1. THE BVLGARI GROUP Fiscal Year 2003 Rome, 29 March 2004 When printing the presentation please choose the Pure B/W option

2. FINANCIAL RESULTS FY 2003 AND Q4 2003 Eur mios.FY 2003 FY 2002 DELTA FY 03/02 Q4 2003 Q4 2002 DELTA Q4 03/02 REVENUES rep. REVENUES const.currency 759774-2% +5% 247255-3% +3% GROSS PR. Gross mg 474 62.5% 469* 60.6% +1%158 64.1% 155* 60.7% +2% EBIT Ebit mg 117 15.4% 108 13.9% +9%55 22.1% 51 20.0% +7% NET PROFIT Net P.mg 92 12.1% 76 9.8% +21%48 19.5% 39 15.5% +22% *restated due to inclusion of manufacturing costs in COGS during 2003

3. PRODUCT CATEGORY FY 2003Q4 2003VARIATION % 2003/2002 FULL YEAR VARIATION % 2003/2002 FOURTH QUARTER REPORTEDAT COMP.FXREPORTEDAT COMP.FX MEUR% ON TOTAL SALES MEUR% ON TOTAL SALES % GROWTH JEWELRY307.641%99.140%+4.7+12.9+0.4+7.6 WATCHES244.232%83.334%-16.6-10.6-15.5-9.5 PERFUMES136.718%44.918%+3.1+8.5+12.2+19.3 ACCESSORIES 55.77%15.96%+39.5+48.9+15.5+22.3 ROYALTIES AND OTHER 15.12%4.12%+4.8N/A+4.4N/A TOTAL759.3100%247.3100%-1.9+4.9-3.1+3.5 REVENUES – 2003 AND Q4 2003 DETAIL BY PRODUCT LINE

4. GEOGRAPHICAL AREA FY 2003Q4 2003VARIATION % 2003/2002 FULL YEAR VARIATION % 2003/2002 FOURTH QUARTER REPORTEDAT COMP.FXREPORTEDAT COMP.FX MEUR% ON TOTAL SALES MEUR% ON TOTAL SALES % GROWTH ITALY105.514%34.714%-1.6N/A-3.4N/A EUROPE W/OUT ITALY 189.725%55.522%-0.9N/A-2.4N/A AMERICAS108.714%39.716%-6.2+9.2+4.6+21.4 JAPAN 166.422%56.823%+0.9+10.7-6.6+0.2 FAR EAST142.619%46.619%+7.5+20.2+7.0+18.7 MIDDLE EAST AND OTHER 46.46%14.06%-24.6N/A-29.9N/A TOTAL759.3100%247.3100%-1.9+4.9-3.1+3.5 REVENUES – 2003 AND Q4 2003 DETAIL BY GEOGRAPHICAL AREA

5. GROUP P/L FY 2003 MEUR FY 2002 MEUR % GROWTH 2003/2002 % ON REVENUES 2003 REVENUES759.3773.6-1.9%100% GROSS MARGIN 474.4468.8+1.2%62.5% PERSONNEL COSTS 117.8117.2+0.5%15.5% ADV. AND PROMOTION 80.776.2+5.9%10.6% AMOR.&DEPR39.140.7-3.9%5.2% OTHER GEN EXPENSES 119.9127.1-5.6%15.8% TOT GENERAL EXP 357.5361.2-1.0%47.1% EBIT116.9107.6+8.6%15.4% NON OPER. EXP. INC.MIN. 7.917.4-54.4%1.0% PROFIT BEFORE TAX 109.090.2+20.8%14.4% TAXES16.914.1+20.5%2.3% NET PROFIT AFTER TAXES 92.176.1+21.0%12.1% BVLGARI PROFIT AND LOSS OVERVIEW

6. GROSS MARGIN % WEIGHFY 2001 JEWELS37.6 WATCHES38.6 PERFUMES16.5 ACCESSOR.5.0 ROYA/OTH2.3 TOTAL100 % WEIGHFY 2002 JEWELS38.0 WATCHES37.9 PERFUMES17.1 ACCESSOR.5.2 ROYA/OTH1.8 TOTAL100 % WEIGHFY 2003 JEWELS40.5 WATCHES32.2 PERFUMES18.0 ACCESSOR.7.3 ROYA/OTH2.0 TOTAL100 FX RATES Market evolution 2003 AVERAGE FX RATE 2003vs2002 AVERAGE EUR APPREC. EUR/USD1.13+20% EUR/JPY130.95+11%

