1. THE BVLGARI GROUP Fiscal Year 2002 Q3 and 9 months Results November 14th 2002

2. YoYQ3 2002 Q3 2001 DELTA Q3 02/Q3 01 REVENUES180.2181.5-0.7% GROSS PROFIT113.4120.1-5.6% EBIT23.615.7+50.7% NET PROFIT14.08.0+74.0% FINANCIAL RESULTS – Q3 2002 M.EURO

3. YoY9m 20029m 2001DELTA 9M 02/ 9M 01 REVENUES518.6540.3-4.0% GROSS PROFIT320.5356.3-10.0% EBIT56.677.3-26.8% NET PROFIT36.556.2-35.0% FINANCIAL RESULTS - 9m 2002 M.EURO

4. REVENUE % GROWTH – Q3 2002 BY PRODUCT LINE YoYQ3 2002Q3 2001 JEWELS -7+44 WATCHES +11-17 PERFUMES -13+26 ACCESSORIES+11+26 ROYALTIES and other-25+22

5. REVENUE % GROWTH - 9m 2002 BY PRODUCT LINE YoY9m 20029m 2001 JEWELS -1+39 WATCHES -11+6 PERFUMES +7+39 ACCESSORIES-1+61 ROYALTIES and other-13+32

6. REVENUE % GROWTH - Q3 2002 BY GEOGRAPHICAL AREA YoYQ3 2002Q3 2001 ITALY+10+21 EUROPE-16+41 AMERICAS-1-28 JAPAN -4+5 FAR EAST-3+20 M. EAST-OTHER+74+32

7. REVENUE % GROWTH - 9m 2002 BY GEOGRAPHICAL AREA YoY9m 20029m 2001 ITALY-3+41 EUROPE-3+37 AMERICAS-10-8 JAPAN -2+9 FAR EAST-14+44 M. EAST-OTHER+26+63

8. ADVERTISING AND PROMOTION - 9m 2002 INVESTEMENTS IN M.EURO AND AS A % ON REVENUES 9.6% 10.2%11.1%13.6% 12.6% 12.2% 13.4% 11.4% 12.4% 9.4%

9. EVOLUTION OF TOTAL REVENUES vs. TOTAL OPERAT.EXPENSES

10. BALANCE SHEET HIGHLIGHTS - 9M 2002 M.EURO GROUP GEARING 59%73% 49%

11. CAPITAL EXPENDITURE - 9M 2002 M.EURO M.EURO9M 20029m 2001 TANGIBLE 16.425.0 INTANGIBLE 5.5 8.7 TOTAL21.933.7

12. INVENTORY DYNAMICS M.EURO - QUARTERLY FIGURES FROM 30 JUNE 2000 TO 30 SEP 2002

13. QUESTIONS & ANSWERS A selection of creative editorial photos featuring Bvlgari jewels, watches, fragrances and stores is available in a separate presentation downloadable from the web site at the address http://production.investis.com/bulgari/frameset/