1. THE BVLGARI GROUP Fiscal Year 2005 and Q4 2005 Rome, 27 March 2006 When printing the presentation please choose the Pure B/W option

2. FINANCIAL RESULTS Q4 2005 Eur mios.Q4 2005 Q4 2004 DELTA Q4 05/04 REVENUES - reported REVENUES - const.currency 311.2275.0+13.2% +12.6% GROSS PR. Gross margin 205.7 66.1% 179.0 65.1% +14.9% EBIT BEFORE ADVERT & PROM Margin 111.2 35.7% 87.4 31.8% +27.2% ADVERTISING AND PROM. % on revenues 38.8 12.5% 32.5 11.8% +19.2% EBIT Ebit margin 72.4 23.3% 54.9 20.0% +31.9% NET PROFIT Net profit margin 61.2 19.7% 46.2 16.8% +32.3% 2005 and 2004 IFRS compliant

3. FINANCIAL RESULTS FY 2005 Eur mios.FY 2005 FY 2004 DELTA FY 05/04 REVENUES - reported REVENUES - const.currency 918.5831.6+10.5% +10.6% GROSS PROFIT Gross margin 596.9 65.0% 529.1 63.6% +12.8% EBIT BEFORE ADVERT & PROM. Margin 259.1 28.2% 228.2 27.4% +13.5% ADVERTISING AND PROM. % on revenues 116.3 12.7% 96.4 11.6% +20.6% EBIT Ebit margin 142.8 15.5% 131.8 15.8% +8.4% NET PROFIT Net Profit margin 116.4 12.7% 108.8 13.1% +7.1% 2005 and 2004 IFRS compliant

4. PRODUCT CATEGORY FY 2005Q4 2005% GROWTH 2005/2004 FULL YEAR % GROWTH 2005/2004 FOURTH QUARTER REPORTEDAT COMP.FXREPORTEDAT COMP.FX MEUR% ON TOTAL SALES MEUR% ON TOTAL SALES % GROWTH JEWELRY36840%11938%+7.5+7.6+9.0%+8.3% WATCHES26829%9631%+4.5 +17.6%+16.2% PERFUMES18220%6722%+18.3+18.5+14.6%+14.9% ACCESSORIE S 778%227%+23.8+24.2+12.0%+11.8% ROYALTIES AND OTHER 233%72%+42.3n.a.+20.9%n. a. TOTAL919100%311100%+10.5+10.6+13.2%+12.6% REVENUES – 2005 AND Q4 2005 DETAIL BY PRODUCT LINE 2005 and 2004 IFRS compliant

5. GEOGRAPHICA L AREA FY 2005Q4 2005 % GROWTH 2005/2004 FULL YEAR % GROWTH 2005/2004 FOURTH QUARTER REPORTEDAT COMP.FXREPORTEDAT COMP.FX MEUR% ON TOTAL SALES MEUR% ON TOTAL SALES % GROWTH ITALY13014%4414%+15.4%-+9.4%- EUROPE W/OUT ITALY 21924%7825%+15.2%-+33.0%- AMERICAS13815%4715%+12.6%+12.5%+4.8%+1.0% JAPAN 23926%8427%+15.7%+17.4%+17.9%+19.7% FAR EAST14015%4214%-4.7%-6.6%-10.3%-14.3% MIDDLE EAST AND OTHER 536%165%-0.4%n. a.+22.2%n. a. TOTAL919100%311100%+10.5%+10.6%+13.2%+12.6% REVENUES – 2005 AND Q4 2005 DETAIL BY GEOGRAPHICAL AREA 2005 and 2004 IFRS compliant

6. GROSS MARGIN Q4 2005 and FY 2005 +100 BASIS POINTS +140 BASIS POINTS 2005 and 2004 IFRS compliant

7. EBIT MARGIN before ADVERTISING & PROMOTION FY 2005 +180 BASIS POINTS 2005 and 2004 IFRS compliant

8. ADVERTISING AND PROMOTION ADVERTISING AND PROMOTION INVESTEMENTS IN M.EURO AND AS A % ON REVENUES Q4 2005 11.8% On tot.revenues 12.5% +19% 2005 and 2004 IFRS compliant

9. ADVERTISING AND PROMOTION INVESTEMENTS IN M.EURO AND AS A % ON REVENUES 9.9%9.6% 10.2%11.1%13.6%12.6% % on REV 12.2%13.4% 10.6%11.6% 12.7% +21 % 2005 and 2004 IFRS compliant

