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

2. FINANCIAL HIGHLIGHTS H1 2004 Eur mios.H1 2004 H1 2003 DELTA H1 04/03 REVENUES - REPORTED REVENUES – AT CONST.FX 352.8330.1+6.9% +10.6% GROSS PROFIT222.3205.9*+8.0% OPERATING EXPENSES ex A&P 137.0136.7+0.2% EBIT ex A&P85.369.2+23.3% ADVERTISING & PROMOTION EXPENSES 43.034.1+26.1% EBIT42.335.1+20.5% NET PROFIT33.725.0+34.5% MARGINS H1 2004 - 63.0% 38.8% 24.2% 12.2% 12.0% 9.6% MARGINS H1 2003 - 62.4% 41.4% 21.0% 10.3% 10.6% 7.6%

3. GROSS MARGIN EVOLUTION BY QUARTER % ON REVENUES

4. PRODUCT CATEGORY H1 2004 MEUR% ON TOTAL SALES JEWELRY152.943.3% WATCHES109.531.0% PERFUMES57.816.4% ACCESSORIES 27.07.7% ROYALTIES AND OTHER 5.61.6% TOTAL352.8100% REVENUES – H1 2004 REVENUES – H1 2004 DETAILS BY PRODUCT LINE VARIATION % 2004/2003 FIRST HALF REPORTEDAT COMP.FX % GROWTH +12.0%+15.2% +2.5%+7.0% +12.2%+16.9% -2.6%+0.3% -24.9%n.a. +6.9%+10.6%

5. GEOGRAPHICAL AREA H1 2004 MEUR% ON TOTAL SALES ITALY44.512.6% EUROPE W/OUT ITALY 84.423.9% AMERICAS49.214.0% JAPAN 84.323.9% FAR EAST63.418.0% MIDDLE EAST AND OTHER 27.07.6% TOTAL352.8100% REVENUES – H1 2004 REVENUES – H1 2004 DETAILS BY GEOGRAPHICAL AREA VARIATION % 2004/2003 FIRST HALF REPORTEDAT COMP.FX % GROWTH -9.2%- +0.7%- +15.6%+27.3% +20.1%+22.5% +1.1%+7.8% +23.3%N.A. +6.9%+10.6%

6. ADVERTISING AND PROMOTION ADVERTISING AND PROMOTION INVESTEMENTS IN M.EURO AND AS A % ON REVENUES 10.3%12.2% On tot.revenues 10.6%9.9% +26.1%

7. NET WORKING CAPITAL Me euro30.06.0230.06.0330.06.04 RECEIV.109.8120.5123.6 INVENTORY531.4482.8475.4 PAYABL.-89.8-129.0-140.5 NWC * 551.4474.3458.5 * Excluding other payables and other receivables

8. BALANCE SHEET HIGHLIGHTS M.EURO GEARING 54.8%30.2%11.0%

9. BVLGARI 2004 – PRODUCT LAUNCHES RECAP JEWELRYWATCHESPERFUMESACCESSORIES NEW PRODUCT LAUNCHES l ASTRALE l HIGH JEWELLERY l MARRYME l BVLGARI: ERGON l GERALD GENTA: OCTO l New silk tie collection PRESTIGIOUS STREETS LINE EXTENSIONS, NEW VERSIONS l Bvlgari-Bvlgari pendants l Charms l New cufflinks l Bzero1 pink gold (Valentines Day limited edition) l B.zero1 1-band rings (plain metal, with semiprecious stones and with a central diamond) l ALLEGRA ADDITIONAL NEW REFERENCES 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 OMNIA CRYSTALLINE l BLV NOTTE POUR F. l BLV NOTTE POUR H. l New S/S and F/W Colors for Bzero1, Décolleté, Geometrica handbags l New F/W Croco and Sable versions of Décolleté 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 UNDERLINED ITALICS: H2 LAUNCHES

10. 2004 – NETWORK EVOLUTION As of end H1 2004 Notes on Q2 As of end Q1 2004 As of end 2003 Notes on Q1 DOS BOUTIQUES 101 THE 6 ADDITIONAL STORES ARE ON AVERAGE SMALL 10092 8 CORNERS FORMERLY RUN BY A JAPANESE PARTNER ON A COMMISSION BASIS AND CLASSIFIED UNDER THE WHOLESALE STORES CATEGORY ARE NOW CLASSIFIED UNDER DIRECTLY OPERATED STORES FRANCHISEES 3935 TOTAL STORES 140135127 TRAVEL RETAIL AND WHOLESALE STORES 484755 TOTAL STORES+P.O.S. 188182

11. QUESTIONS & ANSWERS FOR MORE QUALITATIVE INFORMATION ON ERGON WATCH COLLECTION PLEASE SEE THE DEDICATED VIDEO AND MINIWEBSITE ON http://www.bulgari.com When printing the presentation please choose Pure B/W option