1

BULGARI GROUPFIRST HALF 2008 RESULTS

ROME, 1ST AUGUST 2008

2

-7.1%

-18.0%

12.4%

-3.7%

6.5%

4.0%

8.3%

DELTA

H108/07

10.8%117.4

24.1%

113.1

22.3%

EBIT BEFORE A&P

% on Sales

3.9%(55.3)

11.4%

(62.2)

12.3%

A&P

% on Sales

31.5%58.4

12.0%

54.2

10.7%

NET PROFIT

% on Sales

17.8%62.1

12.7%

50.9

10.1%

EBIT

% on Sales

8.8%310.9

63.8%

331.0

65.4%

CONTRIBUTION MARGIN

% on Sales

8.9%

14.8%

487.0506.4REVENUES

REVENUES – AT COMP. FX

DELTA

H1 07/06

H1

2007

H1

2008

EUR M.

FIRST HALF 2008 RESULTS

FINANCIAL HIGHLIGHTS

Please refer to note on page 14 for information on previous years’ restatements

3

8.3%

-

24.2%

4.2%

-

5.6%

-1.5%

7.7%

AT COMP.FX

4.0%

19.0%

18.3%

0.1%

-3.2%

1.9%

-4.9%

3.0%

% GROWTH

REPORTED

H1 2008/H1 2007

14.7OTHER

108.3PERFUME DIVISION

383.4JWA DIVISION

506.4TOTAL

3.6OTHER (incl. FR royalties)

41.4ACCESSORIES

125.8WATCHES

212.6JEWELRY

EUR M.

FIRST HALF

2008

PRODUCT CATEGORY

FIRST HALF 2008 RESULTS

REVENUE EVOLUTION BY PRODUCT LINE

ROADMAP: MEDIUM-TERM POSITIVE DRIVERS

ROADMAP: AREAS OF CONCERN

4

JEWELLERY HIGHLIGHTS

• PRICING POWER LEADS TO INCREASED MARGINON CORE BUSINESS CATEGORY

• LAUNCHES H1: MONOLOGO + NEW BB

• Q2 07 INCLUDED A SINGLE HIGH JEWELLERY SALE OFUSD 13.5 M.EXCLUDING THIS SALE FROM H1 07 REVENUES, H1 08GROWTH WOULD HAVE BEEN +12.7%

7.7%

212.6

H1

2008

H1

2007

42%

of total revenues inH1 2008

20.8%

206.5

GROWTH AT COMP.

EXCHANGE RATES

REVENUES – Eur M.

JEWELRY

5

-1.5%

125.8

H1

2008

H1

2007

25%

of total revenues inH1 2008

10.2%

132.4

GROWTH AT COMP.

EXCHANGE RATES

REVENUES – Eur M.

WATCHES

WATCHMAKING HIGHLIGHTS

REPOSITIONING OF THE BRAND– MORE MEDIUM AND HIGH-END WATCHES IN THE MIX– DISCONTINUATION OF ENTRY-PRICE COLLECTIONS

WATCH COMPONENTS SHORTAGES PERSIST

LAUNCHES H1: DIAGONO SHIPMENT STARTED AT THE VERY END OF H12008, WHEREAS ASSIOMA D.’S WAS COMPLETED IN H1 2007

6

ACCESSORIES

5.6%

41.4

H1

2008

H1

2007

8%

of total revenues inH1 2008

-8.2%

40.6

GROWTH AT COMP.

EXCHANGE RATES

REVENUES – Eur M.

ACCESSORIES HIGHLIGHTS

22 TWIN AND ACCESSORY-ONLY STORES AS OF JUNE 2008 SUCCESSFUL STORE CONCEPT AND IMPROVED PRODUCT OFFER DRIVE A

DRAMATICALLY IMPROVED PRODUCT AND PRICE MIX:

MIX EVOLUTION:– EYEWEAR 4%– LEATHER GOODS 84% ( OF WHICH > 30% BAGS)– TEXTILES 12%

BAGS TICKET EVOLUTION IN DOS (STAND-ALONE, TWINS)– BAGS ABOVE EUR 1,000 REPRESENT 65% OF BAG SALES– BAGS ABOVE EUR 1,500 REPRESENT 33% OF BAG SALES

