BULGARI GROUP

FRANCESCO TRAPANI Chief Executive Officer FLAVIA SPENA Chief Financial and Organization Officer RENATA CASARO Head of IR
HSBC LUXURY CONFERENCE Paris, June 3rd 2009
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Q1 2009 RELEASE FINANCIAL HIGHLIGHTS

EUR M.

Q1 2009 EUR M.

Q1 2008 EUR M.

Q1 2009/Q1 2008 % DELTA -23.1% -30.6% DOS: - MSD*

REVENUES REVENUES AT COMP. FX CONTRIBUTION MARGIN % on Sales EBIT(OPERATING LOSS) % on Sales NET PROFIT (LOSS) % on Sales

178.1

231.7

115.0 64.6% (23.8) -13.4% (29.3) -16.5%

155.5 67.1% 21.9 9.4% 22.8 9.9%

-26.1%

* = Revenues in Directly Operated Stores decreased Mid Single-Digit at current exchange rates during Q1 09

Q1 2009 RELEASE REVENUES BY PRODUCT CATEGORY

FIRST QUARTER 2009 PRODUCT CATEGORY JEWELRY WATCHES PERFUME & COSMETICS ACCESSORIES HOTEL ROYALTIES AND OTHER TOTAL EUR M. 79.7 42.1 35.1 14.2 3.8 3.2 178.1 % ON TOTAL SALES 44.8% 23.6% 19.7% 8.0% 2.2% 1.7% 100%

Q1 2009/Q1 2008 REPORTED AT COMP.FX

% DELTA -15.3% -30.0% -25.6% -33.5% -19.7% -23.8% -23.1% -22.6% -37.6% -31.4% -44.7% -30.6%

Q1 2009 RELEASE JEWELLERY

NEW LAUNCHES 2009

44.8% of total revenues in Q1 2009 REVENUES Eur M. DELTA AT COMP. EXCHANGE RATES

Q1 2009 79.7 -22.6%

Q1 2008 94.1 4.3%

PARENTESI COCKTAIL

Directly Operated Stores: -12.2% at comparable exchange rates No drastic mix changes Basel launches will have the main impact starting from Q2

BULGARI-BULGARI

Q1 2009 RELEASE WATCHES

NEW LAUNCHES 2009

23.6% of total revenues in Q1 2009 REVENUES Eur M. DELTA AT COMP. EXCHANGE RATES

Q1 2009 42.1 -37.6%

Q1 2008 60.2 6.7%

SOTIRIO

Directly Operated Stores: -25.1% at comparable exchange rates; Basel Fair launches will impact from Q2 onwards; Tight Company control on commercial terms, credit limits, deliveries.

ASSIOMA D, NEW STEEL DIAMOND VERSION

Q1 2009 RELEASE PERFUME AND COSMETICS

19.7% of total revenues in Q1 2009 REVENUES Eur M. DELTA AT COMP. EXCHANGE RATES Q1 2009 35.1 -31.4% Q1 2008 47.1 15.6%

OMNIA GREEN JADE

Direct Distribution* channel: -2.8% at comparable exchange rates; Travel Retail and Domestic Distribution: very strong destocking; Sales with final clients are up; Market share gain in Q1 2009.

BLV II
NEW LAUNCH, ON SHELF FROM SEP 09

* USA, Germany, France, Italy, Switzerland, Belgium, Holland, Austria, Spain, Portugal

Q1 2009 RELEASE ACCESSORIES

NEW LAUNCHES 2009

8.0% of total revenues in Q1 2009 REVENUES Eur M. DELTA AT COMP. EXCHANGE RATES

Q1 2009 14.2 -44.7%

Q1 2008 21.4 4.6%

Dedicated Accessories DOS: flattish performance; Wholesale channel suffers the most, especially in Japan.

