THE BVLGARI GROUP THE BVLGARI GROUP

Fiscal Year 2004 Fiscal Year 2004

Third Quarter Third Quarter a and 9 Month nd 9 Month Results Results

November 12th 2004

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FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS Q3 2004 and 9 MONTHS 2004 Q3 2004 and 9 MONTHS 2004

Eur mios. Q32004

Q32003

DELTAQ3 04/03

REVENUES - REPORTED

REVENUES – AT CONST.FX

201.6 181.9 +10.9%

+13.1%

GROSS PROFIT 126.9 110.0 +15.4%

OPERATING EXPENSESex A&P

70.8 67.5 +4.9%

EBIT ex A&P 56.1 42.5 +32.0%

ADVERTISING & PROMOTION EXPENSES

20.9 15.5 +34.5%

EBIT 35.2 27.0 +30.1%

NET PROFIT 28.3 18.9 +50.1%

FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS Q3 2004 and 9 MONTHS 2004 Q3 2004 and 9 MONTHS 2004

Eur mios. Q32004

Q32003

DELTAQ3 04/03

REVENUES - REPORTED

REVENUES – AT CONST.FX

201.6 181.9 +10.9%

+13.1%

GROSS PROFIT 126.9 110.0 +15.4%

OPERATING EXPENSESex A&P

70.8 67.5 +4.9%

EBIT ex A&P 56.1 42.5 +32.0%

ADVERTISING & PROMOTION EXPENSES

20.9 15.5 +34.5%

EBIT 35.2 27.0 +30.1%

NET PROFIT 28.3 18.9 +50.1%

9M2004

9M2003

DELTA9M 04/03

554.4 512.0 +8.3%

+11.5%

349.2 315.9 +10.5%

207.8 204.2 +1.8%

141.4 111.7 +26.6%

63.9 49.6 +28.7%

77.5 62.1 +24.7%

62.0 43.9 +41.2%

PRODUCTCATEGORY

Q3 2004

MEUR % ON TOTALSALES

JEWELRY 80.6 40.0%

WATCHES 65.1 32.3%

PERFUMES 37.7 18.7%

ACCESSORIES

15.1 7.5%

ROYALTIESAND OTHER

3.1 1.5%

TOTAL 201.6 100%

REVENUES – Q3 2004 REVENUES – Q3 2004 DETAILS BY PRODUCT LINE

VARIATION % 2004/2003

THIRD QUARTER

REPORTED AT COMP.FX

% GROWTH

+12.1% +14.5%

+20.4% +23.6%

-6.5% -4.9%

+26.2% +27.1%

-13.7% N/A

+10.9% +13.1%

PRODUCTCATEGORY

JAN/SEP 2004

MEUR % ON TOTALSALES

JEWELRY 233.5 42.1%

WATCHES 174.6 31.5%

PERFUMES 95.5 17.2%

ACCESSORIES

42.1 7.6%

ROYALTIESAND OTHER

8.7 1.6%

TOTAL 554.4 100%

REVENUES – JAN/SEP 2004 REVENUES – JAN/SEP 2004 DETAILS BY PRODUCT LINE

VARIATION % 2004/2003

JAN-SEP

REPORTED AT COMP.FX

% GROWTH

+12.0% +15.0%

+8.5% +12.6%

+4.0% +7.2%

+6.1% +8.5%

-21.2% N/A

+8.3% +11.5%

GEOGRAPHICALAREA

Q3 2004

MEUR % ON TOTALSALES

ITALY 25.6 12.7%

EUROPEW/OUT ITALY

46.3 23.0%

AMERICAS 28.8 14.3%

JAPAN 51.2 25.4%

FAR EAST 36.4 18.0%

MIDDLE EASTAND OTHER

13.3 6.6%

TOTAL 201.6 100%

REVENUES – Q3 2004 REVENUES – Q3 2004 DETAILS BY GEOGRAPHICAL AREA

VARIATION % 2004/2003

THIRD QUARTER

REPORTED AT COMP.FX

% GROWTH

+17.8% -

-8.3% N/A

+9.2% +17.3%

+29.9% +31.7%

+9.3% +13.9%

+26.7% N/A

+10.9% +13.1%

GEOGRAPHICALAREA

JAN/SEP 2004

MEUR % ON TOTALSALES

ITALY 70.1 12.6%

EUROPEW/OUT ITALY

130.7 23.6%

AMERICAS 78.1 14.1%

JAPAN 135.6 24.4%

FAR EAST 99.7 18.0%

MIDDLE EASTAND OTHER

40.2 7.3%

TOTAL 554.4 100%

