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THE BVLGARI GROUP : 

THE BVLGARI GROUP First Half 2006 Rome, 13 September 2006 When printing the presentation please choose the “Pure B/W” option When printing the presentation please choose the “Pure B/W” option

FINANCIAL HIGHLIGHTS  H1 2006 : 

FINANCIAL HIGHLIGHTS H1 2006 +15.0% 2006 and 2005 IFRS compliant 2

Slide3: 

REVENUES – H1 2006 DETAILS BY PRODUCT LINE 2006 and 2005 IFRS compliant 3 3

BVLGARI OUTLOOK 2006 IMPORTANT PRODUCT LAUNCHES IN ALL CATEGORIES: 

BVLGARI OUTLOOK 2006 IMPORTANT PRODUCT LAUNCHES IN ALL CATEGORIES * In green italics the H2 2006 launches 4

Slide5: 

REVENUES – H1 2006 DETAILS BY GEOGRAPHICAL AREA 2006 and 2005 IFRS compliant 5

FULL YEAR: 

FULL YEAR 2006, 2005 and 2004 IFRS compliant SEMESTER GROSS MARGIN EVOLUTION 6

ADVERTISING AND PROMOTIONINVESTEMENTS IN MEUR AND AS A % ON REVENUES: 

ADVERTISING AND PROMOTION INVESTEMENTS IN MEUR AND AS A % ON REVENUES On tot.revenues 11.9% 2006, 2005 and 2004 IFRS compliant 12.7% -3.7% 14.2% 7

NET WORKING CAPITAL: 

NET WORKING CAPITAL **Excluding other payables and other receivables 2006, 2005 and 2004 IFRS compliant 8

BALANCE SHEET HIGHLIGHTSMEUR: 

BALANCE SHEET HIGHLIGHTS MEUR GEARING 30% 11% 22% 18% 2006, 2005 and 2004 IFRS compliant 9

Slide10: 

FINANCIAL HIGHLIGHTS H1 2006 2006 and 2005 IFRS compliant 10

CAPITAL EXPENDITURE : 

CAPITAL EXPENDITURE 2006 and 2005 IFRS compliant, and before 2004 all figures are Italian GAAP 11

Slide12: 

All 2006, 2005 and 2004 figures are IAS-IFRS compliant Previous years’ figures were not restated and are Italian GAAP 12

QUESTIONS & ANSWERS: 

QUESTIONS & ANSWERS VISIT THE NEW http://www.bulgari.com CORPORATE WEB SITE When printing the presentation please choose “Pure B/W” option When printing the presentation please choose “Pure B/W” option 13

Disclaimer : 

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 of 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 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