• NEW FLORENCE FACTORY CONTRIBUTION STILL VERY LIMITED

7

PERFUME HIGHLIGHTS

• AQUA POUR HOMME MARINE LAUNCH

• Q1 2008

• EXCEPT ITALY: JUNE 2008

• JASMIN NOIR LAUNCH

• Q3 2008

• EXCEPT USA: AUGUST 2008

• OWNED SUBSIDIARY DIRECT DISTRIBUTION STRATEGY INITIATED A FEWYEARS AGO (10 COUNTRIES+TRAVEL RETAIL) CONTINUES TO SHOWIMPRESSIVE RETURN ON SALES

• 2007 W/WIDE SELECTIVE BRANDS RANKING: BVLGARI IS NOW N°9

24.2%

108.3

H1

2008

H1

2007

21%

of total revenues inH1 2008

21.7%

91.5

GROWTH AT COMP.

EXCHANGE RATES

REVENUES – Eur M.

PERFUME

8

8.3%

-

13.1%

4.6%

23.1%

-4.8%

-

-

ATCOMP.FX

4.0%

11.0%

8.1%

3.8%

12.8%

-16.2%

7.5%

-9.3%

% GROWTH

REPORTED

H1 2008/H1 2007

506.4TOTAL

32.9MIDDLE EAST/ OTHER

209.0

104.8

104.2

ASIA

Of which Japan

Of which rest of Asia

68.9AMERICAS

195.6

58.2

EUROPE

Of which Italy

EUR M.

FIRST HALF2008

GEOGRAPHICAL AREA

FIRST HALF 2008 RESULTS

REVENUE EVOLUTION BY GEOGRAPHICAL AREA

9

7.5%

195.6

H1

2008

H1

2007

39%

of total revenues inH1 2008

10.9%

181.9

GROWTH REPORTED

REVENUES – Eur M.

EUROPE

EUROPE HIGHLIGHTS

ITALY: H1 08 DOWN 9.3% (H1 07:+15.7%)

REST OF EUROPE: H1 08 UP 16.7% (H1 07: + 8.5%)

GERMANY, RUSSIA, FRANCE VERY BUOYANT

PARIS: THE NEW AVENUE GEORGE V STORE WILL OPEN IN OCTOBER

10

-4.8%

68.9

H1

2008

H1

2007

14%

of total revenues inH1 2008

26.7%

82.1

GROWTH AT COMP.

EXCHANGE RATES

REVENUES – Eur M.

AMERICAS

AMERICAS HIGHLIGHTS

IN 2007, TWO EXCEPTIONAL UNIQUE PIECES WERE SOLD AT THERENOVATED FIFTH AVENUE FLAGSHIP

– IN Q2 07: USD 13.5 M.

– IN Q3 07: USD 9.5 M.

IN H1 2008 ACCESSORIES SALES IN USA WERE UP BY 80%

NUMBER OF TWIN STORES IN USA: 4

11

4.6%

104.8

H1

2008

H1

2007

21%

of total revenues inH1 2008

-9.0%

101.0

GROWTH AT COMP.

EXCHANGE RATES

REVENUES – Eur M.

JAPAN

JAPAN HIGHLIGHTS

MAIN CITIES OUTPERFORM REST OF THE COUNTRY

TOKYO OUTPERFORMS OTHER MAIN CITIES (TRUE ALSO IN DEPT.STORES)

OWNED STORES OUTPERFORM DEPARTMENT STORES

GINZA STREET IS THE UNDISPUTED HEART OF LUXURY IN ASIA, NOT ONLY IN JAPAN

ONLY 7 MONTHS SINCE ITS OPENING, THE NEW GINZA TOWER FLAGSHIP SHOWS:

– GINZA TOWER TRAFFIC: +13% IN H1 08 vs [KOMATSU+MATSUYA] IN H1 07

– GINZA TOWER REVENUES: +180% IN H1 08 vs [KOMATSU+MATSUYA] IN H1 07

HIGH TICKET ITEMS ON THE RISE DUE TO GROWING POLARIZATION

BRIDAL BUSINESS: WEDDINGS NOT GROWING, BUT AVERAGE AGE RISE TRANSLATESINTO MORE BRANDED ENGAGEMENT RINGS vs UNBRANDED, AND HIGHER PRICES.

