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THE BVLGARI GROUP

THE BVLGARI GROUP. Fiscal Year 200 4 Rome, 2 2 March 200 5. When printing the presentation please choose the “Pure B/W” option. FINANCIAL RESULTS FY 2004 AND Q4 2004. REVENUES – 2004 AND Q4 2004 DETAIL BY PRODUCT LINE. REVENUES – 2004 AND Q4 2004 DETAIL BY GEOGRAPHICAL AREA.

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THE BVLGARI GROUP

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  1. THE BVLGARI GROUP Fiscal Year 2004 Rome, 22 March 2005 When printing the presentation please choose the “Pure B/W” option

  2. FINANCIAL RESULTS FY 2004 AND Q4 2004

  3. REVENUES – 2004 AND Q4 2004DETAIL BY PRODUCT LINE

  4. REVENUES – 2004 AND Q4 2004DETAIL BY GEOGRAPHICAL AREA

  5. BVLGARI PROFIT AND LOSS OVERVIEW FISCAL YEAR 2004

  6. GROSS MARGIN

  7. ADVERTISING AND PROMOTIONINVESTEMENTS IN M.EURO AND AS A % ON REVENUESas well as INDICATION OF REVENUE GROWTH ON THE YEAR 9.6% 9.9% 10.6% 11.6% 10.2% 11.1% 13.6% 12.6% 12.2% 13.4% % on REV

  8. CONSOLIDATED TAX RATE

  9. NET WORKING CAPITAL EXCLUDING OTHER REC. AND OTHER PAY.

  10. CAPITAL EXPENDITURE

  11. 2004 – NETWORK EVOLUTION

  12. 2004 – STORE REFURBISHMENTS and NEW OPENINGS

  13. CASH FLOW GENERATIONM.EURO

  14. BALANCE SHEET HIGHLIGHTSM.EURO GEARING 60% 25% 8% 2%

  15. BVLGARI FOCUS 2005

  16. BVLGARI FOCUS 2005 IMPORTANT PRODUCT LAUNCHES IN ALL CATEGORIES

  17. QUESTIONS & ANSWERS BVLGARI CORPORATE WEBSITE http://www.bulgari.com For more information about the the Bvlgari products please join the dedicated mailing list. 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. Thank you.

  18. TECHNICAL INFORMATION ON IAS/IFRS IMPLEMENTATION

  19. HISTORICAL REPORTEDREVENUES BY PRODUCT LINE% GROWTH AND % ON TOTAL SALES

  20. HISTORICAL REPORTED REVENUES BY GEOGRAPHICAL AREA% GROWTH AND % ON TOTAL SALES

  21. 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 Sources of the information presented: FY 2003 presentation, 31.12.2004 and 27.01.2005 press releases, institutional conference calls WWW.BULGARI.COM web site

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