1. THE BVLGARI GROUP Fiscal Year 2003 First Half Results September 11th 2003

2. FINANCIAL HIGHLIGHTS - H1 2003 M.EURO H1 2003 H1 2002 DELTA H1 03/02 REVENUES330.1338.3-2% GROSS MARGIN ***RESTATED 205.9 *** 204.1 *** +1% TOT OPER.EXPENSES w/out A&P 136.7137.5-1% EBIT w/out A&P69.266.5+4% ADVERTISING & PROM.EXPENSES 34.133.6+1% EBIT35.133.0+6% NET PROFIT25.022.6+11% 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. The previous classif.Gross Margin figures were 207.1 ME for H1 02 and would have been 213.7 ME for H1 03, showing a +3% increase yoy.

3. MARGIN COMPARISON BY QUARTER M.EURO Q1 2003 Q2 2003 GROSS MARGIN***rest 60.9% *** 63.8% *** GROSS MARGIN – OLD CLASSIFICAT. 63.3%66.1% EBIT MARGIN BEFORE A&P 18.7%23.0% EBIT MARGIN10.1%11.1% NET MARGIN7.1%8.0% Q1 2002 Q2 2002 60.2% *** 60.5% *** 61.3%61.1% 18.0%21.1% 10.3%9.3% 5.8%7.5% 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.

4. REVENUE % GROWTH BY PRODUCT CATEGORY YOYH1 03 H1 02 H1 01 JEWELS +4+2+36 WATCHES -10-21+20 PERFUMES -19+20+48 ACCESS. +65-6+85 ROYA/OTH -3-7+36

5. REVENUE % BREAKDOWN BY PRODUCT CATEGORY YOYH1 03 H1 02 H1 01 JEWELS 423936 WATCHES 323542 PERFUMES 161915 ACCESS. 855 ROYA/OTH 222 TOTAL100

6. REVENUE % GROWTH BY GEOGRAPHICAL AREA YOYH1 03 H1 02 H1 01 ITALY +8-9+54 EUROPE Ex ITALY -11+5+35 AMERICAS -14-15+6 JAPAN +3-+11 FAR EAST +11-19+59 M.EAST- OTHER -10+5+82

7. REVENUE % BREAKDOWN BY GEOGRAPHICAL AREA YOYH1 03 H1 02 H1 01 ITALY 151314 EUROPE Ex ITALY 252825 AMERICAS 131516 JAPAN 212019 FAR EAST 191719 M.EAST- OTHER 777 TOTAL 100

8. ON REVENUES ADVERTISING AND PROMOTION INVESTEMENTS IN M.EURO AND AS A % ON REVENUES 9.9% 10.3% +1%

9. EDITORIALS AND CLIPPINGS +18%

10. BALANCE SHEET HIGHLIGHTS M.EURO GEARING 63.3% 54.8% 30.2%

11. NET WORKING CAPITAL M.EURO 30.06.200330.06.200230.06.2001 TRADE RECEIVABLES 120.5109.8123.9 INVENTORY482.8531.4569.1 TRADE PAYABLES -129.0-89.8-179.0 TOTAL474.3551.4514

12. INVENTORY DYNAMICS M.EURO – END OF QUARTER FIGURES 200020012002

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 managements 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