BRIDAL BUSINESS IN JAPAN FOR BVLGARI IN H1 08: +31%, AT GINZA TOWER +61%

12

23.1%

104.2

H1

2008

H1

2007

21%

of total revenues inH1 2008

55.0%

92.3

GROWTH AT COMP.

EXCHANGE RATES

REVENUES – Eur M.

REST OF ASIA

REST OF ASIA HIGHLIGHTS

GREATER CHINA NOW REPRESENT MORE THAN 11.4% OF REVENUES

MACAO: OPENING OF A SECOND LOCATION (THE VENETIAN) IN Q2 08

BETWEEN JAPAN AND CHINA THERE IS… KOREA! VERY SOUND PERFORMANCEDUE TO MORE RESILIENT REAL ESTATE AND STOCK MARKET vs AVERAGE ANDIN SPITE OF A STORE CLOSING FOR TECHNICAL REASONS

THE GROUP KEEPS ON INVESTING AGGRESSIVELY IN THE AREA

13

12.6%(248.8)

51.1%

(280.1)

55.3%

TOTAL OPERATING EXPENSES% on Sales

-18.0%62.1

12.7%

50.9

10.1%

EBIT% on Sales

962,1%-97.7%194.9%

0.3(4.1)0.1

3.0(0.1)0.4

TOTAL FINANCIAL GAIN (LOSSES)CURRENT AND DEFERRED TAXESMINORITY INTEREST LOSS (PROFIT)

54.2

10.7%

(22.0)

(93.4)

(77.2)

(25.4)

(62.2)

331.0

65.4%

506.4

H1 2008

-7.1%

5.1%

14.6%

8.1%

29.1%

12.4%

6.5%

4.0%

H1 2008/2007

DELTA

(20.9)

(81.5)

(71.4)

(19.7)

(55.3)

VARIABLE SELLING EXPENSES

PERSONNEL COSTS

OTHER GENERAL EXPENSES

AMORTIZATION AND DEPRECIATION

ADVERTISING AND PROMOTION

58.4

12.0%

NET PROFIT% on Sales

310.9

63.8%

CONTRIBUTION MARGIN

% on Sales

487.0REVENUES

H1 2007EUR M.

FIRST HALF 2008 RESULTSGROUP PROFIT & LOSS

Please refer to note on page 14 for information on previous years’ restatements

14

64,9%65,4%

63,9%

H1 2006 H1 2007 H1 2008

FIRST HALF 2008 RESULTSCONTRIBUTION MARGIN (% ON SALES)

EUR/USD: +15.1% (H1 08 AVE/ H1 07 AVE)

GOLD/USD: +38.4 % (H1 08 AVE/ H1 07 AVE)

EFFICENCIES IN MANUFACTURING ANDDISTRIBUTION

PRODUCT MIX

PRICE INCREASES

PERFUME DIRECT DISTRIBUTION

NEGATIVE IMPACT

ON CONTRIBUTION MARGIN IN %

POSITIVE IMPACT

ON CONTRIBUTION MARGIN IN %

Note: for H1 2008 and H1 2007 the Contribution Margin includes the economic impact of the gold hedging

transactions.

+ 160 BPS

15

55 62

H1 2007 H1 2008

FIRST HALF 2008 RESULTSADVERTISING AND PROMOTION

102

76 81

96

116 113120

2001 2002 2003 2004 2005 2006 2007

11.0%

ADVERTISING AND PROMOTION AS A % ON REVENUES

+12.4%

11.4% 12.3%

MILAN’S STAZIONE CENTRALE AQUA POUR HOMME MARINE ADVERTISING

16

656

-115

694

-155

760

-292

30.06.06 30.06.07 30.06.2008

NET EQUITY NET CASH

GEARING

18% 22%

FIRST HALF 2008 RESULTSBALANCE SHEET HIGHLIGHTS

38%

17

108.0

46.9

154.8

(107.0)

(86.9)

(20.1)

(0.9)

(20.7)

0.8

18.9

(59.1)

78.0

19.7

58.4

JUNE

2007

151.3

140.9

292.2

(73.0)

(96.1)

23.1

(78.3)

(38.6)

(9.2)

(30.5)

(110.4)

79.9

25.7

54.2

JUNE

2008

65.6

49.9

115.5

(74.7)

(74.5)

(0.1)

9.1

(29.9)

5.8

33.2

(29.0)

62.2

17.8

44.4

JUNE2006

NET DEBT AT BEGINNING OF PERIODNET DEBT AT THE END OF PERIOD

NET INDEBTEDNESS Incr./(Decr.)

