1. THE BVLGARI GROUP First Quarter 2003 Results May 14th 2003

2. FINANCIAL RESULTS Q1 2003 M.EURO Q1 2003 Q1 2002 DELTA Q1 03/02 REVENUES160.6156.2+3% GROSS MARGIN 101.695.8+6% EBIT ex A&P30.128.1+7% EBIT16.216.1+1% NET PROFIT 11.49.0+27%

3. REVENUE % GROWTH BY GEOGRAPHICAL AREA YOY1999200020012002 ITALY+17+43+19+2.8 EUROPE Ex ITALY +20+38+24-3.3 AMERICAS+26+28-16-2.0 JAPAN+60+36+7+7.3 FAR EAST+58+61+27-6.6 M.EAST-OTHER+19+47+59+23.7 Q1 00Q1 01Q1 02Q1 03 +26+85-16+15 +74+31+18-12 +51+14-13-12 +54+9+1+17 +71+48-25+25 +48+95-2-13

4. REVENUE % BREAKDOWN BY GEOGRAPHICAL AREA YOY1999200020012002 ITALY13 14 EUROPE EX ITALY 24 2625 AMERI CAS 232115 JAPAN22212221 FAR EAST 1417 M.EAST OTHER 4468 Q1 00Q1 01Q1 02Q1 03 10141314 24232925 21181614 22181921 18201620 5776

5. REVENUE % GROWTH BY PRODUCT LINE YOY1999200020012002 JEWELS+30+47+26+2.1 WATCHES +41+43-6 PERF. +18+15+37+4.8 ACCESS.+41+53+48+3.7 ROYALTa nd Oth +25+15+11-17.8 Q1 00Q1 01Q1 02Q1 03 +111+25+17 +54+30-29+1 +8+66+13-9 +3+97-5+82 +32+2+28+10

6. REVENUE % BREAKDOWN BY PRODUCT LINE YOY1999200020012002 JEWELS323438 WATCHES 45463938 PERF. 16141617 ACCESS.4455 ROYALT. And other 3222 Q1 00Q1 01Q1 02Q1 03 35324038 46453433 13161917 4559 2223

7. On total sales ADVERTISING AND PROMOTION INVESTEMENTS IN M.EURO AND AS A % ON REVENUES 7.7% 8.7%

8. BALANCE SHEET HIGHLIGHTS M.EURO GEARING 20% 63% 62%29%

9. CAPITAL EXPENDITURE M.EURO ME EUROQ1 03Q1 02Q1 01Q1 00 TANGIBLE8.27.26.26.9 INTANGIBLE1.21.72.83.3 TOTAL9.48.99.010.2

10. NET WORKING CAPITAL M.EURO Q1 03Q1 02Q1 01 TRADE RECEIVABLES 11099118 INVENTORY492557508 TRADE PAYABLES -97-77-122 TOTAL505579504

11. QUESTION AND ANSWERS