1. THE BVLGARI GROUP First Half 2005 Rome, 26 September 2005 When printing the presentation please choose the Pure B/W option

2. All 2004 and 2005 figures All 2004 and 2005 figures are IAS-IFRS compliant Previous years figures were not restated and are Italian GAAP

3. FINANCIAL HIGHLIGHTS H1 2005 Eur mios.H1 2005 H1 2004 DELTA H1 05/04 REVENUES - REPORTED REVENUES – AT CONST.FX 389.2353.3+10.1% +11.1% GROSS PROFIT250.6222.5+12.7% OPERATING EXPENSES ex A&P 156.8137.7+13.9% EBIT ex A&P93.884.8+10.7% ADVERTISING & PROMOTION EXPENSES 55.343.0+28.7% EBIT38.541.8-7.8% NET PROFIT28.934.0-15.0% MARGINS H1 2004 - 63.0% 39.0% 24.0% 12.2% 11.8% 9.6% MARGINS H1 2005 - 64.4% 40.3% 24.1% 14.2% 9.9% 7.4%

4. PRODUCT CATEGORY H1 2005 MEUR% ON TOTAL SALES JEWELRY163.542% WATCHES108.228% PERFUMES70.518% ACCESSORIES 36.29% ROYALTIES AND OTHER 10.83% TOTAL389.2100% REVENUES – H1 2005 REVENUES – H1 2005 DETAILS BY PRODUCT LINE VARIATION % 2005/2004 FIRST HALF REPORTEDAT COMP.FX % GROWTH +7%+8% -1%+0.1% +22% +34%+35% +79%- +10%+11%

5. GEOGRAPHICAL AREA H1 2005 MEUR% ON TOTAL SALES ITALY51.613% EUROPE W/OUT ITALY 89.523% AMERICAS61.316% JAPAN 97.725% FAR EAST66.417% MIDDLE EAST AND OTHER 22.7+6% TOTAL389.2100% REVENUES – H1 2005 REVENUES – H1 2005 DETAILS BY GEOGRAPHICAL AREA VARIATION % 2005/2004 FIRST HALF REPORTEDAT COMP.FX % GROWTH +15% +6% +24%+29% +16%+18% +5% -16%- +10%+11%

6. GROSS MARGIN * = before 2004 all figures are Italian GAAP

7. OPERATING PROFIT ex A&P EVOLUTION OPERATING PROFIT ex A&P EVOLUTION M.EURO +10.7% * = before 2004 all figures are Italian GAAP +22.5%

8. 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%

9. ADVERTISING AND PROMOTION ADVERTISING AND PROMOTION INVESTMENTS IN M.EURO AND AS A % ON REVENUES 12.2%14.2% On tot.revenues +28.7% * = before 2004 all figures are Italian GAAP

10. OPERATING PROFIT EVOLUTION OPERATING PROFIT EVOLUTION M.EURO -7.8% * = before 2004 all figures are Italian GAAP +19.1%

11. NET PROFIT EVOLUTION NET PROFIT EVOLUTION M.EURO -15.0% * = before 2004 all figures are Italian GAAP +36.0%

12. NET WORKING CAPITAL Me euro30.06.02*30.06.03*30.06.0430.06.05 RECEIV.109.8120.5123.9129.4 INVENTORY531.4482.8478.8526.7 PAYABL.-89.8-129.0-142.2-148.8 NWC ** 551.4474.3460.5507.3 **Excluding other payables and other receivables ROTATION30.06.02*30.06.03*30.06.0430.06.05 INVENTORY257227220219 NWC * 276234216217 * = before 2004 all figures are Italian GAAP

13. BALANCE SHEET HIGHLIGHTS M.EURO GEARING 55% 30% 11% 22% * = before 2004 all figures are Italian GAAP

14. JEWELRYWATCHESPERFUMESACCESSORIES NEW PRODUCT LAUNCHES CABOCHON collection CICLADI collection SAPPHIRE FLOWER collection DIAMOND PROJECT* ASSIOMA collection* IPNO collection AQUA POUR HOMMETWO NEW COLLECTIONS* LINE EXTENSIONS AND NEW VERSIONS MORE TO COMEB.zero1 ERGON DIAGONO BVLGARI-BVLGARI GRANDE COMPLICATION* OMNIA CRYSTALLINE WORLD-WIDE ROLL-OUT SEASONAL FLANKERS* DRASTICAL EXPANSION OF SKUs IN ALL CATEGORIES (HANDBAGS, SLGs, BELTS, TIES, SILVER GIFTING ETC) BVLGARI 2005 – PRODUCT LAUNCHES RECAP *= Q4 launches

15. QUESTIONS & ANSWERS FOR MORE QUALITATIVE INFORMATION ON ASSIOMA WATCH COLLECTION PLEASE SEE THE DEDICATED SECTION ON http://www.bulgari.com When printing the presentation please choose Pure B/W option When printing the presentation please choose the Pure B/W option

16. 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