1. THE BVLGARI GROUP First Quarter 2005 Rome, 12 May 2005 When printing the presentation please choose the Pure B/W option

2. FINANCIAL HIGHLIGHTS Q1 2005 Eur mios.Q1 2005 Q1 2004 DELTA Q1 05/04 REVENUES - REPORTED REVENUES – AT CONST.FX 179.4160.3+11.9% +12.8% GROSS PROFIT % ON SALES 117.1 65.2% 100.3 62.5% +16.8% EBIT EX ADV. & PROM. % ON SALES 41.9 23.4 % 34.8 21.7% +20.4% EBIT % ON SALES 18.3 10.2% 18.9 11.8% -3.0% NET PROFIT % ON SALES 14.7 8.2% 13.5 8.4% +9.1%

3. PRODUCT CATEGORY Q1 2005VARIATION % 2005/2004 FIRST QUARTER REPORTEDAT COMP.FX MEUR% ON TOTAL SALES % GROWTH JEWELRY72.240.3%+9.1%+10.2% WATCHES50.328.0%+1.8%+3.1% PERFUMES34.119.0%+20.3%+19.8% ACCESSORIES 17.59.8%+27.9%+28.3% ROYALTIES, HOTEL AND OTHER 5.32.9%97.5%N/A TOTAL179.4100%+11.9%+12.8% REVENUES – Q1 2005 REVENUES – Q1 2005 DETAILS BY PRODUCT LINE

4. GEOGRAPHICAL AREA Q1 2005VARIATION % 2005/2004 FIRST QUARTER REPORTEDAT COMP.FX MEUR% ON TOTAL SALES % GROWTH ITALY21.712.1%+21.4% EUROPE W/OUT ITALY 37.921.1%-0.8% AMERICAS30.316.9%+29.4%+33.7% JAPAN 47.226.3%+18.3%+19.9% FAR EAST32.117.9%+7.7%+8.6% MIDDLE EAST AND OTHER 10.25.7%-8.2%N/A TOTAL179.4100%+11.9%+12.8% REVENUES – Q1 2005 REVENUES – Q1 2005 DETAILS BY GEOGRAPHICAL AREA

5. GROSS MARGIN

6. % REV. On total revenues Q1 2002 JEWELS39.6% WATCHES33.4% PERFUMES19.4% ACCESSOR.5.2% ROYA/OTH2.4% TOTAL100% % REV. On total revenues Q1 2003 JEWELS38.3% WATCHES32.7% PERFUMES17.2% ACCESSOR.9.2% ROYA/OTH2.6% TOTAL100% % REV On total revenues Q1 2004 JEWELS41.3% WATCHES30.8% PERFUMES17.7% ACCESSOR.8.5% ROYA/OTH1.7% TOTAL100% % REV. On total revenues Q1 2005 JEWELS40.3% WATCHES28.0% PERFUMES19.0% ACCESSOR.9.8% ROYA, HOT oth2.9% TOTAL100%

7. GROUP P/L - EXTRACT Q1 2005 MEUR Q1 2004 MEUR Q1 05 / Q1 04 % GROWTH Q1 2005 % ON REVENUES REVENUES179.4160.3+11.9%100% GROSS MARGIN117.1100.3+16.8%65.2% OPERATING EXPENSES WITHOUT ADV AND PROMOTION 75.265.5+14.7%41.9% EBIT BEFORE ADV AND PROMOTION 41.934.8+20.4%23.4% ADV. AND PROMOTION23.615.9+48.3%13.2% EBIT18.318.9-3.0%10.2% NON OPERATING EXPENSES, MINORITIES AND TAXES 3.65.4-33.3%2% NET PROFIT14.713.5+9.1%8.2% FINANCIAL HIGHLIGHTS Q1 2005

8. ADVERTISING AND PROMOTION ADVERTISING AND PROMOTION INVESTMENTS IN M.EURO AND AS A % ON REVENUES 8.7%9.9% On tot.revenues 13.2% +48%

9. NET WORKING CAPITAL Me euroQ1 03Q1 04Q1 05 RECEIV.110112118 INVENTORY492464493 PAYABL.-97-105-121 TOT NWC505471490 EXCLUDING OTHER REC. AND OTHER PAY.

10. BALANCE SHEET HIGHLIGHTS M.EURO GEARING 29%12% 5%

11. BVLGARI FOCUS 2005 IMPORTANT PRODUCT LAUNCHES IN ALL CATEGORIES JEWELRYWATCHESPERFUMESACCESSORIES NEW PRODUCT LAUNCHES CABOCHON collection CICLADI collection SAPPHIRE FLOWER collection DIAMOND PROJECT ASSIOMA collection IPNO collection AQUA POUR HOMME* CRUISE COLLECTION* SPRING COLLECTION LINE EXTENSIONS AND NEW VERSIONS More to come B.zero1 ERGON CHRONO ERGON CHRONO special editions DIAGONO professional TITANIUM BB platinum Tourbillon BB white gold Minute Rep. 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 AQUA CAMPAIGN*, NEW BLV CAMPAIGN*, MORE TO COME NEW EYEWEAR CAMPAIGN *=Q1 2005

12. QUESTIONS & ANSWERS ANNEX FOR MORE QUALITATIVE INFORMATION ON SAPPHIRE FLOWER, CABOCHON AND CICLADI JEWELRY COLLECTIONS PLEASE SEE http://www.bulgari.com When printing the presentation please choose Pure B/W option

13. 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