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THE BVLGARI GROUP

THE BVLGARI GROUP. Fiscal Year 2003 9 Month And Third Quarter Results November 13th 2003. FINANCIAL HIGHLIGHTS - 9m 2003 M.EURO.

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THE BVLGARI GROUP

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  1. THE BVLGARI GROUP Fiscal Year 2003 9 Month And Third Quarter Results November 13th 2003

  2. FINANCIAL HIGHLIGHTS - 9m 2003 M.EURO 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

  3. FINANCIAL HIGHLIGHTS - Q3 2003 M.EURO 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

  4. REVENUE % GROWTH BY 9MTH-PERIODBY PRODUCT CATEGORYALSO AT COMPARABLE EXCHANGE RATES at comparable exchange rates

  5. REVENUE EURO AMOUNT EVOLUTION BY QUARTERBY PRODUCT CATEGORY

  6. REVENUE % GROWTH BY PRODUCT CATEGORYALSO AT COMPARABLE EXCHANGE RATES at comparable exchange rates

  7. REVENUE % GROWTH BY 9MTH-PERIODBY GEOGRAPHICAL AREAALSO AT COMPARABLE EXCHANGE RATES at comparable exchange rates

  8. REVENUE % GROWTH BY GEOGRAPHICAL AREAALSO AT COMPARABLE EXCHANGE RATES at comparable exchange rates

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

  10. BALANCE SHEET HIGHLIGHTSM.EURO GEARING 73% 49% 29%

  11. NET WORKING CAPITALM.EURO

  12. INVENTORY DYNAMICSM.EURO – END OF QUARTER FIGURES 2000 2001 2002

  13. QUESTION AND ANSWERS

  14. 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 management’s 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

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