Q1 2009 RELEASE REVENUES BY GEOGRAPHICAL AREA

Q1 2009/Q1 2008 FIRST QUARTER 2009 GEOGRAPHICAL AREAS EUROPE Of which Italy AMERICAS ASIA Of which Japan Of which Rest of Asia MIDDLE EAST/ OTHER TOTAL EUR M. 64.6 21.6 19.3 82.8 39.7 43.1 11.4 178.1 % ON TOTAL SALES 36.3% 12.1% 10.8% 46.5% 22.3% 24.2% 6.4% 100% % DELTA REPORTED -25.5% -15.7% -36.5% -16.8% -19.0% -14.6% -24.1% -23.1% AT COMP.FX -44.3% -30.4% -37.6% -22.3% -30.6%

DIRECTLY OPERATED STORES SALES PERFORMANCE AT COMPARABLE EXCHANGE RATES: Italy: flattish; France, Switzerland and UK: up, ranging from single-digit to double-digit: South Korea and Australia: up, ranging from strong to very strong double-digit; All other DOS performed better than the Total shown above.

Q1 2009 RELEASE REVENUE BREAKDOWN BY GEOGRAPHICAL AREA

Americas 10,8%
Q1 08: 13.1%

Middle East/Other 6,4%

Q1 08: 6.5%

Rest of Asia 24,2% ASIA 46,5%

Q1 08: 43.0% Q1 08: 21.8%

Japan 22,3%
Q1 08: 21.2%

Europe 36,3%
Q1 08: 37.4%

Q1 2009 RELEASE GROUP PROFIT & LOSS

EUR M. Q1 2009 EUR M. 178.1 115.0 64.6% (8.4) (51.0) (39.5) (16.1) (23.7) (138.8) 77.9% (23.8) -13.4% (8.4)
(4.1) (4.3)

Q1 2008 EUR M. 231.7 155.5 67.1% (10.3) (46.3) (38.5) (12.5) (26.0) (133.7) 57.7% 21.9 9.4% 1.7
5.6 (3.9)

Q1 2009/ Q12008 % DELTA -23.1% -26.1% - 18.6% +10.2% +2.5% +28.5% - 8.7% +3.8% -3.4% at comp. FX

REVENUES CONTRIBUTION MARGIN % on Sales VARIABLE SELLING EXPENSES PERSONNEL COSTS OTHER GENERAL EXPENSES AMORTIZATION AND DEPRECIATION ADVERTISING AND PROMOTION TOTAL OPERATING EXPENSES % on Sales EBIT % on Sales TOTAL FINANCIAL COST
FX Loss Interest

CURRENT AND DEFERRED TAXES MINORITY INTEREST PROFIT NET PROFIT % on Sales

2.9 0 (29.3) -16.5%

(1.0) 0.2 22.8 9.9%

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Q1 2009 RELEASE CONTRIBUTION MARGIN (% ON SALES)

67,1% 64,9% 64,7% 64,6%

Q1 2006

Q1 2007

Q1 2008

Q1 2009

Q1 08 had benefitted from a very strong gold hedging positive impact

Note: as of Q1 2008 the Contribution Margin includes the economic impact of the gold hedging transactions.

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Q1 2009 RELEASE OPERATING EXPENSES - DETAIL

OPERATING EXPENSES DETAIL Trends at both reported and comparable exchange rates TOTAL OPERATING EXPENSES Of which: PERSONNEL EXPENSES OTHER GENERAL EXPENSES AMORTIZATION AND DEPR.

Q1 2009 EUR M.

Q1 2008 EUR M.

Q1 2009 / Q1 2008 DELTA % REPORTED +3.8%

Q1 2009 / Q1 2008 DELTA % COMPARABLE FX -3.4%

138.8

133.7

51.0

46.3

+10.2%

+2.7%

39.5 16.1

38.5 12.5

+2.5% +28.5%

- 4.5% +19.3%

THE COST DEVELOPMENT IN Q1 2009 IS ON TRACK WITH THE FY 2009 COST ROADMAP PRESENTED TO THE FINANCIAL COMMUNITY IN APRIL, UPDATED AND AVAILABLE IN THE NEXT PAGES 12