7. ADVERTISING AND PROMOTION INVESTEMENTS IN M.EURO AND AS A % ON REVENUES as well as INDICATION OF REVENUE GROWTH ON THE YEAR 9.9%9.6% 10.2%11.1%13.6%12.6% % on REV 12.2%13.4% +1%+32% +17%+28%+23%+33% REVENUE GROWTH +39%+13% 10.6% - 2% REPORTED, +5% AT CONST.CURRENCY

8. CONSOLIDATED AVERAGE TAX RATE

9. NET WORKING CAPITAL Me euro200120022003 RECEIV.124143132 INVENTORY547477430 PAYABL.-119-118-109 TOT NWC552502453

10. CAPITAL EXPENDITURE M.EURO200120022003 TANGIBLE362423 INTANGIBLE12915 TOTAL483338

11. CASH FLOW GENERATION M.EURO

12. BALANCE SHEET HIGHLIGHTS M.EURO GEARING 60% 25% 8%

13. BVLGARI 2003 – ACTIVITIES BUSINESS MODEL AXES NEW - 2003PLUS - 2003 PRODUCT LAUNCHES AND INNOVATION LAUNCH OF A NEW JEWELRY COLLECTION LAUNCH OF A NEW JEWELRY WATCH LAUNCH OF A NEW MAJOR FEMININE FRAGR. LAUNCH OF A NEW HANDBAG COLL. LINE EXTENSIONS IN JEWELRY LINE EXTENSIONS IN WATCHES LINE EXT. IN FRAGRANCES, KITS NEW S/S AND F/W COLLECTIONS IN ACCESSORIES AND EYEWEAR NETWORK 13 NEW OPENINGS OF WHICH 4 STANDARD SIZE, 9 SMALL 2 IMPORTANT RELOCATIONS AND REFURBISHMENTS BRAND AWARENESS MIRROR, OMNIA AND Bzero1 CAMPAIGN VERY COST EFFECTIVE USE OF A&P TOOLS ONGOING GROWTH OF EDITORIALS AND PRODUCT PLACEMENTS IN MOVIES COST CONTROL EFFICIENCY FOCUS HIGHER DEGREE OF VERTICAL INTEGRATIONONGOING COST-CONTROL DISCIPLINE

14. BVLGARI 2003 – PRODUCTION ACTIVITIES VERTICAL INTEGRATION RE-ENGINEERING BOTH ON PRODUCTS AND PROCESSES ACQUISITION CROVA 50% INTERNAL ATELIER CAPACITY IMPROVEMENT WATCHMAKING FIRST INTERNALLY PRODUCED MOVEMENTS FOR BVLGARI GROUP GRANDE COMPLICATION WATCHES

15. BVLGARI 2003 – PRODUCT LAUNCHES JEWELRYWATCHESPERFUMESACCESSORIES NEW PRODUCT LAUNCHES ALLEGRA (Coriandoli, Caramelle, Sassi, Metropolis, Tondo Shake, Optical and Theme lines) HIGH JEWELRY Magnificient Jewels LUCEA WATCHOMNIAASCOT HANDBAG COLL. LINE EXTENSIONS Bzero1 Cufflinks-Gifts LUCEA Rings, pendants, earrings EAU PARFUMEE AU THE BLANC NEW VERSIONS RETTANGOLO BCI BVLGARI-BVLGARI DIAGONO PROF DIAGONO RETTANGOLO QUADRATO ALUMINIUM Bzero1 NEW KITS (S.VALENTINE, SPRING, CHRISTMAS ETC) New S/S and F/W Colours for Bzero1, Décolleté, Geometrica handbags New silk items and eyewear collections ADVERTISING CAMPAIGNS THE BVLGARI CAMPAIGNS ADVERTISE FIRST OF ALL THE BRAND MIRROR Bzero1 MIRROR Bzero1 OMNIABzero1 eyewear

16. 2003 – NETWORK EVOLUTION 20032002NEW DOS BOUTIQUES 9283+9 Of which 1 standard size/8 small FRANCHISEES 3533+2 Of which 1 standard size/1 small TOTAL STORES 127116+11 Of which 2 standard size/9 small TRAVEL RETAIL AND WHOLESALE STORES (POINTS OF SALE) 5553+2 Both standard size TOTAL STORES+P.O.S. 182169+13 Of which 4 standard size/9 small 20032002NEW THIRD PARTY RETAILERS >770 unchanged PERFUME DOORS >15,00014,400About 600

