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

2. FINANCIAL HIGHLIGHTS - 9m 2003 M.EURO 9M 2003 9M 2002 DELTA 9m 03/02 REVENUES512.0518.6-1.3% +5.6% at comp.fx GROSS PROFIT* Gross Margin 315.9 61.7% 313.9 60.5% +0.7% TOT EXPENSES253.8257.3-1.4% OPERATING PROFIT Operating Margin 62.1 12.1% 56.6 10.9% +9.8% NET PROFIT Net Margin 43.9 8.6% 36.5 7.0% +20.2% 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 Q3 2003 Q3 2002 DELTA Q3 03/02 REVENUES181.9180.2+0.9% +8.1% at comp.fx GROSS PROFIT* Gross Margin 110.0 60.5% 109.8 60.9% +0.2% TOT EXPENSES83.086.2-3.7% OPERATING PROFIT Operating Margin 27.0 14.9% 23.6 13.1% +14.6% NET PROFIT Net Margin 18.9 10.4% 14.0 7.8% +35.1% 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-PERIOD BY PRODUCT CATEGORY REVENUE % GROWTH BY 9MTH-PERIOD BY PRODUCT CATEGORY ALSO AT COMPARABLE EXCHANGE RATES 9m % GRTH 9M 03/02 9M 02/01 9M 01/00 JEWELS+6.9 +15.6 -0.9 +0.8 +38.8 WATCHES-17.2 -12.9 -11.2 -10.0 +5.6 PERFUMES-0.9 +3.9 +7.3+38.9 ACCESS.+52.2 +63.0 -0.5+61.0 ROYA/OTH+5.0 +7.5 -12.9+31.5 tot-1.3 +5.6 -4.0+23.7 at comparable exchange rates

5. REVENUE EURO AMOUNT EVOLUTION BY QUARTER BY PRODUCT CATEGORY Q1 M. EURO Q1 03 Q1 02 JEWELS 61.561.9 WATCHES 52.652.1 PERFUMES 27.630.3 ACCESS. 14.88.1 ROYA/OTH 4.13.8 tot 160.6156.2 Q2 M. EURO Q2 03 Q2 02 JEWELS 75.169.1 WATCHES 54.267.2 PERFUMES 23.933.2 ACCESS. 13.08.7 ROYA/OTH 3.33.9 tot 169.5182.1 Q3 M. EURO Q3 03 Q3 02 JEWELS 71.964.0 WATCHES 54.175.0 PERFUMES 40.329.1 ACCESS. 12.09.2 ROYA/OTH 3.62.9 tot 181.9180.2

6. REVENUE % GROWTH BY PRODUCT CATEGORY REVENUE % GROWTH BY PRODUCT CATEGORY ALSO AT COMPARABLE EXCHANGE RATES Q1 % GROWTH Q1 03 Q1 02 JEWELS-0.6 +6.0 +16.7 WATCHES+0.9 +7.0 -29.2 PERFUMES-9.1 -6.0 13.4 ACCESS.82.0-5.3 ROYA/OTH10.427.8 tot2.8-5.3 Q2 % GROWTH Q2 03 Q2 02 JEWELS+8.5 +19.0 -8.1 WATCHES-19.2 -13.0 -13.6 PERFUMES-27.8 -25.0 +26.5 ACCESS.+48.3-6.3 ROYA/OTH-15.9-26.5 Tot-6.9-6.1 Q3 % GROWTH Q3 03 Q3 02 JEWELS+12.3 +20.7 -6.7 -3.0 WATCHES-27.9 -22.9 +11.4 +14.6 PERFUMES+38.3 +48.0 -12.7 ACCESS.+29.6 +39.0 +11.0 ROYA/OTH+26.3 +29.6 -25.2 tot+0.9 +8.1 -0.7 at comparable exchange rates

7. REVENUE % GROWTH BY 9MTH-PERIOD BY GEOGRAPHICAL AREA REVENUE % GROWTH BY 9MTH-PERIOD BY GEOGRAPHICAL AREA ALSO AT COMPARABLE EXCHANGE RATES 9m % GRTH 9M 03/02 9M 02/01 9M 01/00 ITALY-0.7-2.8+41.4 EUROPE EX ITALY -0.2-2.6+36.9 AMERICAS-11.5 +3.4 -10.4-8.1 JAPAN+5.3 +17.1 -1.6+8.7 FAR EAST+7.7-13.6+43.6 MIDDLE EAST OTHER -22.1+26.0+63.3 tot-1.3 +5.6 -4.0+23.7 at comparable exchange rates

8. REVENUE % GROWTH BY GEOGRAPHICAL AREA REVENUE % GROWTH BY GEOGRAPHICAL AREA ALSO AT COMPARABLE EXCHANGE RATES Q1 % GROWTH Q1 03 Q1 02 ITALY+15.4-15.9 EUROPE EX ITALY -11.7+18.4 AMERICAS-12.2 +4.1 -13.2 JAPAN+17.1 +27.7 +0.7 FAR EAST+24.6-24.6 MIDDLE EAST + OTH -13.0-1.7 TOT+2.8-5.3 at comparable exchange rates Q2 % GROWTH Q2 03 Q2 02 ITALY+2.3-2.1 EUROPE EX ITALY -10.6-5.1 AMERICAS-15.6 +1.5 -16.9 JAPAN-8.0 +3.7 -1.2 FAR EAST-0.4-12.8 MIDDLE EAST + OTH -7.5+12.4 TOT-6.9-6.1 Q3 % GROWTH Q3 03 Q3 02 ITALY-16.1+9.6 EUROPE EX ITALY +25.2-16.5 AMERICAS-7.4 +4.3 -0.8 JAPAN+10.2 +22.9 -3.8 FAR EAST+2.5-3.5 MIDDLE EAST + OTH -39.2+73.9 TOT+0.9 +8.1 -0.7

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

10. BALANCE SHEET HIGHLIGHTS M.EURO GEARING 73%49%29%

11. NET WORKING CAPITAL M.EURO 30.09.200330.09.200230.09.2001 TRADE RECEIVABLES 118.8112.3120.6 INVENTORY466.8518.5577.3 TRADE PAYABLES -85.6-75.8-89.4 TOTAL503.0555.0608.5

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