1. THE BVLGARI GROUP First Quarter 2006 Rome, 11 May 2006 When printing the presentation please choose the Pure B/W option

2. FINANCIAL RESULTS Q1 2006 MEURQ1 2006 Q1 2005 DELTA Q1 06/05 REVENUES203.9179.4+13.6% +11.9%* GROSS PR. Gross margin 132.4 65.0% 117.1 65.2% +13.1% EBIT Ebit margin 21.8 10.7% 19.0 10.6% +15.2% NET PROFIT Net profit margin 18.2 8.9% 15.3 8.5% +18.6% 2005 and 2006 IFRS compliant *= at comparable exchange rates 1

3. PRODUCT CATEGORY Q1 2006 MEUR% ON TOTAL SALES JEWELRY79.439.0% WATCHES58.328.6% ACCESSORIES 25.412.5% PERFUMES 33.716.5% ROYALTIES AND OTHER 7.03.4% TOTAL203.9100% REVENUES – Q1 2006 DETAIL BY PRODUCT LINE 2005 and 2006 IFRS compliant 2

4. PRODUCT CATEGORY Q1 2006% GROWTH 2006/2005 FIRST QUARTER REPORTEDAT COMP.FX MEUR% ON TOTAL SALES % GROWTH JEWELRY79.439.0%+10.0%+8.2% WATCHES58.328.6%+15.9%+13.1% ACCESSORIES 25.412.5%+44.8%+44.2% PERFUMES 33.716.5%-1.2%-1.9% ROYALTIES AND OTHER 7.03.4%+33.9%N.A. TOTAL203.9100%+13.6%+11.9% REVENUES – Q1 2006 DETAIL BY PRODUCT LINE 2005 and 2006 IFRS compliant 3

5. PRODUCT CATEGORY Q1 2006% GROWTH 2006/2005 FIRST QUARTER REPORTEDAT COMP.FX MEUR% ON TOTAL SALES % GROWTH JEWELRY79.439.0%+10.0%+8.2% WATCHES58.328.6%+15.9%+13.1% ACCESSORIES 25.412.5%+44.8%+44.2% PERFUMES 33.716.5%-1.2%-1.9% ROYALTIES AND OTHER 7.03.4%+33.9%N.A. TOTAL203.9100%+13.6%+11.9% REVENUES – Q1 2006 DETAIL BY PRODUCT LINE 2005 and 2006 IFRS compliant GROWTH % 2005/2004 FIRST QUARTER REPORTEDAT COMP.FX % GROWTH +9.1%+10.2% +1.8%+3.1% +27.9%+28.3% +20.3%+19.8% +97.5%N/A +11.9%+12.8% 4

6. GEOGRAPHICAL AREA Q1 2006 MEUR% ON TOTAL SALES ITALY24.712.1% EUROPE W/OUT ITALY 48.123.6% AMERICAS35.017.2% JAPAN 58.028.4% FAR EAST25.612.6% MIDDLE EAST AND OTHER 12.56.1% TOTAL203.9100% REVENUES – Q1 2006 DETAIL BY GEOGRAPHICAL AREA 2005 and 2006 IFRS compliant 5

7. GEOGRAPHICAL AREA Q1 2006% GROWTH 2006/2005 FIRST QUARTER REPORTEDAT COMP.FX MEUR% ON TOTAL SALES % GROWTH ITALY24.712.1%+13.9% EUROPE W/OUT ITALY 48.123.6%+27.1% AMERICAS35.017.2%+15.3%+8.4% JAPAN 58.028.4%+22.8%+25.3% FAR EAST25.612.6%-20.3%-24.7% MIDDLE EAST AND OTHER 12.56.1%+22.5%N.A. TOTAL203.9100%+13.6%+11.9% REVENUES – Q1 2006 DETAIL BY GEOGRAPHICAL AREA 2005 and 2006 IFRS compliant 6

8. GEOGRAPHICAL AREA Q1 2006% GROWTH 2006/2005 FIRST QUARTER REPORTEDAT COMP.FX MEUR% ON TOTAL SALES % GROWTH ITALY24.712.1%+13.9% EUROPE W/OUT ITALY 48.123.6%+27.1% AMERICAS35.017.2%+15.3%+8.4% JAPAN 58.028.4%+22.8%+25.3% FAR EAST25.612.6%-20.3%-24.7% MIDDLE EAST AND OTHER 12.56.1%+22.5%N.A. TOTAL203.9100%+13.6%+11.9% REVENUES – Q1 2006 DETAIL BY GEOGRAPHICAL AREA 2005 and 2006 IFRS compliant % GROWTH 2005/2004 FIRST QUARTER REPORTEDAT COMP.FX % GROWTH +21.4% -0.8% +29.4%+33.7% +18.3%+19.9% +7.7%+8.6% -8.2%N/A +11.9%+12.8% 7

9. GROSS MARGIN QUARTERLY EVOLUTION 2005 and 2006 IFRS compliant 8

10. ADVERTISING AND PROMOTION ADVERTISING AND PROMOTION INVESTEMENTS IN M.EURO AND AS A % ON REVENUES 9.9% On tot.revenues 13.2% 2005 and 2006 IFRS compliant 11.6% 12.7% 9

11. GROUP P/L - EXTRACT Q1 2006 MEUR Q1 2005 MEUR Q1 06 / Q1 05 % GROWTH Q1 2006 % ON REVENUES REVENUES203.9179.4+13.6%100% GROSS MARGIN132.4117.1+13.1%65.0% OPERATING EXPENSES WITHOUT ADV AND PROMOTION 87.074.5+16.7%42.7% EBIT BEFORE ADV AND PROMOTION 45.542.56.8%22.3% ADV. AND PROMOTION23.6 +0.1%11.6% EBIT21.819.0+15.2%10.7% NON OPERATING EXPENSES, MINORITIES AND TAXES -3.7-3.6+1.0%+1.8% NET PROFIT18.215.3+18.6%8.9% FINANCIAL HIGHLIGHTS Q1 2006 2005 and 2006 IFRS compliant 10

12. NET WORKING CAPITAL MEURQ1 04Q1 05Q1 06 RECEIV.112118125 INVENTORY464497530 PAYABL.-105-121-135 TOT NWC471494520 EXCLUDING OTHER REC. AND OTHER PAY. 2005 and 2006 IFRS compliant 11

13. CAPITAL EXPENDITURE MEURQ1 04Q1 05Q1 06 TANGIBLE3.45.46.8 INTANGIBLE Excluding Goodwill Including Key Money 2.01.62.8 TOTAL5.47.09.6 2005 and 2006 IFRS compliant 12

14. BALANCE SHEET HIGHLIGHTS M.EURO GEARING 12% 5% 9% 2005 and 2006 IFRS compliant 13

15. QUESTIONS & ANSWERS VISIT THE NEW http://www.bulgari.com CORPORATE WEB SITE When printing the presentation please choose 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