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

2. YoYH1 2002 H1 2001 DELTA DELTA H1 02/01 H1 01/00 REVENUES338.3 358.8 -6% +32% GROSS PROFIT207.1 236.2 -12% +32% EBIT33.0 61.7 -46% +28% NET PROFIT22.6 48.2 -53%+37% FINANCIAL RESULTS - H1 2002 M.EURO

3. REVENUE % GROWTH BY PRODUCT LINE YoYH1 2002H1 2001 JEWELS +2%+36% WATCHES - 21%+20% PERFUMES +20%+48% ACCESSORIES- 6%+85% ROYALTIES and other- 7%+36%

4. REVENUE BREAKDOWN BY PRODUCT LINE (% ON TOTAL REVENUES) YoYH1 2002H1 2001 JEWELS39%36% WATCHES35%42% PERFUMES19%15% ACCESSORIES5%5% ROYALTIES and other2%2% Total100%100%

5. REVENUE % GROWTH BY GEOGRAPHICAL AREA YoYH1 2002H1 2001 ITALY- 9%+54% EUROPE+5%+35% AMERICA- 15%+6% JAPAN -+11% FAR EAST-19%+59% M. EAST-OTHER+5%+82%

6. REVENUE BREAKDOWN BY GEOGRAPHICAL AREA (% ON TOTAL REVENUES) YoYH1 2002H1 2001 ITALY13%14% EUROPE28%25% AMERICA15%16% JAPAN20%19% FAR EAST17%19% M. EAST-OTHER7%7% Total100%100%

7. MARGIN COMPARISON YoYH1 2002H1 2001 GROSS MARGIN61.2%65.8% EBIT MARGIN9.8%17.2% NET MARGIN6.7%13.4%

8. MARGIN COMPARISON by Quarter YoY Q1 2002 Q1 2001 Q2 2002 Q2 2001 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%

9. 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%

10. 11.6%9.9% ADVERTISING AND PROMOTION INVESTEMENTS IN M.EURO % ON TOTAL REVENUES

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

12. CAPITAL EXPENDITURE M.EURO H1 2002 H1 2001 TANGIBLE 11.918.2 INTANGIBLE 2.8 5.6 TOTAL 14.723.8

13. INVENTORY (ML EURO) as of 30.06.0230.06.01 INVENTORY531.4569.1

14. INVENTORY DYNAMICS M.EURO - QUARTERLY FIGURES

15. QUESTIONS & ANSWERS