THE BVLGARI GROUP Fiscal Year 2004 Rome, 22 March 2005 When printing the presentation please choose the Pure B/W option

FINANCIAL RESULTS FY 2004 AND Q Eur mios.FY 2004 FY 2003 DELTA FY 04/03 Q Q DELTA Q4 04/03 REVENUES rep. REVENUES const.currency % +12.1% % +13.3% GROSS PR. Gross mg % % +11.2% % % +12.6% EBIT Ebit mg % % +14.8% % % +3.6% NET PROFIT Net P.mg % % +17.5% % % -4.0%

PRODUCT CATEGORY FY 2004Q4 2004VARIATION % 2004/2003 FULL YEAR VARIATION % 2004/2003 FOURTH QUARTER REPORTEDAT COMP.FXREPORTEDAT COMP.FX MEUR% ON TOTAL SALES MEUR% ON TOTAL SALES % GROWTH JEWELRY WATCHES PERFUMES ACCESSORIES ROYALTIES AND OTHER N/A-9.5N/A TOTAL REVENUES – 2004 AND Q DETAIL BY PRODUCT LINE

GEOGRAPHICAL AREA FY 2004Q4 2004VARIATION % 2004/2003 FULL YEAR VARIATION % 2004/2003 FOURTH QUARTER REPORTEDAT COMP.FXREPORTEDAT COMP.FX MEUR% ON TOTAL SALES MEUR% ON TOTAL SALES % GROWTH ITALY EUROPE W/OUT ITALY AMERICAS JAPAN FAR EAST MIDDLE EAST AND OTHER N/A-4.4N/A TOTAL REVENUES – 2004 AND Q DETAIL BY GEOGRAPHICAL AREA

GROUP P/L FY 2004 MEUR FY 2003 MEUR % GROWTH 2004/2003 % ON REVENUES 2004 REVENUES GROSS MARGIN PERSONNEL COSTS AMOR.&DEPR OTHER GEN EXPENSES TOT GEN EXP EXCL. ADV&PROMOT ADV. AND PROMOTION TOT GENERAL EXP EBIT NON OPER. EXP. INC.MIN PROFIT BEFORE TAX TAXES NET PROFIT AFTER TAXES BVLGARI PROFIT AND LOSS OVERVIEW FISCAL YEAR 2004

GROSS MARGIN REVENUE BREAK DOWN FY 2002 JEWELS38.0% WATCHES37.9% PERFUMES17.1% ACCESSOR.5.2% ROYA/OTH1.8% TOTAL100% REVENUE BREAK DOWN FY 2003 JEWELS40.5% WATCHES32.2% PERFUMES18.0% ACCESSOR.7.3% ROYA/OTH2.0% TOTAL100% REVENUE BREAK DOWN FY 2004 JEWELS41.4% WATCHES31.0% PERFUMES18.6% ACCESSOR.7.5% ROYA/OTH1.5% TOTAL100% FX RATES Market evolution 2004 AVERAGE FX RATE 2004vs2003 AVERAGE EUR APPREC. EUR/USD % EUR/JPY %

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

CONSOLIDATED TAX RATE

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

CAPITAL EXPENDITURE M.EURO TANGIBLE INTANGIBLE Excluded goodwill TOTAL

2004 – NETWORK EVOLUTION DOS BOUTIQUES FRANCHISEES TOTAL STORES TRAVEL RETAIL AND WHOLESALE STORES (POINTS OF SALE) TOTAL STORES+P.O.S

2004 – STORE REFURBISHMENTS and NEW OPENINGS NEW DIRECTLY OPERATED STORES (DOS) +7 new locations +8 locations previously WS/TR +15 total Openings in Q4 Milan Malpensa 2 Berlin KaDeWe Barcelona Busan Lotte Openings in Q1, Q2, Q3 Chiba Mitsukoshi Hiroshima Tenmaya Taichung Mitsukoshi + 8 wholesale corners reclassified as DOS EXISTING DOS RE-LOCATIONS 4 important relocationsOsaka London New Bond Street Berlin KuDamm Chicago NEW FRANCHISEES +3 new locations +3 total Bharain Sao Paolo Iguatemi Delhi NEW TRAVEL RETAIL WHOLESALE STORES +2 new locations - 8 locations now DOS -6 total DFS OkinawaHeinemann Frankfurt - 8 wholesale corners now DOS Grand Total+12 new locations 4 relocations

CASH FLOW GENERATION M.EURO

BALANCE SHEET HIGHLIGHTS M.EURO GEARING 60% 25% 8% 2%

ENHANCEMENT OF EXCLUSIVE BOUTIQUES LOCATION, SURFACE, ASSORTMENT, SERVICE CONTINUED STORE OPENINGS AND REFURBISHMENTS CONTINUED, STRONG PRODUCT INNOVATION - CAPITALIZING ON THE COLLECTION CONCEPT TO BE PRESENTED AT THE BASEL FAIR, APRIL 2005 HIGHER DEGREE OF VERTICAL INTEGRATION MORE FOCUS ON PRODUCTION PROCESSES CROVA FULL INTEGRATION, MORE IDEAS FURTHER ENHANCEMENT OF THE HIGH JEWELRY OFFER WITH THE DIAMOND PROJECT Q2 2005, FIRST PRODUCTS ON SHELF BVLGARI FOCUS 2005 EFFECTIVE ADVERTISING SUPPORT AND GREATER FOCUS ON THE CONTROL OF THE DISTRIBUTION CHANNEL NEW, DEDICATED CAMPAIGNS ONGOING CONTROL ON THE DISTRIBUTION CHANNEL

BVLGARI FOCUS 2005 IMPORTANT PRODUCT LAUNCHES IN ALL CATEGORIES JEWELRYWATCHESPERFUMESACCESSORIES NEW PRODUCT LAUNCHES TO BE PRESENTED TO THE TRADE IN BASEL APRIL 2005 CABOCHON CICLADI (BASEL SELECTION ) NOW IN STORE TO BE PRESENTED TO THE TRADE IN BASEL APRIL 2005 AQUA POUR HOMME NOW IN STORE CRUISE COLLECTION SPRING COLLECTION NOW IN STORE LINE EXTENSIONS AND NEW VERSIONS BASEL SEASONAL FLANKERSSPRING/SUMMER AND FALL/WINTER ADVERTISING CAMPAIGNS THE BVLGARI CAMPAIGNS ADVERTISE FIRST OF ALL THE BRAND DEDICATED CAMPAIGNS FOR THE NEW PRODUCTS, DIAMOND PROJECT + NEW Bzero1 CAMPAIGN NEW AQUA CAMPAIGN, NEW BLV CAMPAIGN, MORE TO COME NEW EYEWEAR CAMPAIGN

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TECHNICAL INFORMATION ON IAS/IFRS IMPLEMENTATION Procedure The Company is completing its preparation for the transition to the new IAS/IFRS accounting principles, which will be submitted as soon as possible to the exam of its auditing company KPMG S.p.A. Date of application The International Accounting Standards will presumably be applied starting from the presentation of the financial statements for the first semester In that occasion a prospect of analytical link between net assets and quarterly profit will be prepared where these lattere will be drawn up following the previous accounting principles and the new IAS/IFRS ones. More technical details on

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

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

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 Sources of the information presented: FY 2003 presentation, and press releases, institutional conference calls web siteWWW.BULGARI.COM