17. 2003 – STORE REFURBISHMENTS and NEW OPENINGS NEW DIRECTLY OPERATED STORES (DOS) Sapporo Capri Nagoya Mitsukoshi Yokohama Sogo Fiumicino/3 Deagu Lotte Valencia El Corte Inglès Beijing Shanghai Q1 2003 – shop in shop* Q2 2003 – free standing Q2 2003 – shop in shop Q3 2003 – shop in airport Q3 2003 – shop in shop Q4 2003 – shop in shop HIGH-END TRAVEL DESTINATION ENHANCE LOCAL MARKET PRESENCE SELECTED TRAVEL HUB ENHANCE LOCAL MARKET PRESENCE EMERGING MARKET EXISTING DOS RE-LOCATIONS Los Angeles Madrid Q1 2003 – free standing+flagship Q4 2003 – free standing FLAGSHIP + BRAND AWARENESS + ENHANCE LOCAL MARKET PRESENCE NEW FRANCHISEES Sao Paulo Manila Greenbelt Q4 2003 – free standing* Q4 2003 – free standing EMERGING MARKET NEW TRAVEL RETAIL WHOLESALE STORES Munich Singapore 2 Q2 2003 – shop in airport* Q4 2003 – shop in airport* SELECTED TRAVEL HUB *standard size new stores, the remaining are smaller

18. BVLGARI 2003 – PR AND PROMOTION TYPOLOGY EVENTSDETAILS CORPORATE PR ACTIVITIES GRAND OPENINGS EXHIBITION LOS ANGELES RODEO DRIVE MADRID BEIJING AND SHANGHAI SAO PAOLO BVLGARI, 100 YEARS OF DESIGN EDITORIALS AWARDS N° OF EDITORIALS OMNIA EAU PARF.THE BL. About 24.000 NOMINEE TO THE ACCADEMIA DEL PROFUMO AWARD MOVIES/TV PRODUCT PLACEMENTS MOVIES ORIGINAL SERIES INTOLERABLE CRUELTY THE ITALIAN JOB WHAT A GIRL WANTS CONFIDENCE HOW TO LOSE A GUY MY HOUSE IN UMBRIA SERVING SARA AND NOW LADIES AND GENTLEMEN SEX AND THE CITY VIP ENDORSEMENTS & AWARDS 2003 RED CARPET OSCARS/ACADEMY CANNES VENEZIA GOLDEN GLOBE GODDESS EXH.-MET AMERICAN CINEM. ADRIEN BRODY, BONO, HILLARY SWANK, CLAIRE FORLANI… NICOLE KIDMAN, NADIA AUERMANN, ANDIE McDOWELL, NOEMIE LENOIR, KARINE SILLA CARRIE ANN-MOSS, JADE PINKETT, ELIZABETH TAYLOR, CLAUDIA CARDINALE… KATE HUDSON, EMMA THOMPSON, LETICIA DOLERA, NAOMI WATTS, MARIA SCHRADER BEYONCE KNOWLES, BONO, JENNIFER ANISTON… NICOLE KIDMAN NICOLE KIDMAN, CHLOE SEVIGNY, ERIKA CHRISTENSEN

19. BVLGARI 2004 – PRODUCT LAUNCHES JEWELRYWATCHESPERFUMESACCESSORIES NEW PRODUCT LAUNCHES NEW COLLECTION TO BE PRESENTED IN BASEL – APRIL ALREADY PRESENTED: Marryme (new engagement ring) NEW COLLECTION TO BE PRESENTED IN BASEL - APRIL LINE EXTENSIONS ALREADY PRESENTED: Bvlgari-Bvlgari Charms New cufflinks MORE IN BASEL ALREADY PRESENTED: BB TOURBILLON MORE IN BASEL ALREADY PRESENTED: OMNIA BATH LINE APRIL NEW VERSIONS ALREADY PRESENTED: Bzero1 Bzero1 pink gold (Special St.Val.edit.) MORE IN BASEL ALREADY PRESENTED: Bzero1 ladies watch DIAGONO PROF. REGATTA DIAGONO PROF.GMT FLYBACK MORE IN BASEL ALREADY PRESENTED: NEW KITS St.Valentine, Spring, etc. MORE IN H2 ALREADY PRESENTED: New S/S and F/W Colors for Bzero1, Décolleté, Geometrica handbags New silk items and eyewear collections MORE IN H2 ADVERTISING CAMPAIGNS THE BVLGARI CAMPAIGNS ADVERTISE FIRST OF ALL THE BRAND NEW, DEDICATED CAMPAIGN +Mirror, Bzero1 campaigns NEW, DEDICATED CAMPAIGN +Mirror, Bzero1 campaigns New campaigns Bzero1 campaign eyewear