Q1 2009 RELEASE ADVERTISING AND PROMOTION

+1.3% -8.7%

116 102 76 81 96

113

120

121
26 23,7

2001

2002

2003

2004

2005

2006

2007

2008

Q1 2008

Q1 2009

EUR MILLIONS
11.3% 11.2% 13.3%

ADVERTISING AND PROMOTION AS A % ON REVENUES 13

BETWEEN ETERNITY AND HISTORY 1884-2009 125 YEARS OF ITALIAN JEWELS

PALAZZO DELLE ESPOSIZIONI EXHIBITION, 22 May 2009 13 Sept 2009

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BETWEEN ETERNITY AND HISTORY 1884-2009 125 YEARS OF ITALIAN JEWELS

PALAZZO DELLE ESPOSIZIONI EXHIBITION, 22 May 2009 13 Sept 2009

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BETWEEN ETERNITY AND HISTORY 1884-2009 125 YEARS OF ITALIAN JEWELS

OPENING JESSICA ALBA

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BETWEEN ETERNITY AND HISTORY 1884-2009 125 YEARS OF ITALIAN JEWELS

SAVE THE CHILDREN REWRITE THE FUTURE CAMPAIGN

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Q1 2009 RELEASE NET WORKING CAPITAL

EUR M. RECEIVABLES INVENTORY PAYABLES OTHER RECEIVABLES AND PAYABLES TOT NWC

Q1 2007 147 595 -146 8 604

Q1 2008 152 685 -159 13 691

Q1 2009 137 753 -154 4 740 + 4.3% at comp. FX

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Q1 2009 RELEASE CASH FLOW DETAILS

EUR M. NET INDEBTEDNESS AT 01.01.2009 CASH FLOW from P&L CHANGE in WORKING CAPITAL CASH FLOW from INVESTING ACTIVITY
CAPITAL EXPENDITURE* ACQUISITION OF COMPANIES GUARANTEE DEPOSIT OTHER

MARCH 2007 (46.9) 33.6 (51.3) (6.5)

(12.2) (2.8) (0.6) 9.1

MARCH 2008 (140.9) 35.5 (86.6) (19.4)

(16.0) 0.0 (1.4) (2.0)

MARCH 2009 (303.6) (16.7) 5.8 (17.8)

(13.2) (5.4) 0.3 0.5

DIVIDENDS OTHER TOTAL NET INDEBTEDNESS AT 31.03.2009

0.0 (9.5) (33.7) (80.6)

0.0 26.7 (43.9) (184.8)

0.0 (6.8) (35.4) (338.9)

* Both March 08 and March 09 include the Museum, 2008 figures were restated

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Q1 2009 RESULTS BALANCE SHEET HIGHLIGHTS

GEARING 9% 11% 22% 43%

700

756

830

792
AVAILABLE FACILITIES*
by MATURITY

<12 months: 454.2 M.Eur >12m, <24m: 37.8 M.Eur >24 months: 308.4 M.Eur TOTAL:

( 57%) ( 5%) ( 38%)

-63
EUR M

-81 -185 -339

Q1 2007 Q1 2008 Q1 2009

800.4 M.Eur (100%)

*As of end of May 2009

Q1 2006

NET EQUITY

NET DEBT
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Q1 2009 RELEASE CURRENT TRADING

CURRENT TRADING TEMPERATURE: APRIL 2009 In our DOS, clear signs of improvement in the revenues at current FX: from minus mid-single-digit in Q1 09 to plus mid- to high-single-digit in April, although helped by High Jewellery Gradual improvement also in the wholesale business, even if to a lesser extent.

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COSTS ROADMAP FOR 2009 AND SELL-SIDE ANALYSTS FY2009 CONSENSUS*

*calculated on 25 broker estimates received from May 13 to May 25 2009

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ROADMAP 2009 REVENUES

M.Eur and % delta DEMAND CONFERENCE CALL COMMENT Jan-Feb-Mar09<Jan-Feb-Mar 08 but in line with expectations and not as bad as Nov-Dec 08 Q108 +3% ; Q208 +5%, Q308 -0.5% ; Q408 -10% DOS better than wholesale Strong de-stocking in wholesale UK, Italy, SouthKorea, SouthChina, Australia positive at end February Being monitored as usual No trade loading activity Launches in all price segments (JWA) New fragrance Reduced complexity and less SKUs EXPECTED IMPACT ON PROFITABILITY FY 2008 FY 2009 ANALYST CONSENSUS MAX AVG MIN

