BULGARI GROUP Q1 2011 Results

May 10th 2011

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KEY MESSAGES

Strong double digit top line growth Tight control of costs, capex, inventory Strong improvement of profitability Strong double digit sales growth in April Successful BaselWorld: watch orders up 56%

REVENUES BY PRODUCT CATEGORY Q1 2011

Q1 2011

Q1 2011/Q1 2010 REPORTED AT COMP.FX

PRODUCT CATEGORY JEWELRY WATCHES PERFUME & COSMETICS ACCESSORIES HOTEL & REST. ROYALTIES AND OTHER TOTAL

EUR M. 114.0 50.6 60.1 20.7 4.2 5.1 254.7

% ON TOTAL SALES 44.8% 19.9% 23.6% 8.1% 1.6% 2.0% 100% +29.3% +21.9% +32.9% +19.0% +14.3% +61.3% +27.9%

% DELTA +23.3% +16.4% +30.3% +11.3% +22.7%

REVENUES BY GEOGRAPHICAL AREA Q1 2011

Q1 2011/Q1 2010 Q1 2011 GEOGRAPHICAL AREA EUROPE Of which Italy AMERICAS ASIA Of which Japan Of which Rest of Asia MIDDLE EAST/ OTHER TOTAL EUR M. 79.1 25.3 33.1 122.6 39.5 83.2 19.8 254.7 % ON TOTAL SALES 31.0% 9.9% 13.0% 48.2% 15.5% 32.7% 7.8% 100% % DELTA REPORTED +16.0% +9.1% +22.0% +33.9% +10.7% +48.7% +63.1% +27.9% AT COMP.FX +20.9% +25.8% -0.1% +43.5% +22.7%

GREATER CHINA GREW BY 77.0% AT REPORTED EXCHANGE RATES AND BY 70.6% AT COMPARABLE EXCHANGE RATES IN THE LAST QUARTER AGAINST VERY STRONG COMPS (RESP.+30.4% AND +38.4%). 2011 WILL BE THE YEAR OF CHINA AT BULGARI.

Q1 2011 - FINANCIAL HIGHLIGHTS

EUR M.

Q1 2011 EUR M.

Q1 2010 EUR M. 199.1 126.9 63.8% (127.2) 16.3 (0.3) (8.3)

Q1 11/Q1 10 % DELTA REPORTED FX 27.9% 27.2% 17.2% 78.6%

REVENUES CONTRIBUTION MARGIN TOTAL OPERATING EXPENSES EBITDA EBIT NET RESULT

254.7 161.4 63.4% (149.1) 29.1 12.3 9.3

Q1 2011 - GROUP PROFIT & LOSS

EUR M. Q1 2011 EUR M. REVENUES CONTRIBUTION MARGIN % on Sales VARIABLE SELLING EXPENSES PERSONNEL COSTS OTHER GENERAL EXPENSES AMORTIZATION AND DEPRECIATION ADVERTISING AND PROMOTION A&P % on Sales TOTAL OPERATING EXPENSES EBITDA % on Sales EBIT % on Sales TOTAL FINANCIAL COSTS of which FX Gain (Loss) Financial costs CURRENT AND DEFERRED TAXES MINORITY INTEREST NET RESULT 254.7 161.4 63.4% (10.9) (48.1) (44.5) (16.8) (28.7) 11.3% (149.1) 29.1 11.4% 12.3 4.8% (0.4) 3.2 (3.5) (2.6) 0 9.3 3.7% Q1 2010 EUR M. 199.1 126.9 63.8% (8.3) (43.8) (39.2) (16.3) (19.6) 9.8% (127.2) 16.3 8.2% (0.3) (8.6) (4.9) (3.7) 0.6 0 (8.3) Q1 11/Q1 10 % DELTA REPORT. 27.9% 27.2% Q1 11/Q1 10 % DELTA COMP.FX 22.7%

31.7% 10.0% 13.4% 2.9% 46.7% 17.2% 78.6%

24.7% 4.4% 8.3% (2.3%) 37.7% 11.3%

Q1 2011 - NET WORKING CAPITAL

EUR M. End of March 2010 125.4 656.7 (141.8) 6.0 646.3 End of Dec 2010 195.2 655.5 (193.0) 0.1 657.8 End of March 2011 154.9 683.8 (186.1) 3.5 656.1

RECEIVABLES INVENTORY PAYABLES OTHER RECEIVABLES AND PAYABLES TOT NWC

WORKING CAPITAL ROT. DAYS INVENTORY ROT. DAYS Inv./Rev

246 250

222 221

210 219

CASH FLOW

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

MARCH 2011 (135.3) 26.4 1.6

6.9 (7.4) 6.1 (0.4) 8.5

MARCH 2010 (216.8) 9.3 (29.0)

(22.5) (9.9) 0 (0.2) (12.4)

DIVIDENDS OTHER TOTAL NET INDEBTEDNESS AT ENDING PERIOD

0 (32.0) 2.8 (132.4)

0 20.2 (21.9) (238.7)

Q1 2011 - NET INDEBTEDNESS

37%

GEARING AS OF END OF PERIOD

28%

14%

14%

304

217 135 132

31.12.08

31.12.2009

31.12.2010

31.03.2011

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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