THE BVLGARI GROUP THE BVLGARI GROUP

Fiscal Year 200Fiscal Year 2005 and Q4 5 and Q4 20052005

Rome, 27 March 2006When printing the presentation please choose the “Pure B/W” option

FINANCIAL RESULTS FINANCIAL RESULTS Q4 2005 Q4 2005

Eur mios. Q42005

Q4 2004

DELTAQ4 05/04

REVENUES - reportedREVENUES - const.currency

311.2 275.0 +13.2%+12.6%

GROSS PR.

Gross margin

205.7

66.1%

179.0

65.1%

+14.9%

EBIT BEFOREADVERT & PROMMargin

111.2

35.7%

87.4

31.8%

+27.2%

ADVERTISINGAND 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

FINANCIAL RESULTS FINANCIAL RESULTS FY 2005 FY 2005

Eur mios. FY2005

FY 2004

DELTAFY 05/04

REVENUES - reportedREVENUES - const.currency

918.5 831.6 +10.5%+10.6%

GROSS PROFIT

Gross margin

596.9

65.0%

529.1

63.6%

+12.8%

EBIT BEFOREADVERT & PROM.Margin

259.1

28.2%

228.2

27.4%

+13.5%

ADVERTISINGAND 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

PRODUCTCATEGORY

FY 2005 Q4 2005 % GROWTH 2005/2004FULL YEAR

% GROWTH 2005/2004 FOURTH QUARTER

REPORTED AT COMP.FX

REPORTED AT COMP.FX

MEUR % ON TOTALSALES

MEUR % ON TOTALSALES

% GROWTH % GROWTH

JEWELRY 368 40% 119 38% +7.5 +7.6 +9.0% +8.3%

WATCHES 268 29% 96 31% +4.5 +4.5 +17.6% +16.2%

PERFUMES 182 20% 67 22% +18.3 +18.5 +14.6% +14.9%

ACCESSORIES

77 8% 22 7% +23.8 +24.2 +12.0% +11.8%

ROYALTIESAND OTHER

23 3% 7 2% +42.3 n.a. +20.9% n. a.

TOTAL 919 100% 311 100% +10.5 +10.6 +13.2% +12.6%

REVENUES – 2005 AND Q4 REVENUES – 2005 AND Q4 20052005

DETAIL BY PRODUCT LINEDETAIL BY PRODUCT LINE

2005 and 2004 IFRS compliant

GEOGRAPHICALAREA

FY 2005 Q4 2005 % GROWTH 2005/2004 FULL YEAR

% GROWTH 2005/2004 FOURTH QUARTER

REPORTED AT COMP.FX REPORTED AT COMP.FX

MEUR % ON TOTALSALES

MEUR % ON TOTALSALES

% GROWTH % GROWTH

ITALY 130 14% 44 14% +15.4% - +9.4% -

EUROPEW/OUT ITALY

219 24% 78 25% +15.2% - +33.0% -

AMERICAS 138 15% 47 15% +12.6% +12.5% +4.8% +1.0%

JAPAN 239 26% 84 27% +15.7% +17.4% +17.9% +19.7%

FAR EAST 140 15% 42 14% -4.7% -6.6% -10.3% -14.3%

MIDDLE EASTAND OTHER

53 6% 16 5% -0.4% n. a. +22.2% n. a.

TOTAL 919 100% 311 100% +10.5% +10.6% +13.2% +12.6%

REVENUES – 2005 AND Q4 REVENUES – 2005 AND Q4 20052005

DETAIL BY GEOGRAPHICAL AREADETAIL BY GEOGRAPHICAL AREA

2005 and 2004 IFRS compliant

GROSS MARGIN GROSS MARGIN Q4 2005 and FY 2005Q4 2005 and FY 2005

64,1%65,1% 66,1%

60,8%

Q4 2002 Q4 2003 Q4 2004 Q4 2005

+100 BASIS POINTS

62,5%63,6%

65,0%

60,6%

2002 2003 2004 2005

+140 BASIS POINTS

2005 and 2004 IFRS compliant

EBIT MARGIN before EBIT MARGIN before ADVERTISING & PROMOTIONADVERTISING & PROMOTION

FY 2005FY 2005

23,8%

28,2%27,4%

26,0%

2002 2003 2004 2005

+180 BASIS POINTS

2005 and 2004 IFRS compliant

ADVERTISING AND PROMOTIONADVERTISING AND PROMOTIONINVESTEMENTS IN M.EURO AND AS A % ON REVENUES

Q4 2005

33

39

Q4 2004 Q4 200511.8%

On tot.revenues

12.5%

+19%

2005 and 2004 IFRS compliant

ADVERTISING AND ADVERTISING AND PROMOTIONPROMOTION

INVESTEMENTS IN M.EURO AND AS A % ON REVENUESINVESTEMENTS IN M.EURO AND AS A % ON REVENUES

1924

3350

61

82

102

7681

96116

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 20059.9%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

EBIT MARGINEBIT MARGINFY 2005FY 2005

13,9%

15,5%15,8%

15,4%

2002 2003 2004 2005

2005 and 2004 IFRS compliant

CONSOLIDATED TAX RATECONSOLIDATED TAX RATEFY 2005FY 2005

19,6%

11,6%

10,5%

15,4%15,6%

2001 2002 2003 2004 2005

2005 and 2004 IFRS compliant

NET MARGINNET MARGINFY 2005FY 2005

9,8%

12,7%13,1%

12,1%

2002 2003 2004 2005

2005 and 2004 IFRS compliant

NET WORKING CAPITALNET WORKING CAPITAL

INVENTORY ROTATION DAYS on REVENUES

198201222

257

204

170

220

2001 2002 2003 2004 2005

Me euro 2001 2002 2003 2004 2005

RECEIV. 124 143 132 160 169

INVENTORY

547 477 430 463 505

PAYABL. -119 -118 -109 -152 -168

TOT NWC 552 502 453 471 506EXCLUDING OTHER REC. AND OTHER PAY.