BASIS 2008 CHANNEL MIX GEO MIX PRICING COMMERC. TERMS NEW LAUNCHES

No guidance but we will provide you with current trading updates

1075 -1.4%

1035 -4%

991 -8%

914 -15%

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ROADMAP 2009 COST OF GOODS SOLD AND GROSS MARGIN

M.Eur and % delta COGS Gold and its hedging
The Group is hedged for FY 2009 Reduced purchases Neutral
CONFERENCE CALL COMMENT EXPECTED IMPACT ON PROFITABILITY FY 2008 MAX FY 2009 ANALYST CONSENSUS AVG MIN

384

Gems

Neutral no big savings Almost neutral (even if we should decide to initiate CIG=Temporary layoff scheme financed by the State) Best estimate around 64% 691 -1.4% 64.3% 666 -4% 64.3% 624 -10% 63.0% 583 -16% 63.8%

Cost of Labour

Reduction of 3 rd party product. Saturation of internal capacity

GROSS MARGIN

Broadly stable like 9m2008

*in italics, % on revenues

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ROADMAP 2009 OPERATING EXPENSES: VARIABLE SELLING EXPENSES

M.Eur and % delta VARIABLE SELLING

CONFERENCE CALL COMMENT

EXPECTED IMPACT on PROFITABILITY

FY 2008

FY 2009 ANALYST CONSENSUS MAX AVG MIN -

Perfume variable selling expenses weigh more than JWA variable selling

Correlated with sales But with a negative nuance if perfume very strong

48

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ROADMAP 2009 OPERATING EXPENSES: PERSONNEL

M.Eur CONFERENCE CALL COMMENT REDUCTION OF HEADCOUNT IN 2009 CARRY-OVER EFFECT OF 2008 HIRINGS CARRY-OVER EFFECT OF 2008 SALARY REVIEWS (july) OPENING OF 10-12 NEW DOS STORES IN 2009 RESTRUCTURING COSTS, SEVERANCE PAY POSITIVE DRIVERS REDUCED VACATION PAY PROVISION
STRONG CONTROL OF OVERTIME

EXPECTED IMPACT on PROFITABILITY Modest Reduction vs 08 (at constant FX) Negative, significant

FY 2008 190

FY 2009 ANALYST CONSENSUS MAX AVG MIN -

PERSONNEL COST NEGATIVE DRIVERS

Negative, significant

Negative Negative one-off Positive, significant

Positive, modest (already in place)

RESTRUCTURING

Positive, significant

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ROADMAP 2009 OPERATING EXPENSES: OTHER GENERAL EXPENSES

M.Eur CONFERENCE CALL COMMENT REDUCE DISCRETIONARY ITEMS, RENTS ARE NOT FLEXIBLE CARRY-OVER EFFECT OF 2008 DOS OPENINGS IMPACT OF 2009 DOS OPENINGS RENEGOTIATION OF EXPIRING LEASES 20% of LEASES ARE RELATED TO SALES NON-RENT STRONG REDUCTION OF TRAVEL, DISCRETIONALY CONSULTANCIES, UTILITIES AND OTHER EXPECTED IMPACT on PROFITABILITY Flattish (at constant FX) FY 2008 167 FY 2009 ANALYST CONSENSUS MAX AVG MIN -

OTHER GENERAL EXPENSES RENTS

Negative

80

Negative Positive - modest Correlated with Revenues Positive 87

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ROADMAP 2009 OPERATING EXPENSES: A&P and D&A

CONFERENCE CALL COMMENT EXPECTED IMPACT on PROFITABILITY FY 2008 FY 2009 ANALYST CONSENSUS MAX AVG MIN -

M.Eur

ADVERT. AND PROMOTION

FURTHER ENHANCE BRAND AWARENESS 125 TH ANNIVERS. 125 th ANNIVERSARY, Save the Children ring, High Jewellery Auction, Exhibition

Guidance: about 11% or slightly above

121

Negative

D&A

Significatly Negative

54

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ROADMAP 2009 EBIT

M.Eur and % delta EBIT

CONFERENCE CALL COMMENT

EXPECTATION

FY 2008

FY 2009 ANALYST CONSENSUS MAX AVG MIN 89 -20% 8.6% 68 -39% 6.8% 41 -63% 4.5%

NO GUIDANCE

111 -33,5% 10.3%

*in italics, % on revenues

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ROADMAP 2009 FINANCIAL INCOME / COSTS FOREIGN EXCH.

