THE BVLGARI GROUP

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

2. FINANCIAL RESULTS - H1 2002M.EURO YoY H1 2002 H1 2001 DELTA DELTA H1 02/01 H1 01/00 REVENUES 338.3 358.8 -6% +32% GROSS PROFIT 207.1 236.2 -12% +32% EBIT 33.0 61.7 -46% +28% NET PROFIT 22.6 48.2 -53% +37%

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

4. REVENUE BREAKDOWNBY PRODUCT LINE (% ON TOTAL REVENUES) YoY H1 2002 H1 2001 JEWELS 39% 36% WATCHES 35% 42% PERFUMES 19% 15% ACCESSORIES 5% 5% ROYALTIES and other 2% 2% Total 100% 100%

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

6. REVENUE BREAKDOWNBY GEOGRAPHICAL AREA (% ON TOTAL REVENUES) YoY H1 2002 H1 2001 ITALY 13% 14% EUROPE 28% 25% AMERICA 15% 16% JAPAN 20% 19% FAR EAST 17% 19% M. EAST-OTHER 7% 7% Total 100% 100%

7. MARGIN COMPARISON YoY H1 2002 H1 2001 GROSS MARGIN 61.2% 65.8% EBIT MARGIN 9.8% 17.2% NET MARGIN 6.7% 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. ADVERTISING AND PROMOTIONINVESTEMENTS IN M.EURO % ON TOTAL REVENUES 11.6% 9.9%

11. BALANCE SHEET HIGHLIGHTSM.EURO GROUP GEARING 66.3% 54.8%

12. CAPITAL EXPENDITUREM.EURO H1 2002 H1 2001 TANGIBLE 11.9 18.2 INTANGIBLE 2.8 5.6 TOTAL 14.7 23.8

13. INVENTORY (ML EURO) as of 30.06.02 30.06.01 INVENTORY 531.4 569.1

14. INVENTORY DYNAMICSM.EURO - QUARTERLY FIGURES

15. QUESTIONS & ANSWERS