2004 and 2005 IFRS compliant

CAPITAL EXPENDITURECAPITAL EXPENDITURE

M.EURO 2001 2002 2003 2004 2005

TANGIBLE 36 24 23 27 35

INTANGIBLE 12 9 15 17* 27*

TOTAL 48 33 38 44 62

2005 and 2004 IFRS compliant *Excluding Goodwil-Including Key Money

CASH FLOW GENERATIONCASH FLOW GENERATIONM.EUROM.EURO

48

107

33

117

38

131

50

144

63

151

0

20

40

60

80

100

120

140

160

2001 2002 2003 2004 2005

INVESTMENTS CASH FLOW

2005 and 2004 IFRS compliant Investments = Tangible, Intangible, Goodwill

BALANCE SHEET HIGHLIGHTSBALANCE SHEET HIGHLIGHTSM.EUROM.EURO

475

-284

548

-136

587

-45

643

-13

686

-50

-340

-140

60

260

460

660

860

2001 2002 2003 2004 2005

Net Equity Net Cash

GEARING60% 25% 8% 2% 7%

2005 and 2004 IFRS compliant

2005 – NETWORK EVOLUTION2005 – NETWORK EVOLUTION2004 2005

DOS BOUTIQUES 107 117

FRANCHISEES 38 42

TOTAL STORES 145 159

TRAVEL RETAILAND WHOLESALE STORES (POINTS OF SALE)

49 48

TOTAL STORES+P.O.S

194 207

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

BVLGARI FOCUS 2006 BVLGARI FOCUS 2006 IMPORTANT PRODUCT LAUNCHES IN ALL CATEGORIESIMPORTANT PRODUCT LAUNCHES IN ALL CATEGORIES

JEWELRY WATCHES PERFUMES ACCESSORIESEYEWEAR

NEW PRODUCTS

TO BE PRESENTEDTO THE TRADE

IN BASEL APRIL 2006

EAU PARFUMEE AU THE ROUGE

NOW IN STORE

SPRING COLLECTION

NOW IN STORE

NEW VERSIONS SEASONAL FLANKERS FALL/WINTER

ADVERTISINGCAMPAIGNS

THE BVLGARI CAMPAIGNS ADVERTISE FIRST OF ALL THE BRAND

DEDICATED CAMPAIGNS FOR THE NEW PRODUCTS DIAMOND PROJECTBzero1 CAMPAIGN

NEW THE ROUGE CAMPAIGN,

MORE TO COME

NEW EYEWEAR CAMPAIGN

QUESTIONS & ANSWERSQUESTIONS & ANSWERS

BVLGARI INVESTOR RELATIONS WEBSITEhttp://production.investis.com/bulgari/frameset

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BVLGARI CORPORATE WEBSITEhttp://www.bulgari.com

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HISTORICAL HISTORICAL REPORTEDREPORTED REVENUES BY PRODUCT LINEREVENUES BY PRODUCT LINE% GROWTH AND % ON TOTAL SALES% GROWTH AND % ON TOTAL SALES

YOY GROWTH 1998 1999 2000 2001 2002 2003 2004IAS

2005IAS

JEWELS +8 +30 +47 +26 +2.1 +4.7 +11.4 +7.5

WATCHES +15 +41 +43 -6 -1.0 -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

ROYALTIESAND OTHER

+86 +25 +15 +11 -17.8 +4.8 -18.2 +42.3

BREAKDOWN 1998 1999 2000 2001 2002 2003 2004IAS

2005IAS

JEWELS 33 32 34 38 38 41 41 40

WATCHES 42 45 46 39 38 32 31 29

PERF. 19 16 14 16 17 18 19 20

ACCESS. 3 4 4 5 5 7 8 8

ROYALT. OTH 3 3 2 2 2 2 1 3

2005 and 2004 IFRS compliant

HISTORICAL HISTORICAL REPORTEDREPORTED REVENUES BY GEOGRAPHICAL AREA REVENUES BY GEOGRAPHICAL AREA% GROWTH AND % ON TOTAL SALES% GROWTH AND % ON TOTAL SALES

YOY GROWTH 1998 1999 2000 2001 2002 2003 2004IAS

2004IAS

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

BREAKDOWN 1998 1999 2000 2001 2002 2003 2004IAS

2004IAS

ITALY 14 13 13 14 14 14 13 14

EUROPE 27 24 24 26 25 25 23 24

AMERICAS 24 23 21 15 15 14 15 15

JAPAN 18 22 21 20 21 22 25 26

FAR EAST 12 14 17 19 17 19 18 15

M.EAST OT. 5 4 4 6 8 6 6 6

2005 and 2004 IFRS compliant

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 management’s 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 presentationFY 2005 RESULTS- 27.03.2006 press releases, presentation and institutional conference callsWWW.BULGARI.COM web site