THE BVLGARI GROUP Fiscal Year Month And Third Quarter Results November 13th 2003

FINANCIAL HIGHLIGHTS - 9m 2003 M.EURO 9M M 2002 DELTA 9m 03/02 REVENUES % +5.6% at comp.fx GROSS PROFIT* Gross Margin % % +0.7% TOT EXPENSES % OPERATING PROFIT Operating Margin % % +9.8% NET PROFIT Net Margin % % +20.2% The RESTATED Gross Margin*** is a lower figure than it used to be because Cost of Goods Sold now includes also internal production costs previously included in the Operating Expenses. Comp.fx: at comparable exchange rates

FINANCIAL HIGHLIGHTS - Q M.EURO Q Q DELTA Q3 03/02 REVENUES % +8.1% at comp.fx GROSS PROFIT* Gross Margin % % +0.2% TOT EXPENSES % OPERATING PROFIT Operating Margin % % +14.6% NET PROFIT Net Margin % % +35.1% The RESTATED Gross Margin*** is a lower figure than it used to be because Cost of Goods Sold now includes also internal production costs previously included in the Operating Expenses. Comp.fx: at comparable exchange rates

REVENUE % GROWTH BY 9MTH-PERIOD BY PRODUCT CATEGORY REVENUE % GROWTH BY 9MTH-PERIOD BY PRODUCT CATEGORY ALSO AT COMPARABLE EXCHANGE RATES 9m % GRTH 9M 03/02 9M 02/01 9M 01/00 JEWELS WATCHES PERFUMES ACCESS ROYA/OTH tot at comparable exchange rates

REVENUE EURO AMOUNT EVOLUTION BY QUARTER BY PRODUCT CATEGORY Q1 M. EURO Q1 03 Q1 02 JEWELS WATCHES PERFUMES ACCESS ROYA/OTH tot Q2 M. EURO Q2 03 Q2 02 JEWELS WATCHES PERFUMES ACCESS ROYA/OTH tot Q3 M. EURO Q3 03 Q3 02 JEWELS WATCHES PERFUMES ACCESS ROYA/OTH tot

REVENUE % GROWTH BY PRODUCT CATEGORY REVENUE % GROWTH BY PRODUCT CATEGORY ALSO AT COMPARABLE EXCHANGE RATES Q1 % GROWTH Q1 03 Q1 02 JEWELS WATCHES PERFUMES ACCESS ROYA/OTH tot Q2 % GROWTH Q2 03 Q2 02 JEWELS WATCHES PERFUMES ACCESS ROYA/OTH Tot Q3 % GROWTH Q3 03 Q3 02 JEWELS WATCHES PERFUMES ACCESS ROYA/OTH tot at comparable exchange rates

REVENUE % GROWTH BY 9MTH-PERIOD BY GEOGRAPHICAL AREA REVENUE % GROWTH BY 9MTH-PERIOD BY GEOGRAPHICAL AREA ALSO AT COMPARABLE EXCHANGE RATES 9m % GRTH 9M 03/02 9M 02/01 9M 01/00 ITALY EUROPE EX ITALY AMERICAS JAPAN FAR EAST MIDDLE EAST OTHER tot at comparable exchange rates

REVENUE % GROWTH BY GEOGRAPHICAL AREA REVENUE % GROWTH BY GEOGRAPHICAL AREA ALSO AT COMPARABLE EXCHANGE RATES Q1 % GROWTH Q1 03 Q1 02 ITALY EUROPE EX ITALY AMERICAS JAPAN FAR EAST MIDDLE EAST + OTH TOT at comparable exchange rates Q2 % GROWTH Q2 03 Q2 02 ITALY EUROPE EX ITALY AMERICAS JAPAN FAR EAST MIDDLE EAST + OTH TOT Q3 % GROWTH Q3 03 Q3 02 ITALY EUROPE EX ITALY AMERICAS JAPAN FAR EAST MIDDLE EAST + OTH TOT

ADVERTISING AND PROMOTION % GROWTH, M.EURO AND % ON REVENUES 8.5% DELTA: +1.3% 9.4%9.7% DELTA: +1.4%

BALANCE SHEET HIGHLIGHTS M.EURO GEARING 73%49%29%

NET WORKING CAPITAL M.EURO TRADE RECEIVABLES INVENTORY TRADE PAYABLES TOTAL

INVENTORY DYNAMICS M.EURO – END OF QUARTER FIGURES

QUESTION AND ANSWERS

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 reporduced 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 SpA or any of its subsidieries should make its own independent investigation of the financial condition and affairs, and its own appraisal of the creditworthiness, Bulgari SpA or any of its subsidiaries and should carefully consider the high risks involved in purchasing these securities. This document contains certains 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