THE BVLGARI GROUP First Quarter 2006 Rome, 11 May 2006 When printing the presentation please choose the Pure B/W option

FINANCIAL RESULTS Q MEURQ Q DELTA Q1 06/05 REVENUES % +11.9%* GROSS PR. Gross margin % % +13.1% EBIT Ebit margin % % +15.2% NET PROFIT Net profit margin % % +18.6% 2005 and 2006 IFRS compliant *= at comparable exchange rates 1

PRODUCT CATEGORY Q MEUR% ON TOTAL SALES JEWELRY % WATCHES % ACCESSORIES % PERFUMES % ROYALTIES AND OTHER % TOTAL % REVENUES – Q DETAIL BY PRODUCT LINE 2005 and 2006 IFRS compliant 2

PRODUCT CATEGORY Q1 2006% GROWTH 2006/2005 FIRST QUARTER REPORTEDAT COMP.FX MEUR% ON TOTAL SALES % GROWTH JEWELRY %+10.0%+8.2% WATCHES %+15.9%+13.1% ACCESSORIES %+44.8%+44.2% PERFUMES %-1.2%-1.9% ROYALTIES AND OTHER %+33.9%N.A. TOTAL %+13.6%+11.9% REVENUES – Q DETAIL BY PRODUCT LINE 2005 and 2006 IFRS compliant 3

PRODUCT CATEGORY Q1 2006% GROWTH 2006/2005 FIRST QUARTER REPORTEDAT COMP.FX MEUR% ON TOTAL SALES % GROWTH JEWELRY %+10.0%+8.2% WATCHES %+15.9%+13.1% ACCESSORIES %+44.8%+44.2% PERFUMES %-1.2%-1.9% ROYALTIES AND OTHER %+33.9%N.A. TOTAL %+13.6%+11.9% REVENUES – Q DETAIL BY PRODUCT LINE 2005 and 2006 IFRS compliant GROWTH % 2005/2004 FIRST QUARTER REPORTEDAT COMP.FX % GROWTH +9.1%+10.2% +1.8%+3.1% +27.9%+28.3% +20.3%+19.8% +97.5%N/A +11.9%+12.8% 4

GEOGRAPHICAL AREA Q MEUR% ON TOTAL SALES ITALY % EUROPE W/OUT ITALY % AMERICAS % JAPAN % FAR EAST % MIDDLE EAST AND OTHER % TOTAL % REVENUES – Q DETAIL BY GEOGRAPHICAL AREA 2005 and 2006 IFRS compliant 5

GEOGRAPHICAL AREA Q1 2006% GROWTH 2006/2005 FIRST QUARTER REPORTEDAT COMP.FX MEUR% ON TOTAL SALES % GROWTH ITALY %+13.9% EUROPE W/OUT ITALY %+27.1% AMERICAS %+15.3%+8.4% JAPAN %+22.8%+25.3% FAR EAST %-20.3%-24.7% MIDDLE EAST AND OTHER %+22.5%N.A. TOTAL %+13.6%+11.9% REVENUES – Q DETAIL BY GEOGRAPHICAL AREA 2005 and 2006 IFRS compliant 6

GEOGRAPHICAL AREA Q1 2006% GROWTH 2006/2005 FIRST QUARTER REPORTEDAT COMP.FX MEUR% ON TOTAL SALES % GROWTH ITALY %+13.9% EUROPE W/OUT ITALY %+27.1% AMERICAS %+15.3%+8.4% JAPAN %+22.8%+25.3% FAR EAST %-20.3%-24.7% MIDDLE EAST AND OTHER %+22.5%N.A. TOTAL %+13.6%+11.9% REVENUES – Q DETAIL BY GEOGRAPHICAL AREA 2005 and 2006 IFRS compliant % GROWTH 2005/2004 FIRST QUARTER REPORTEDAT COMP.FX % GROWTH +21.4% -0.8% +29.4%+33.7% +18.3%+19.9% +7.7%+8.6% -8.2%N/A +11.9%+12.8% 7

GROSS MARGIN QUARTERLY EVOLUTION 2005 and 2006 IFRS compliant 8

ADVERTISING AND PROMOTION ADVERTISING AND PROMOTION INVESTEMENTS IN M.EURO AND AS A % ON REVENUES 9.9% On tot.revenues 13.2% 2005 and 2006 IFRS compliant 11.6% 12.7% 9

GROUP P/L - EXTRACT Q MEUR Q MEUR Q1 06 / Q1 05 % GROWTH Q % ON REVENUES REVENUES %100% GROSS MARGIN %65.0% OPERATING EXPENSES WITHOUT ADV AND PROMOTION %42.7% EBIT BEFORE ADV AND PROMOTION %22.3% ADV. AND PROMOTION %11.6% EBIT %10.7% NON OPERATING EXPENSES, MINORITIES AND TAXES %+1.8% NET PROFIT %8.9% FINANCIAL HIGHLIGHTS Q and 2006 IFRS compliant 10

NET WORKING CAPITAL MEURQ1 04Q1 05Q1 06 RECEIV INVENTORY PAYABL TOT NWC EXCLUDING OTHER REC. AND OTHER PAY and 2006 IFRS compliant 11

CAPITAL EXPENDITURE MEURQ1 04Q1 05Q1 06 TANGIBLE INTANGIBLE Excluding Goodwill Including Key Money TOTAL and 2006 IFRS compliant 12

BALANCE SHEET HIGHLIGHTS M.EURO GEARING 12% 5% 9% 2005 and 2006 IFRS compliant 13

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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 managements 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