20. BVLGARI 2004 – PR AND PROMOTION TYPOLOGY EVENTSDETAILS CORPORATE PR ACTIVITIES GRAND OPENINGS EXHIBITION IN THE PIPELINE THE BVLGARI VINTAGE COLLECTION (MIAMI) EDITORIALS AWARDS IN THE PIPELINE MOVIES/TV PRODUCT PLACEMENTS MOVIES ORIGINAL SERIES SOMETHINGS GOTTA GIVE IN THE PIPELINE SEX AND THE CITY VIP ENDORSEMENTS & AWARDS 2004 RED CARPET OSCARS/ACADEMY GRAMMY OTHERS NICOLE KIDMAN, JOHNNY DEPP, JENNIFER GARNER, AMBER VALLETTA, DJIMON HOUNSOU KYLIE MINOGUE IN THE PIPELINE

21. QUESTIONS & ANSWERS ANNEX TURN THE PAGE FOR HISTORICAL DATA AND MORE P/L DATA FOR MORE QUALITATIVE INFORMATION ON 2003 AND EARLY 2004 PRODUCT LAUNCHES, STORES, PRODUCT PLACEMENTS PLEASE SEE http://www.bulgari.com When printing the presentation please choose Pure B/W option

22. HISTORICAL REPORTED REVENUES BY PRODUCT LINE % GROWTH AND % ON TOTAL SALES YOY GROWTH 199819992000200120022003 JEWELS+8+30+47+26+2.1+4.7 WATCHES+15+41+43-6-16.6 PERFUMES+63+18+15+37+4.8+3.1 ACCESSORIES+292+41+53+48+3.7+39.5 ROYALTIES AND OTHER +87+25+15+11-17.8+4.8 BREAKDOWN 199819992000200120022003 JEWELS33323438 41 WATCHES424546393832 PERF.191614161718 ACCESS.344557 ROYALT. OTH332222

23. HISTORICAL REPORTED REVENUES BY GEOGRAPHICAL AREA % GROWTH AND % ON TOTAL SALES YOY GROWTH 199819992000200120022003 ITALY+33+17+43+19+2.8-1.6 EUROPE+15+20+38+24-3.3-0.9 AMERICAS+35+26+28-16-2.0-6.2 JAPAN+32+60+36+7+7.3+0.9 FAR EAST+3+58+61+27-6.6+7.5 M.EAST OTH+22+19+47+59+23.7-24.6 BREAKDOWN 199819992000200120022003 ITALY1413 14 EUROPE2724 2625 AMERICAS24232115 14 JAPAN182221202122 FAR EAST121417181719 M.EAST OT.544786

24. EUR MIO.Q1 2003Q2 2003Q3 2003Q4 2003FY 2003 REVENUES160.6169.5181.9247.3759.3 GROSS MARGIN 97.8108.1110158.5474.4 PERSONNEL COSTS 29.428.827.731.9117.8 ADV. AND PROMOTION 14.020.115.531.180.7 AMOR.&DEPR8.510.110.310.239.1 OTHER GEN EXPENSES 29.730.229.530.5119.9 TOT GENERAL EXP 81.689.283.0103.7357.5 EBIT16.218.927.054.8116.9 NON OPER. EXP. INC.MIN. 3.23.11.40.27.9 PROFIT BEFORE TAX 13.015.825.654.6109.0 TAXES1.62.26.76.416.9 NET PROFIT AFTER TAXES 11.413.618.948.292.1 PROFIT AND LOSS OVERVIEW: In Eur Millions

25. % ON TOTAL REVENUES Q1 2003Q2 2003Q3 2003Q4 2003FY 2003 REVENUES100% GROSS MARGIN 60.9%63.8%60.5%64.1%62.5% PERSONNEL COSTS 18.3%17.0%15.2%12.9%15.5% ADV. AND PROMOTION 8.7%11.9%8.5%12.6%10.6% AMOR.&DEPR5.3%5.9%5.7%4.1%5.2% OTHER GEN EXPENSES 18.5%17.9%16.2%12.4%15.8% TOT GENERAL EXP 50.8%52.7%45.6%42.0%47.1% EBIT10.1%11.1%14.9%22.1%15.4% NON OPER. EXP. INC.MIN. 2.0%1.8%0.8%0.1%1.0% PROFIT BEFORE TAX 8.1%9.3%14.1%22.0%14.4% TAXES1.0%1.3%3.7%2.5%2.3% NET PROFIT AFTER TAXES 7.1%8.0%10.4%19.5%12.1% PROFIT AND LOSS OVERVIEW: % on Revenues