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THE BVLGARI GROUP

THE BVLGARI GROUP . Fiscal Year 2002 Q3 and 9 months Results November 14th 2002. FINANCIAL RESULTS – Q3 2002 M.EURO. YoY Q3 2002 Q3 2001 DELTA Q3 02/Q3 01 REVENUES 180.2 181.5 -0.7% GROSS PROFIT 113.4 120.1 -5.6% EBIT 23.6 15.7 +50.7%

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THE BVLGARI GROUP

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  1. THE BVLGARI GROUP Fiscal Year 2002 Q3 and 9 months Results November 14th 2002

  2. FINANCIAL RESULTS – Q3 2002M.EURO YoY Q3 2002 Q3 2001 DELTAQ3 02/Q3 01 REVENUES 180.2 181.5 -0.7% GROSS PROFIT 113.4 120.1 -5.6% EBIT 23.6 15.7 +50.7% NET PROFIT 14.0 8.0 +74.0%

  3. FINANCIAL RESULTS - 9m 2002M.EURO YoY 9m 2002 9m 2001 DELTA 9M 02/ 9M 01 REVENUES 518.6 540.3 -4.0% GROSS PROFIT 320.5 356.3 -10.0% EBIT 56.6 77.3 -26.8% NET PROFIT 36.5 56.2 -35.0%

  4. REVENUE % GROWTH – Q3 2002BY PRODUCT LINE YoY Q3 2002 Q3 2001 JEWELS -7 +44 WATCHES +11 -17 PERFUMES -13 +26 ACCESSORIES +11 +26 ROYALTIES and other -25 +22

  5. REVENUE % GROWTH - 9m 2002BY PRODUCT LINE YoY 9m 2002 9m 2001 JEWELS -1 +39 WATCHES -11 +6 PERFUMES +7 +39 ACCESSORIES -1 +61 ROYALTIES and other -13 +32

  6. REVENUE % GROWTH - Q3 2002BY GEOGRAPHICAL AREA YoY Q3 2002 Q3 2001 ITALY +10 +21 EUROPE -16 +41 AMERICAS -1 -28 JAPAN -4 +5 FAR EAST -3 +20 M. EAST-OTHER +74 +32

  7. REVENUE % GROWTH - 9m 2002BY GEOGRAPHICAL AREA YoY 9m 2002 9m 2001 ITALY -3 +41 EUROPE -3 +37 AMERICAS -10 -8 JAPAN -2 +9 FAR EAST -14 +44 M. EAST-OTHER +26 +63

  8. ADVERTISING AND PROMOTION - 9m 2002 INVESTEMENTS IN M.EURO AND AS A % ON REVENUES 9.6% 10.2% 11.1% 13.6% 12.6% 12.2%13.4%11.4% 12.4% 9.4%

  9. EVOLUTION OF TOTAL REVENUESvs. TOTAL OPERAT.EXPENSES

  10. BALANCE SHEET HIGHLIGHTS - 9M 2002M.EURO GROUP GEARING 59% 73% 49%

  11. CAPITAL EXPENDITURE - 9M 2002M.EURO M.EURO 9M 2002 9m 2001 TANGIBLE 16.4 25.0 INTANGIBLE 5.5 8.7 TOTAL 21.9 33.7

  12. INVENTORY DYNAMICSM.EURO - QUARTERLY FIGURESFROM 30 JUNE 2000 TO 30 SEP 2002

  13. QUESTIONS & ANSWERS A selection of creative editorial photos featuring Bvlgari jewels, watches, fragrances and stores is available in a separate presentation downloadable from the web site at the addresshttp://production.investis.com/bulgari/frameset/

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