1. THE BVLGARI GROUP Fiscal Year 2002 First Quarter Results May 14th 2002

2. FINANCIAL RESULTS Q1 2002 M.EURO Q1 2002 Q1 2001 DELTA Q1 02/01 Q1 2000 DELTA Q1 01/00 REVENUES156.2165-5%122.6+35% GROSS PROFIT 95.8106.1-10%78.1*+36% EBIT16.126.8-40%21.3*+26% NET PROFIT 9.022.5-60%12.6+79% *REINSTATED AS PER GAAP 26

3. REVENUE % GROWTH BY GEOGRAPHICAL AREA YOY1998199920002001 ITALY+33+17+43+19 EUROPE Ex ITALY +15+20+38+24 AMERI CAS +35+26+28-16 JAPAN+32+60+36+17 FAR EAST +3+58+61+14 M.EAST OTHER +22+19+47+59 Q1 00Q1 01Q1 02 +26+85-16 +74+31+18 +51+14-13 +54+9*+1 +71+48*-25 +48+95-2 *REINSTATED FIGURES FOLLOWING KOREAN FRANCHISEE ACQUISITION

4. REVENUE % BREAKDOWN BY GEOGRAPHICAL AREA YOY1998199920002001 ITALY1413 14 EUROPE EX ITALY 2724 26 AMERI CAS 24232115 JAPAN18222122 FAR EAST 121417 M.EAST OTHER 5446 Q1 00Q1 01Q1 02 101413 242329 211816 2218*19 1820*16 577 *REINSTATED FIGURES FOLLOWING KOREAN FRANCHISEE ACQUISITION

5. REVENUE % GROWTH BY PRODUCT LINE YOY1998199920002001 JEWELS+8+30+47+26 WATCHES +15+41+43-6 PERF. +63+18+15+37 ACCESS.+292+41+53+48 ROYALT.+87+25+15+11 Q1 00Q1 01Q1 02 +111+25+17 +54+30-29 +8+66+13 +3+97-5 +32+2+28

6. REVENUE % BREAKDOWN BY PRODUCT LINE YOY1998199920002001 JEWELS33323438 WATCHES 42454639 PERF. 19161416 ACCESS.3445 ROYALT.3322 Q1 00Q1 01Q1 02 353240 464534 131619 455 222

7. On total sales 10.2% ADVERTISING AND PROMOTION INVESTEMENTS IN M.EURO AND AS A % ON REVENUES 10.8% 7.7%

8. BALANCE SHEET HIGHLIGHTS M.EURO GEARING 20% 64% 63%

9. CAPITAL EXPENDITURE M.EURO ME EUROQ1 02Q1 01Q1 00 TANGIBLE7.26.26.9 INTANGIBLE1.72.83.3 TOTAL8.99.010.2

10. NET WORKING CAPITAL M.EURO ME EUROQ1 02Q1 01Q1 00 RECEIVABLES9911878 INVENTORY557508320 PAYABLES-77-122-126

11. STORE OPENING ACTIVITY AND DISTRIBUTION EXISTING 31.03.2002 DIRECTLY OPERATED STORES 82 FRANCHISED STORES 29 TOTAL STORES 111 P.O.S. AND TRAVEL RET. AND WHOLES. 47 TOTAL STORES +POS 158

12. Q1 2002 - NEW PRODUCTS l JEWELLERY BB BIG RING l WATCHES Bzero1 WATCH DIAGONO PROFESSIONAL – GMT, TACHYMETRIC RETTANGOLO RUBBER CHRONO l PERFUMES EAU PARFUMEE AU THE VERT – RITUAL (LIMITED EDITION) BLV – ST.VALENTINE KIT (LIMITED EDITION) l ACCESSORIES Bzero1 HANDBAG – SPRING COLLECTION For details on the new products, please see http://www.bulgari.com/index.asp

13. Q & A