1. THE BVLGARI GROUP First Quarter 2004 Rome, 13 May 2004 When printing the presentation please choose the Pure B/W option

2. FINANCIAL HIGHLIGHTS Q1 2004 Eur mios.Q1 2004 Q1 2003 DELTA Q1 04/03 REVENUES - REPORTED REVENUES – AT CONST.FX 160.3160.6-0.2% +6.0% GROSS PROFIT100.397.8*+2.5% EBIT18.916.2+16.7% NET PROFIT13.511.4+18.3% *restated due to inclusion of manufacturing costs in COGS during 2003

3. GROUP P/L - EXTRACT Q1 2004 MEUR Q1 2003 MEUR % GROWTH Q1 2004/ Q1 2003 % ON REVENUES Q1 2004 REVENUES160.3160.6-0.2%100% GROSS MARGIN 100.397.8*+2.5%62.5% OPERAT.EXP EX ADV.&PROM 65.567.6-3.1%40.9% ADV. AND PROMOTION 15.913.9+14.1%9.9% EBIT18.916.2+16.7%11.8% NON OPERAT. EXPENSES 1.73.2-47.1%1.1% PROFIT BEFORE TAXES 17.213.0+32.7%10.7% TAXES3.71.6+140%2.3% NET PROFIT13.511.4+18.3%8.4% FINANCIAL HIGHLIGHTS Q1 2004 DETAILS % ON REVENUES Q1 2003 100% 60.9% 42.1% 8.7% 10.1% 2% 8.1% 1.0% 7.1% *restated due to inclusion of manufacturing costs in COGS during 2003

4. PRODUCT CATEGORY Q1 2004VARIATION % 2004/2003 FIRST QUARTER REPORTEDAT COMP.FX MEUR% ON TOTAL SALES % GROWTH JEWELRY66.241.3%+7.6%+13.8% WATCHES49.430.8%-6.1%+0.5% PERFUMES28.417.7%+2.9%+10.1% ACCESSORIES 13.78.5%-7.4%-2.1% ROYALTIES AND OTHER 2.61.7%-35.8%N/A TOTAL160.3100%-0.2%+6.0% REVENUES – Q1 2004 REVENUES – Q1 2004 DETAILS BY PRODUCT LINE

5. GEOGRAPHICAL AREA Q1 2004VARIATION % 2004/2003 FIRST QUARTER REPORTEDAT COMP.FX MEUR% ON TOTAL SALES % GROWTH ITALY17.811.1%-22.7%- EUROPE W/OUT ITALY 38.223.8%-5.0%- AMERICAS23.414.6%+5.9%+21.6% JAPAN 39.924.9%+16.7%+23.1% FAR EAST29.818.6%-5.0%+4.8% MIDDLE EAST AND OTHER 11.27.0%+15.2%N/A TOTAL160.3100%-0.2%+6.0% REVENUES – Q1 2004 REVENUES – Q1 2004 DETAILS BY GEOGRAPHICAL AREA

6. GROSS MARGIN % WEIGH On total revenues Q1 2002 JEWELS39.6% WATCHES33.4% PERFUMES19.4% ACCESSOR.5.2% ROYA/OTH2.4% TOTAL100% % WEIGH On total revenues Q1 2003 JEWELS38.3% WATCHES32.7% PERFUMES17.2% ACCESSOR.9.2% ROYA/OTH2.6% TOTAL100% % WEIGH On total revenues Q1 2004 JEWELS41.3% WATCHES30.8% PERFUMES17.7% ACCESSOR.8.5% ROYA/OTH1.7% TOTAL100% FX RATES Market evolution Q1 2004 AVERAGE FX RATE Q1 2003 AVERAGE FX RATE Q1 4/Q1 03 AVERAGE EUR APPREC. EUR/USD1.25071.0732+16.5% EUR/JPY134.02127.60+5%

7. ADVERTISING AND PROMOTION ADVERTISING AND PROMOTION INVESTEMENTS IN M.EURO AND AS A % ON REVENUES 7.7%8.7%9.9% On tot.revenues 10.6%9.9% +14%