EQUITY Incr./(Decr.)

DIVIDENDSOTHER CHANGES IN EQUITY

TOTAL CASH FLOW

DEPRECIATION & AMORTIZATION

CASH FLOW from P&L

CHANGE in WORKING CAPITAL

CASH FLOW from OPERATING ACTIVITY

NEW INVESTMENTS (Incr) / DecrOTHER L/T ASSETS & L. (Incr.)/Decr

NET RESULT

EUR M.

FIRST HALF 2008 RESULTSCASH FLOW DETAILS

18

611.4

5.6

(160.1)

610.1

155.8

H1 2007

731.5

9.0

(184.1)

725.5

181.1

H1 2008

544.7

4.3

(152.2)

550.1

142.5

H1 2006

OTHER RECEIVABLESAND PAYABLES

TOT NWC

PAYABLES

INVENTORY

RECEIVABLES

EUR. M

10

FIRST HALF 2008 RESULTSNET WORKING CAPITAL

19

31.5

7.8

23.7

30.06.07

25.6

6.0

19.6

30.06.06

31.5

7.2

24.3

30.06.08

INTANGIBLEExcluding Goodwill

Including KeyMoney

TOTAL

TANGIBLE

EUR M.

FIRST HALF 2008 RESULTSCAPEX

20

245

54

42

149

31.12.2007

249

57

40

152

31.03.2008

252

55

42

155

30.06.2008

TRAVEL RETAIL

AND WHOLESALE STORES

DOS BOUTIQUES

FRANCHISEES

TOTAL STORES

RETAIL NETWORK EVOLUTION

21

QUESTIONS & ANSWERS

CORPORATE WEB SITE

http://www.bulgari.com

For more information about the the Bulgari products please join the dedicatedmailing list.

BULGARI INVESTOR RELATIONS WEBSITEhttp://ir.bulgari.com

In order to receive updates via e-mail on the quarterly results releases, pleaseadd your name and e-mail address to the Alerting Service.

22

DisclaimerDisclaimer

This document is for institutional investors only and is not available to private customers. This document isbeing supplied to a limited number of recipients and it may not be distributed, published or reproduced in wholeor 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 solicitationof 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 makeits own independent investigation of the financial condition and affairs, and its own appraisal of thecreditworthiness of Bulgari S.p.A or any of its subsidiaries and should carefully consider the high risks involvedin purchasing these securities.

This document contains certain forward looking statements and key financial goals which reflect management’scurrent views, estimates, and objectives. The forward looking statements and key financial goals involve certainrisks and uncertainties that could cause actual results to differ materially from those contained in the forwardlooking statements and key financial goals.

Potential risks and uncertainties include, amongst other things, internal, industry and external factors, such asgeneral economic conditions

23

RESTATEMENT 2007

51.8

56.5

222.3

346.5

OLD

Q4 07

EUR M.

51.840.840.834.434.423.923.9NET PROFIT

57.547.246.336.235.425.926.3EBIT

223.8166.8166.5165.4165.2145.4146.3CONTRIBUTIONMARGIN

346.5257.4257.9262.2262.6224.9225.1REVENUES

RESTATEDRESTATEDOLDRESTATEDOLDRESTATEDOLD

Q3 07

EUR M.

Q2 07

EUR M.

Q1 07

EUR M.

THE FOLLOWING ELEMENTS WERE RESTATED:

GOLD HEDGING FROM FINANCIAL COST/INCOME TO CONTRIBUTION MARGIN;

COMMISSIONS TO PERFUME DISTRIBUTORS NOW DEDUCTED FROM SALES, PREVIOUSLY INVARIABLE EXPENSES;

WITHHOLDING TAXES FORM GENERAL EXPENSES TO CURRENT TAXES