M.Eur CONFERENCE CALL COMMENT EXPECTED IMPACT on PROFITABILITY FY 2008 28 FY 2009 ANALYST CONSENSUS MAX AVG MIN

FINANCIAL INCOME /COST DEBT Average Debt higher during 2009 Interest rate cost to go up because of maturity extension Impact of hedging of 2009 flows done in 2008 (see Gross Margin!!) On the rise, as guided for fy08 (in which we unexpectedly benefitted by a one-off reduction) Negative

CURRENCY EXPOSURE HEDGING GAINS OR LOSSES TAX RATE

Negative on H1 09

Negative High teens (15-20%)

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ROADMAP 2009 NET RESULT

M.Eur And % delta NET RESULT

CONFERENCE CALL COMMENT

EXPECTATION

FY 2008 82.9 -45% 7.7%

FY 2009 ANALYST CONSENSUS MAX AVG MIN 65.0 -22% 6.3% 43 -49% 4.3% 7 -92% 0.8%

NO GUIDANCE

*in italics, % on revenues

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ROADMAP 2009 CAPEX

M.Eur CONFERENCE CALL COMMENT ESPLICIT GUIDANCE FY 2008 FY 2009 ANALYST CONSENSUS MAX AVG MIN

CAPEX

+10/12 new DOS openings of which one is a flagship (San Francisco), another few in USA and the rest in Asia

Flattish (in 2010 more substantial reduction possible)

81.4

81

CAPEX LATEST HISTORICAL DATA EUR M. TANGIBLE INTANGIBLE Excluding Goodwill - Including Key Money TOTAL Museum GRAND TOTAL

2007 86.6 29.9 116.5 1.1 117.6

2008 57.9 21.2 79.1* 2.3** 81.4

*see Cash Flow - Capex slide in the FY2008 presentation **see Cash Flow - Capex slide in the FY2008 presentation Museum figures were included in Other

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ROADMAP 2009 NET WORKING CAPITAL

M.Eur

CONFERENCE CALL COMMENT INVENTORY REDUCTION RE - ALIGNMENT OF PRODUCTION

ESPLICIT GUIDANCE Moderate Cash Generator

FY 2008 745 NWC (of which 730 Inventory)

FY 2009 ANALYST CONSENSUS MAX AVG MIN 748*

NWC

* Only 6 broker estimates as of 25 May

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ROADMAP 2009 DEBT

M.Eur

CONFERENCE CALL COMMENT Increase of committed credit lines, extension of maturities

EXPECTED IMPACT on BALANCE SHEET Moderate Reduction of Debt versus end 08

FY 2008 304

FY 2009 ANALYST CONSENSUS MAX AVG MIN 317

DEBT

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END

QUESTION & ANSWERS

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BVLGARI NEWSFLOW

NEXT IR EVENTS June 3 2009 HSBC Luxury Goods Conference - Paris July 30 2009 H1 2009 Results - Conference Call 18.00 CET

BULGARI INVESTOR RELATIONS WEBSITES: http://ir.bulgari.com http://ir.mobi.bulgari.com BULGARI CORPORATE WEBSITE 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 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 managements 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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Q1 2009 RELEASE NETWORK EVOLUTION

Q1 2008 DIRECTLY OPERATED STORES (DOS) FRANCHISEES TRAVEL RETAIL AND WHOLESALE STORES TOTAL STORES 152 40 57 249 FY 2008 164 43 56 263 Q1 2009 167 44 57 268

SAN FRANCISCO NEW FLAGSHIP STORE OPENING DEC 2009

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