THE BVLGARI GROUP Fiscal Year 2005 and Q Rome, 27 March 2006 When printing the presentation please choose the Pure B/W option

FINANCIAL RESULTS Q Eur mios.Q Q DELTA Q4 05/04 REVENUES - reported REVENUES - const.currency % +12.6% GROSS PR. Gross margin % % +14.9% EBIT BEFORE ADVERT & PROM Margin % % +27.2% ADVERTISING AND PROM. % on revenues % % +19.2% EBIT Ebit margin % % +31.9% NET PROFIT Net profit margin % % +32.3% 2005 and 2004 IFRS compliant

FINANCIAL RESULTS FY 2005 Eur mios.FY 2005 FY 2004 DELTA FY 05/04 REVENUES - reported REVENUES - const.currency % +10.6% GROSS PROFIT Gross margin % % +12.8% EBIT BEFORE ADVERT & PROM. Margin % % +13.5% ADVERTISING AND PROM. % on revenues % % +20.6% EBIT Ebit margin % % +8.4% NET PROFIT Net Profit margin % % +7.1% 2005 and 2004 IFRS compliant

PRODUCT CATEGORY FY 2005Q4 2005% GROWTH 2005/2004 FULL YEAR % GROWTH 2005/2004 FOURTH QUARTER REPORTEDAT COMP.FXREPORTEDAT COMP.FX MEUR% ON TOTAL SALES MEUR% ON TOTAL SALES % GROWTH JEWELRY36840%11938% %+8.3% WATCHES26829%9631% %+16.2% PERFUMES18220%6722% %+14.9% ACCESSORIE S 778%227% %+11.8% ROYALTIES AND OTHER 233%72%+42.3n.a.+20.9%n. a. TOTAL919100%311100% %+12.6% REVENUES – 2005 AND Q DETAIL BY PRODUCT LINE 2005 and 2004 IFRS compliant

GEOGRAPHICA L AREA FY 2005Q % GROWTH 2005/2004 FULL YEAR % GROWTH 2005/2004 FOURTH QUARTER REPORTEDAT COMP.FXREPORTEDAT COMP.FX MEUR% ON TOTAL SALES MEUR% ON TOTAL SALES % GROWTH ITALY13014%4414%+15.4%-+9.4%- EUROPE W/OUT ITALY 21924%7825%+15.2%-+33.0%- AMERICAS13815%4715%+12.6%+12.5%+4.8%+1.0% JAPAN 23926%8427%+15.7%+17.4%+17.9%+19.7% FAR EAST14015%4214%-4.7%-6.6%-10.3%-14.3% MIDDLE EAST AND OTHER 536%165%-0.4%n. a.+22.2%n. a. TOTAL919100%311100%+10.5%+10.6%+13.2%+12.6% REVENUES – 2005 AND Q DETAIL BY GEOGRAPHICAL AREA 2005 and 2004 IFRS compliant

GROSS MARGIN Q and FY BASIS POINTS +140 BASIS POINTS 2005 and 2004 IFRS compliant

EBIT MARGIN before ADVERTISING & PROMOTION FY BASIS POINTS 2005 and 2004 IFRS compliant

ADVERTISING AND PROMOTION ADVERTISING AND PROMOTION INVESTEMENTS IN M.EURO AND AS A % ON REVENUES Q % On tot.revenues 12.5% +19% 2005 and 2004 IFRS compliant

ADVERTISING AND PROMOTION INVESTEMENTS IN M.EURO AND AS A % ON REVENUES 9.9%9.6% 10.2%11.1%13.6%12.6% % on REV 12.2%13.4% 10.6%11.6% 12.7% +21 % 2005 and 2004 IFRS compliant

EBIT MARGIN FY and 2004 IFRS compliant

CONSOLIDATED TAX RATE FY and 2004 IFRS compliant

NET MARGIN FY and 2004 IFRS compliant

NET WORKING CAPITAL Me euro RECEIV INVENTORY PAYABL TOT NWC EXCLUDING OTHER REC. AND OTHER PAY and 2005 IFRS compliant

CAPITAL EXPENDITURE M.EURO TANGIBLE INTANGIBLE *27* TOTAL and 2004 IFRS compliant *Excluding Goodwil-Including Key Money

CASH FLOW GENERATION M.EURO 2005 and 2004 IFRS compliantInvestments = Tangible, Intangible, Goodwill

BALANCE SHEET HIGHLIGHTS M.EURO GEARING 60% 25% 8% 2% 7% 2005 and 2004 IFRS compliant

2005 – NETWORK EVOLUTION DOS BOUTIQUES FRANCHISEES 3842 TOTAL STORES TRAVEL RETAIL AND WHOLESALE STORES (POINTS OF SALE) 4948 TOTAL STORES+P.O.S MAIN NEW OPENINGS: DIRECTLY OPERATED STORES (DOS): PARIS PLACE VENDOME, OSAKA SHINSAIBASHI SOGO, TAIPEI 101, SEVILLA EL CORTE INGLES… FRANCHISEES: DUBAI MALL MAIN D.O.S. REFURBISHINGS/RELOCATIONS/ENLARGEMENTS: VENEZIA, GENEVE, TOKYO SHINJUKU TAKASHIMAYA, SAPPORO MITSUKOSHI, SINGAPORE HILTON

BVLGARI FOCUS 2006 IMPORTANT PRODUCT LAUNCHES IN ALL CATEGORIES JEWELRYWATCHESPERFUMESACCESSORIES EYEWEAR NEW PRODUCTS TO BE PRESENTED TO THE TRADE IN BASEL APRIL 2006 EAU PARFUMEE AU THE ROUGE NOW IN STORE SPRING COLLECTION NOW IN STORE NEW VERSIONS SEASONAL FLANKERSFALL/WINTER ADVERTISING CAMPAIGNS THE BVLGARI CAMPAIGNS ADVERTISE FIRST OF ALL THE BRAND DEDICATED CAMPAIGNS FOR THE NEW PRODUCTS DIAMOND PROJECT Bzero1 CAMPAIGN NEW THE ROUGE CAMPAIGN, MORE TO COME NEW EYEWEAR CAMPAIGN

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HISTORICAL REPORTED REVENUES BY PRODUCT LINE % GROWTH AND % ON TOTAL SALES YOY GROWTH IAS 2005 IAS JEWELS WATCHES PERFUMES ACCESSORIES ROYALTIES AND OTHER BREAKDOWN IAS 2005 IAS JEWELS WATCHES PERF ACCESS ROYALT. OTH and 2004 IFRS compliant

HISTORICAL REPORTED REVENUES BY GEOGRAPHICAL AREA % GROWTH AND % ON TOTAL SALES YOY GROWTH IAS 2004 IAS ITALY EUROPE AMERICAS JAPAN FAR EAST M.EAST OTH BREAKDOWN IAS 2004 IAS ITALY EUROPE AMERICAS JAPAN FAR EAST M.EAST OT and 2004 IFRS compliant

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 SpA 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 SpA or any of its subsidiaries and should carefully consider the high risks involved in purchasing these securities. This document contains certains 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 Source of the information presented: FY 2004 IAS presentation, FY 2005 SALES presentation FY 2005 RESULTS press releases, presentation and institutional conference calls web site