1. THE BVLGARI GROUP Fiscal Year 2005 Third Quarter and 9 Month Results November 14th 2005 When printing the presentation please choose 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 Q3 2005 and 9 MONTHS 2005 Eur mios.Q3 2005 Q3 2004 DELTA Q3 05/04 REVENUES - REPORTED REVENUES – AT CONST.FX 218.1203.3+7.3% +8.1% GROSS PROFIT140.6127.6+10.2% TOTAL OPERATING EXPENSES 108.892.6+17.5% ADVERTISING & PROMOTION EXPENSES 22.220.9+6.1% EBIT31.935.0-9.1% NET PROFIT26.328.5-7.6%

4. FINANCIAL HIGHLIGHTS Q3 2005 and 9 MONTHS 2005 Eur mios.Q3 2005 Q3 2004 DELTA Q3 05/04 REVENUES - REPORTED REVENUES – AT CONST.FX 218.1203.3+7.3% +8.1% GROSS PROFIT140.6127.6+10.2% TOTAL OPERATING EXPENSES 108.892.6+17.5% ADVERTISING & PROMOTION EXPENSES 22.220.9+6.1% EBIT31.935.0-9.1% NET PROFIT26.328.5-7.6% 9M 2005 9M 2004 DELTA 9M 05/04 607.3556.6+9.1% +9.8% 391.2350.1+11.8% 320.9273.2+17.4% 77.563.9+21.3% 70.476.9-8.4% 55.362.5-11.6%

5. PRODUCT CATEGORY Q3 2005 MEUR% ON TOTAL SALES JEWELRY85.939.4% WATCHES63.629.1% PERFUMES44.720.5% ACCESSORIES 18.48.4% ROYALTIES AND OTHER 5.72.6% TOTAL218.1100% REVENUES – Q3 2005 REVENUES – Q3 2005 DETAILS BY PRODUCT LINE VARIATION % 2005/2004 THIRD QUARTER REPORTEDAT COMP.FX % GROWTH +6.5%+7.3% -2.4%-1.3% +18.5%+19.4% +21.5%+22.2% +19.9%N.A. +7.3%+8.1%

6. PRODUCT CATEGORY JAN/SEP 2005 MEUR% ON TOTAL SALES JEWELRY249.341.0% WATCHES171.728.3% PERFUMES115.119.0% ACCESSORIES 54.69.0% ROYALTIES AND OTHER 16.62.7% TOTAL607.3100% REVENUES – JAN/SEP 2005 REVENUES – JAN/SEP 2005 DETAILS BY PRODUCT LINE VARIATION % 2005/2004 JAN-SEP REPORTEDAT COMP.FX % GROWTH +6.8%+7.5% -1.6%-0.5% +20.6%+21.0% +29.4%+30.0% +52.8%N.A. +9.1%+9.8%

7. GEOGRAPHICAL AREA Q3 2005 MEUR% ON TOTAL SALES ITALY34.315.7% EUROPE W/OUT ITALY 50.723.2% AMERICAS30.013.8% JAPAN 57.626.4% FAR EAST31.214.3% MIDDLE EAST AND OTHER 14.36.6% TOTAL218.1100% REVENUES – Q3 2005 REVENUES – Q3 2005 DETAILS BY GEOGRAPHICAL AREA VARIATION % 2005/2004 THIRD QUARTER REPORTEDAT COMP.FX % GROWTH +25.6% +9.3% +4.3%+4.7% +12.5%+13.6% -14.2%-16.2% +8.2%n.a. +7.3%+8.1%

8. GEOGRAPHICAL AREA JAN/SEP 2005 MEUR% ON TOTAL SALES ITALY85.914.1% EUROPE W/OUT ITALY 140.223.1% AMERICAS91.315.0% JAPAN 155.325.6% FAR EAST97.616.1% MIDDLE EAST AND OTHER 37.06.1% TOTAL607.3100% REVENUES – JAN/SEP 2005 REVENUES – JAN/SEP 2005 DETAILS BY GEOGRAPHICAL AREA VARIATION % 2005/2004 JAN-SEP REPORTEDAT COMP.FX % GROWTH +18.7% +7.2% +17.0%+19.5% +14.6%+16.2% -2.1%-2.8% -7.9%n.a. +9.1%+9.8%

9. ADVERTISING AND PROMOTION ADVERTISING AND PROMOTION INVESTMENTS IN M.EURO AND AS A % ON REVENUES 11.5%12.8% On tot.revenues +21.3% 9.9%9.6%10.2% 11.1%13.6%12.6%12.2%13.4% 10.6%11.6%

10. GROSS MARGIN EVOLUTION

11. NET WORKING CAPITAL Me euro30.09.0230.09.0330.09.0430.09.05 RECEIV.112.3118.8130.0142.9 INVENTORY518.5466.8473.9520.9 PAYABL.(75.8)(82.6)(105.3)(103.0) NWC * 555.0503.0498.6560.8 * Excluding other payables and other receivables ROTATION (DAYS) 30.09.0230.09.0330.09.0430.09.05 INVENTORY251219212213 NWC*268236223229

12. CAPITAL EXPENDITURE M.EURO9m 20039m 20049m 2005 TANGIBLE18.722.822.1 INTANGIBLE5.58.721.2* TOTAL24.231.543.3 *= of which, Key-money for some 2006 store openings eur 14.4m

13. BALANCE SHEET HIGHLIGHTS M.EURO GEARING 49% 29% 15% 26%

14. QUESTIONS & ANSWERS LATEST PRODUCT LAUNCHES: ASSIOMA WATCH COLLECTION NOW AVAILABLE ONLINE: ASSIOMA FILM AND COLLECTION FULL DETAILS 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

15. 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