year 2005 Third Quarter and 9 Month Results November 14th 2005 When printing the presentation please choose Pure B/W option

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

FINANCIAL HIGHLIGHTS Q and 9 MONTHS 2005 Eur mios.Q Q DELTA Q3 05/04 REVENUES - REPORTED REVENUES – AT CONST.FX % +8.1% GROSS PROFIT % TOTAL OPERATING EXPENSES % ADVERTISING & PROMOTION EXPENSES % EBIT % NET PROFIT %

FINANCIAL HIGHLIGHTS Q and 9 MONTHS 2005 Eur mios.Q Q DELTA Q3 05/04 REVENUES - REPORTED REVENUES – AT CONST.FX % +8.1% GROSS PROFIT % TOTAL OPERATING EXPENSES % ADVERTISING & PROMOTION EXPENSES % EBIT % NET PROFIT % 9M M 2004 DELTA 9M 05/ % +9.8% % % % % %

PRODUCT CATEGORY Q MEUR% ON TOTAL SALES JEWELRY % WATCHES % PERFUMES % ACCESSORIES % ROYALTIES AND OTHER % TOTAL % REVENUES – Q REVENUES – Q DETAILS BY PRODUCT LINE VARIATION % 2005/2004 THIRD QUARTER REPORTEDAT COMP.FX % GROWTH +6.5%+7.3% -2.4%-1.3% +18.5%+19.4% +21.5%+22.2% +19.9%N.A. +7.3%+8.1%

PRODUCT CATEGORY JAN/SEP 2005 MEUR% ON TOTAL SALES JEWELRY % WATCHES % PERFUMES % ACCESSORIES % ROYALTIES AND OTHER % TOTAL % REVENUES – JAN/SEP 2005 REVENUES – JAN/SEP 2005 DETAILS BY PRODUCT LINE VARIATION % 2005/2004 JAN-SEP REPORTEDAT COMP.FX % GROWTH +6.8%+7.5% -1.6%-0.5% +20.6%+21.0% +29.4%+30.0% +52.8%N.A. +9.1%+9.8%

GEOGRAPHICAL AREA Q MEUR% ON TOTAL SALES ITALY % EUROPE W/OUT ITALY % AMERICAS % JAPAN % FAR EAST % MIDDLE EAST AND OTHER % TOTAL % REVENUES – Q REVENUES – Q DETAILS BY GEOGRAPHICAL AREA VARIATION % 2005/2004 THIRD QUARTER REPORTEDAT COMP.FX % GROWTH +25.6% +9.3% +4.3%+4.7% +12.5%+13.6% -14.2%-16.2% +8.2%n.a. +7.3%+8.1%

GEOGRAPHICAL AREA JAN/SEP 2005 MEUR% ON TOTAL SALES ITALY % EUROPE W/OUT ITALY % AMERICAS % JAPAN % FAR EAST % MIDDLE EAST AND OTHER % TOTAL % REVENUES – JAN/SEP 2005 REVENUES – JAN/SEP 2005 DETAILS BY GEOGRAPHICAL AREA VARIATION % 2005/2004 JAN-SEP REPORTEDAT COMP.FX % GROWTH +18.7% +7.2% +17.0%+19.5% +14.6%+16.2% -2.1%-2.8% -7.9%n.a. +9.1%+9.8%

ADVERTISING AND PROMOTION ADVERTISING AND PROMOTION INVESTMENTS IN M.EURO AND AS A % ON REVENUES 11.5%12.8% On tot.revenues +21.3% 9.9%9.6%10.2% 11.1%13.6%12.6%12.2%13.4% 10.6%11.6%

GROSS MARGIN EVOLUTION

NET WORKING CAPITAL Me euro RECEIV INVENTORY PAYABL.(75.8)(82.6)(105.3)(103.0) NWC * * Excluding other payables and other receivables ROTATION (DAYS) INVENTORY NWC*

CAPITAL EXPENDITURE M.EURO9m 20039m 20049m 2005 TANGIBLE INTANGIBLE * TOTAL *= of which, Key-money for some 2006 store openings eur 14.4m

BALANCE SHEET HIGHLIGHTS M.EURO GEARING 49% 29% 15% 26%

QUESTIONS & ANSWERS LATEST PRODUCT LAUNCHES: ASSIOMA WATCH COLLECTION NOW AVAILABLE ONLINE: ASSIOMA FILM AND COLLECTION FULL DETAILS ON When printing the presentation please choose Pure B/W option When printing the presentation please choose the Pure B/W option

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