10. EBIT MARGIN FY 2005 2005 and 2004 IFRS compliant

11. CONSOLIDATED TAX RATE FY 2005 2005 and 2004 IFRS compliant

12. NET MARGIN FY 2005 2005 and 2004 IFRS compliant

13. NET WORKING CAPITAL Me euro20012002200320042005 RECEIV.124143132160169 INVENTORY547477430463505 PAYABL.-119-118-109-152-168 TOT NWC552502453471506 EXCLUDING OTHER REC. AND OTHER PAY. 2004 and 2005 IFRS compliant

14. CAPITAL EXPENDITURE M.EURO20012002200320042005 TANGIBLE3624232735 INTANGIBLE1291517*27* TOTAL4833384462 2005 and 2004 IFRS compliant *Excluding Goodwil-Including Key Money

15. CASH FLOW GENERATION M.EURO 2005 and 2004 IFRS compliantInvestments = Tangible, Intangible, Goodwill

16. BALANCE SHEET HIGHLIGHTS M.EURO GEARING 60% 25% 8% 2% 7% 2005 and 2004 IFRS compliant

17. 2005 – NETWORK EVOLUTION 20042005 DOS BOUTIQUES 107117 FRANCHISEES 3842 TOTAL STORES 145159 TRAVEL RETAIL AND WHOLESALE STORES (POINTS OF SALE) 4948 TOTAL STORES+P.O.S 194207 MAIN NEW OPENINGS: DIRECTLY OPERATED STORES (DOS): PARIS PLACE VENDOME, OSAKA SHINSAIBASHI SOGO, TAIPEI 101, SEVILLA EL CORTE INGLES… FRANCHISEES: DUBAI MALL MAIN D.O.S. REFURBISHINGS/RELOCATIONS/ENLARGEMENTS: VENEZIA, GENEVE, TOKYO SHINJUKU TAKASHIMAYA, SAPPORO MITSUKOSHI, SINGAPORE HILTON

18. BVLGARI FOCUS 2006 IMPORTANT PRODUCT LAUNCHES IN ALL CATEGORIES JEWELRYWATCHESPERFUMESACCESSORIES EYEWEAR NEW PRODUCTS TO BE PRESENTED TO THE TRADE IN BASEL APRIL 2006 EAU PARFUMEE AU THE ROUGE NOW IN STORE SPRING COLLECTION NOW IN STORE NEW VERSIONS SEASONAL FLANKERSFALL/WINTER ADVERTISING CAMPAIGNS THE BVLGARI CAMPAIGNS ADVERTISE FIRST OF ALL THE BRAND DEDICATED CAMPAIGNS FOR THE NEW PRODUCTS DIAMOND PROJECT Bzero1 CAMPAIGN NEW THE ROUGE CAMPAIGN, MORE TO COME NEW EYEWEAR CAMPAIGN

19. 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.

20. HISTORICAL REPORTED REVENUES BY PRODUCT LINE % GROWTH AND % ON TOTAL SALES YOY GROWTH1998199920002001200220032004 IAS 2005 IAS JEWELS+8+30+47+26+2.1+4.7+11.4+7.5 WATCHES+15+41+43-6-16.6+5.0+4.5 PERFUMES+63+18+15+37+4.8+3.1+12.8+18.3 ACCESSORIES+292+41+53+48+3.7+39.5+11.5+23.8 ROYALTIES AND OTHER +86+25+15+11-17.8+4.8-18.2+42.3 BREAKDOWN1998199920002001200220032004 IAS 2005 IAS JEWELS33323438 41 40 WATCHES4245463938323129 PERF.1916141617181920 ACCESS.34455788 ROYALT. OTH33222213 2005 and 2004 IFRS compliant

21. HISTORICAL REPORTED REVENUES BY GEOGRAPHICAL AREA % GROWTH AND % ON TOTAL SALES YOY GROWTH1998199920002001200220032004 IAS 2004 IAS ITALY+33+17+43+19+2.8-1.6+6.7+15.4 EUROPE+15+20+38+24-3.3-0.9+0.0+15.2 AMERICAS+35+26+28-16-2.0-6.2+12.9+12.6 JAPAN+32+60+36+7+7.3+0.9+24.1+15.7 FAR EAST+3+58+61+27-6.6+7.5+2.7-4.7 M.EAST OTH+22+19+47+59+23.7-24.6+15.7-0.4 BREAKDOWN1998199920002001200220032004 IAS 2004 IAS ITALY1413 14 1314 EUROPE2724 2625 2324 AMERICAS24232115 1415 JAPAN1822212021222526 FAR EAST1214171917191815 M.EAST OT.54468666 2005 and 2004 IFRS compliant

22. 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 Source of the information presented: FY 2004 IAS presentation, FY 2005 SALES - 31.01.2006 presentation FY 2005 RESULTS- 27.03.2006 press releases, presentation and institutional conference calls WWW.BULGARI.COMWWW.BULGARI.COM web site