8. NET WORKING CAPITAL Me euroQ1 02Q1 03Q1 04 RECEIV.99110112 INVENTORY557492464 PAYABL.-77-97-105 TOT NWC579505471

9. BALANCE SHEET HIGHLIGHTS M.EURO GEARING 62%29%12%

10. BVLGARI 2004 – PRODUCT LAUNCHES JEWELRYWATCHESPERFUMESACCESSORIES NEW PRODUCT LAUNCHES l ASTRALE l HIGH JEWELLERY l MARRYME l BVLGARI: ERGON l GERALD GENTA: OCTO LINE EXTENSIONS, NEW VERSIONS l Bvlgari-Bvlgari pendants l Charms l New cufflinks l Bzero1 color l Bzero1 pink gold l BB - TOURBILLON l NEW RETTANGOLO l NEW SOLOTEMPO l Bzero1 DIAMS l DIAG.PROF. -REGATTA l DIAG. PROF. - GMT FLYBACK l NEW DIAGONO ALUM. l NEW DANIEL ROTH MODELS l OMNIA BATH LINE l St.Valentine, Spring, seasonal kits and flankers l New S/S and F/W Colors for Bzero1, Décolleté, Geometrica handbags l New silk l and eyewear collections ADVERTISING CAMPAIGNS THE BVLGARI CAMPAIGNS ADVERTISE FIRST OF ALL THE BRAND l ASTRALE CAMPAIGN l Mirror campaign l Bzero1 campaigns l ERGON CAMPAIGN l OCTO CAMPAIGN l Mirror campaign l Bzero1 campaigns l New perf.campaigns l New eyewear campaign

11. BVLGARI 2003 – PRODUCTION ACTIVITIESVERTICAL INTEGRATION RE-ENGINEERING BOTH ON l PRODUCTS l AND PROCESSES l ACQUISITION CROVA 50% ACQUISITION l INTERNAL JEWELRY ATELIER CAPACITY IMPROVEMENT l WATCHMAKING FIRST INTERNALLY PRODUCED MOVEMENTS FOR BVLGARI GROUP GRANDE COMPLICATION WATCHES l DIAMOND SOURCING PARTNERSHIP WITH LEVIEV GROUP TO SECURE TO BVLGARI DIAMONDS OF EXTRAORDINARY QUALITY AT HIGHLY COMPETITIVE PRICES

12. 2003 – NETWORK EVOLUTION As of end Q1 2004End 2003NEW DOS BOUTIQUES 10092 8 CORNERS FORMERLY RUN BY A JAPANESE PARTNER ON A COMMISSION BASIS AND CLASSIFIED UNDER THE WHOLESALE STORES CATEGORY AND ARE NOW CLASSIFIED UNDER DIRECTLY OPERATED STORES NO NEW STORES HAVE BEEN OPENED DURING Q1 FRANCHISEES 35 TOTAL STORES 135127 TRAVEL RETAIL AND WHOLESALE STORES (POINTS OF SALE) 4755 TOTAL STORES+P.O.S. 182

13. BVLGARI 2004 – PR AND PROMOTION TYPOLOGYEVENTSDETAILS CORPORATE PR ACTIVITIES PRODUCT LAUNCHES GRAND OPENINGS EXHIBITIONS l ASTRALE HIGH JEWELLERY LAUNCH – ST.PETERSBURG + LONDON, SINGAPORE – more to come l ASTRALE AND ERGON LAUNCH – BASEL FAIR, APRIL 15TH BOUTIQUES: IN THE PIPELINE BVLGARI HOTEL – MILANO, MAY 20TH THE BVLGARI VINTAGE COLLECTION - MIAMI BVLGARI INTRODUCES PETER FALKS ARTWORKS - ROME VIA CONDOTTI 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 DAVID DI DONATELLO CANNES FILM FESTIVAL OTHERS NICOLE KIDMAN, JOHNNY DEPP, JENNIFER GARNER, AMBER VALLETTA, DJIMON HOUNSOU KYLIE MINOGUE EMANUELLE BEART, ANOUK AIMEE – BVLGARI CREATES THE DAVID PLAQUE PEDRO ALMODOVAR … IN THE PIPELINE FOR MORE INFORMATION PLEASE SEE WWW.BULGARI.COM

14. QUESTIONS & ANSWERS ANNEX FOR MORE QUALITATIVE INFORMATION ON ASTRALE JEWELRY COLLECTION PLEASE SEE http://www.bulgari.com When printing the presentation please choose Pure B/W option