THE BVLGARI GROUP Fiscal Year 2002 First Half Results September 13th 2002

YoYH H DELTA DELTA H1 02/01 H1 01/00 REVENUES % +32% GROSS PROFIT % +32% EBIT % +28% NET PROFIT %+37% FINANCIAL RESULTS - H M.EURO

REVENUE % GROWTH BY PRODUCT LINE YoYH1 2002H JEWELS +2%+36% WATCHES - 21%+20% PERFUMES +20%+48% ACCESSORIES- 6%+85% ROYALTIES and other- 7%+36%

REVENUE BREAKDOWN BY PRODUCT LINE (% ON TOTAL REVENUES) YoYH1 2002H JEWELS39%36% WATCHES35%42% PERFUMES19%15% ACCESSORIES5%5% ROYALTIES and other2%2% Total100%100%

REVENUE % GROWTH BY GEOGRAPHICAL AREA YoYH1 2002H ITALY- 9%+54% EUROPE+5%+35% AMERICA- 15%+6% JAPAN -+11% FAR EAST-19%+59% M. EAST-OTHER+5%+82%

REVENUE BREAKDOWN BY GEOGRAPHICAL AREA (% ON TOTAL REVENUES) YoYH1 2002H ITALY13%14% EUROPE28%25% AMERICA15%16% JAPAN20%19% FAR EAST17%19% M. EAST-OTHER7%7% Total100%100%

MARGIN COMPARISON YoYH1 2002H GROSS MARGIN61.2%65.8% EBIT MARGIN9.8%17.2% NET MARGIN6.7%13.4%

MARGIN COMPARISON by Quarter YoY Q Q Q Q GROSS MARGIN 61.3% 64.3% 61.1% 67.1% EBIT Before AD.& PR. 18.0% 27.0% 21.1% 30.3% EBIT MARGIN 10.3% 16.2% 9.3% 18.0% NET MARGIN 5.8% 13.6% 7.4% 13.3%

COSTS COMPARISON by Semester S1 S2 S1 S2 S1 00/99 00/99 01/00 01/00 02/01 REVENUES 44.2% 36.2% 31.9% 0.8% -5.7% OPERATING EXP. 26.2% 43.0% 37.1% 13.4% 5.9% (Before AD.& PR.) TOTAL OPERATING EXP. 29.6% 39.5% 34.0% 16.1% -0.2%

11.6%9.9% ADVERTISING AND PROMOTION INVESTEMENTS IN M.EURO % ON TOTAL REVENUES

BALANCE SHEET HIGHLIGHTS M.EURO GROUP GEARING 66.3% 54.8%

CAPITAL EXPENDITURE M.EURO H H TANGIBLE INTANGIBLE TOTAL

INVENTORY (ML EURO) as of INVENTORY

INVENTORY DYNAMICS M.EURO - QUARTERLY FIGURES

QUESTIONS & ANSWERS