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

2. FINANCIAL RESULTS FY 2004 AND Q4 2004 Eur mios.FY 2004 FY 2003 DELTA FY 04/03 Q4 2004 Q4 2003 DELTA Q4 04/03 REVENUES rep. REVENUES const.currency 827.7759.3+9% +12.1% 273.3247.3+10.5% +13.3% GROSS PR. Gross mg 527.7 63.8 % 474.4 62.5 % +11.2%178.5 65.3 % 158.5 64.1% +12.6% EBIT Ebit mg 134.2 16.2 % 116.9 15.4 % +14.8%56.7 20.7 % 54.8 22.1 % +3.6% NET PROFIT Net P.mg 108.3 13.1 % 92.1 12.1 % +17.5%46.3 16.9 % 48.2 19.5 % -4.0%

3. 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 JEWELRY342.741.4109.139.9+11.4+14.5+10.0+13.3 WATCHES256.431.081.829.9+5.0+8.7-1.7+1.1 PERFUMES154.218.658.821.5+12.8+15.5+30.9+32.0 ACCESSORIES 62.17.519.97.3+11.5+13.8+24.9+27.0 ROYALTIES AND OTHER 12.31.53.71.4-18.1N/A-9.5N/A TOTAL827.7100273.3100+9.0+12.1+10.5+13.3 REVENUES – 2004 AND Q4 2004 DETAIL BY PRODUCT LINE

4. 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 ITALY108.713.138.614.1+3.0 +10.9 EUROPE W/OUT ITALY 189.622.958.921.6+0.0 +6.4 AMERICAS122.814.844.716.4+12.9+22.4+12.6+20.8 JAPAN 206.525.070.925.9+24.1+27.2+25.0+29.7 FAR EAST146.517.746.717.1+2.7+8.1+0.1+4.2 MIDDLE EAST AND OTHER 53.66.513.44.9+15.7N/A-4.4N/A TOTAL827.7100273.3100+9.0+12.1+10.5+13.3 REVENUES – 2004 AND Q4 2004 DETAIL BY GEOGRAPHICAL AREA

5. GROUP P/L FY 2004 MEUR FY 2003 MEUR % GROWTH 2004/2003 % ON REVENUES 2004 REVENUES827.7759.3+9100 GROSS MARGIN527.7474.4+11.263.8 PERSONNEL COSTS128.5117.8+9.015.5 AMOR.&DEPR.39.139.0+0.14.7 OTHER GEN EXPENSES129.5120.0+8.015.6 TOT GEN EXP EXCL. ADV&PROMOT. 297.1276.8+7.435.9 ADV. AND PROMOTION96.480.7+19.511.6 TOT GENERAL EXP393.5357.5+10.147.6 EBIT134.2116.9+14.816.2 NON OPER. EXP. INC.MIN. 137.9+64.5-1.6 PROFIT BEFORE TAX 121.2109.0+11.214.6 TAXES12.916.9-23.61.6 NET PROFIT AFTER TAXES 108.392.1+17.513.1 BVLGARI PROFIT AND LOSS OVERVIEW FISCAL YEAR 2004

6. 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/USD1.24+10% EUR/JPY134.4+2.6%

7. 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%

8. CONSOLIDATED TAX RATE

9. NET WORKING CAPITAL Me euro2001200220032004 RECEIV.124143132161 INVENTORY547477430459 PAYABL.-119-118-109-151 TOT NWC552502453469 EXCLUDING OTHER REC. AND OTHER PAY.

10. CAPITAL EXPENDITURE M.EURO2001200220032004 TANGIBLE36242327 INTANGIBLE Excluded goodwill 1291518 TOTAL48333845

11. 2004 – NETWORK EVOLUTION 200420032002 DOS BOUTIQUES 1079283 FRANCHISEES 383533 TOTAL STORES 145127116 TRAVEL RETAIL AND WHOLESALE STORES (POINTS OF SALE) 495553 TOTAL STORES+P.O.S. 194182169

12. 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

13. CASH FLOW GENERATION M.EURO

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

15. 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

16. 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

17. QUESTIONS & ANSWERS BVLGARI INVESTOR RELATIONS WEBSITE http://production.investis.com/bulgari/frameset In order to receive updates via e-mail on the quarterly results releases, please add your name and e-mail address to the Alerting Service. For investor relations queries, please contact: renata.casaro@bulgari.com.renata.casaro@bulgari.com Thank you. BVLGARI CORPORATE WEBSITE http://www.bulgari.com For more information about the the Bvlgari products please join the dedicated mailing list.

18. 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 2005. 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 http://production.investis.com/bulgari/frameset

19. HISTORICAL REPORTED REVENUES BY PRODUCT LINE % GROWTH AND % ON TOTAL SALES YOY GROWTH1998199920002001200220032004 JEWELS+8+30+47+26+2.1+4.7+11.4 WATCHES+15+41+43-6-16.6+5.0 PERFUMES+63+18+15+37+4.8+3.1+12.8 ACCESSORIES+292+41+53+48+3.7+39.5+11.5 ROYALTIES AND OTHER +86+25+15+11-17.8+4.8-18.1 BREAKDOWN1998199920002001200220032004 JEWELS33323438 41 WATCHES42454639383231 PERF.19161416171819 ACCESS.3445578 ROYALT. OTH3322221

20. HISTORICAL REPORTED REVENUES BY GEOGRAPHICAL AREA % GROWTH AND % ON TOTAL SALES YOY GROWTH1998199920002001200220032004 ITALY+33+17+43+19+2.8-1.6+3.0 EUROPE+15+20+38+24-3.3-0.9+0.0 AMERICAS+35+26+28-16-2.0-6.2+12.9 JAPAN+32+60+36+7+7.3+0.9+24.1 FAR EAST+3+58+61+27-6.6+7.5+2.7 M.EAST OTH+22+19+47+59+23.7-24.6+15.7 BREAKDOWN1998199920002001200220032004 ITALY1413 14 13 EUROPE2724 2625 23 AMERICAS24232115 1415 JAPAN18222120212225 FAR EAST12141719171918 M.EAST OT.5446866

21. 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, 31.12.2004 and 27.01.2005 press releases, institutional conference calls WWW.BULGARI.COM web siteWWW.BULGARI.COM