REVENUES – JAN/SEP 2004 REVENUES – JAN/SEP 2004 DETAILS BY GEOGRAPHICAL AREA

VARIATION % 2004/2003

JAN-SEP

REPORTED AT COMP.FX

% GROWTH

-0.9% -

-2.7% N/A

+13.1% +22.5%

+23.7% +25.8%

+3.9% +9.6%

+24.4% N/A

+8.3% +11.5%

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

8.5% 10.4%On tot.revenues

+35%

15.5

20.9

Q3 2003 Q3 2004

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

10.6%9.9% 11.5%9.7%

+29%

1 9 2 43 3

5 06 1

8 21 0 2

7 68 1

0

2 0

4 0

6 0

8 0

1 0 0

1 9 9 5 1 9 9 6 1 9 9 7 1 9 9 8 1 9 9 9 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3

4 9 , 6

6 3 , 9

0

2 0

4 0

6 0

8 0

1 0 0

9 M 2 0 0 3 9 M 2 0 0 4

NET WORKING CAPITALNET WORKING CAPITAL

Me euro 30.09.02 30.09.03 30.09.04

RECEIV. 112.3 118.8 129.7

INVENTORY

518.5 466.8 470.3

PAYABL. (75.8) (82.6) (104.0)

NWC* 555.0 503.0 496.0

* Excluding other payables and other receivables

ROTATION(DAYS)

30.09.02 30.09.03 30.09.04

INVENTORY

251 219 212

NWC* 268 237 224

BALANCE SHEET HIGHLIGHTSBALANCE SHEET HIGHLIGHTSM.EUROM.EURO

GEARING49% 29% 15%

5 0 4

- 2 4 7

5 4 3

- 1 5 6

6 1 3

- 8 9

3 0 . 0 9 . 0 2 3 0 . 0 9 . 0 3 3 0 . 0 9 . 0 4

n e t e q u i t y n e t c a s h

BVLGARI 2004 – PRODUCT LAUNCHES RECAP

JEWELRY WATCHES PERFUMES ACCESSORIES

NEW PRODUCT LAUNCHES

ASTRALE

ASTRALE with high-tech ceramics

HIGH JEWELLERY

MARRYME bridal

ERGON

ERGON color dial LIM. ED.

GERALD GENTA: OCTO

New silk tie collection

“PRESTIGIOUS STREETS”

LINE EXTENSIONS,

NEW

VERSIONS

Bvlgari-Bvlgari pendants Charms New cufflinks Bzero1 pink gold lim. Ed. B.zero1 1-band rings with semiprecious stones, central diamond

ALLEGRA additional references in wihte and yellow gold

ANCIENT COINS LIM. ED.

BB - TOURBILLON NEW RETTANGOLO NEW SOLOTEMPO Bzero1 DIAMS DIAG.PROF. -REGATTA DIAG. PROF. - GMT FLYBACKNEW DANIEL ROTH MODELS

Bzero1 RUBBER CUFF

NEW DIAGONO ALUM. color LIM. ED.

OMNIA BATH LINE St.Valentine, Spring, seasonal kits and flankers

OMNIA CRYSTALLINE BLV NOTTE POUR F. BLV NOTTE POUR H.

New S/S and F/W

Colors for

Bzero1, Décolleté,

Geometrica handbags

New Croco and Sable versions of Décolleté

New evening bags

ADVERTISING

CAMPAIGNS

THE BVLGARI CAMPAIGNS ADVERTISE FIRST OF ALL THE BRAND

ASTRALE CAMPAIGN Mirror campaign Bzero1 campaigns

ERGON CAMPAIGN OCTO CAMPAIGN Mirror campaign Bzero1 campaigns

New perf.campaigns OMNIA CRYSTALLINE BLV NOTTE POUR F. BLV NOTTE POUR H.

New eyewear campaign

UNDERLINED : H2 2004 LAUNCHES

QUESTIONS & ANSWERS

FOR MORE QUALITATIVE INFORMATION ON

THE MOST RECENT PRODUCT LAUNCHES AND EVENTS

PLEASE SEE THE DEDICATED VIDEOS AND MINIWEBSITES ON

http://www.bulgari.com

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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