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THE BVLGARI GROUP

THE BVLGARI GROUP. Fiscal Year 2004 Third Quarter a nd 9 Month Results November 12th 2004. When printing the presentation please choose “Pure B/W” option. FINANCIAL HIGHLIGHTS Q3 2004 and 9 MONTHS 2004. FINANCIAL HIGHLIGHTS Q3 2004 and 9 MONTHS 2004.

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THE BVLGARI GROUP

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  1. THE BVLGARI GROUP Fiscal Year 2004 Third Quarter and 9 Month Results November 12th 2004 When printing the presentation please choose “Pure B/W” option

  2. FINANCIAL HIGHLIGHTS Q3 2004 and 9 MONTHS 2004

  3. FINANCIAL HIGHLIGHTS Q3 2004 and 9 MONTHS 2004

  4. REVENUES – Q3 2004 DETAILS BY PRODUCT LINE

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

  6. REVENUES – Q3 2004 DETAILS BY GEOGRAPHICAL AREA

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

  8. ADVERTISING AND PROMOTIONINVESTMENTS IN M.EURO AND AS A % ON REVENUES +35% On tot.revenues 8.5% 10.4%

  9. ADVERTISING AND PROMOTIONINVESTMENTS IN M.EURO AND AS A % ON REVENUES +29% 9.9% 10.6% 9.7% 11.5%

  10. NET WORKING CAPITAL * Excluding other payables and other receivables

  11. BALANCE SHEET HIGHLIGHTSM.EURO GEARING 49% 29% 15%

  12. BVLGARI 2004 – PRODUCT LAUNCHES RECAP UNDERLINED : H2 2004 LAUNCHES

  13. 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 When printing the presentation please choose “Pure B/W” option

  14. 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

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