The Italian Sea Group

Investor Presentation • Mar 13, 2023

BERENBERG EU OPPORTUNITIES CONFERENCE 13 MARCH 2023

The Italian Sea Group

PICERINGTTI

EXECUTIVE SUMMARY

The Italian Sea Group S.p.A. is a global operator in luxury yachting, the first builder in Italy and for yachts over 50 metres'. TISG was listed in the Milan Stock Exchange in June 2021.

	BRANDS
	+ ADMIRAL Motor-yachts above 50mt.	8 7,5 /
	Fechomar Speedy motor-yachts from 37mt to 50mt.	6,5 6
	PERINI NAVI - Large sailing yachts from 47mt.	5,5 5
	Gentleman Yachts from 24mt to 55mt.	4,5 4 3,5
NCA REFIT	Retit and maintenance of motor and sailing yachts, with a tocus on yachts over 60mt.	-2
	PARTNERSHIPS
	Limited edition speedy motor-yachts inspired by the Lamborghini Siàn FKP 37.	(Eu m
F GIORGIO ARMANI	Motor-yachts designed in collaboration with designer Giorgio Armani.

THE ITALIAN SEA GROUP

TISG's history has been characterised by a strong focus on growth, leveraging on product quality, strategic investments on production capacity and revamping of heritage Italian brands.

Track Record & Overperformance since IPO - Consensus Evolution

THE ITALIAN SEA GROUP

Investment Highlights

03

07 €

STRONG FINANCIAL KEY. REY PRIAYER IN PERFORMANCE - TOUSTOMISED

01

05

CXFRY SUPERYACHTS AND MEGAYACHIS

02

06

PRODUCTIONAL I CAPACITY AND STATE OF THE ART . FACILities"

FOCUS ON ESCAN WITH AMBITIOUS TARGETS

QUALITY & VISIBILITY OF ORDER BOOK

STRATEGY & STRATEGIC OUTLOOK

04

08

GROWING AND - CROWTH POTENTIAL

UNDERPENE RATED SFROM PERINI NAVI

QUISTOMER BASE ---------------------------------------------------------------------------------------------------------------------------------------------------------------

The Italian Sea Group boasts an impressive financial track record in terms of growth, profitability and cash flow generation.

The Company has a "Maketo-Order" commercial strategy and does not allow trade-ins, eliminating risk of inventory and risks deriving from sale of used boats.

EMARKET SDIR CERTIFIED

Complete and differentiated product offering, with focus on custom-made yachts over 50mt, positioned on the highest segment of the market also in virtue of its distinctive and renowned partnerships.

Strong opportunity due to an unpenetrated customer base, deriving from an exponential increase in the global number of UHNWls in the past three years.

MAIN DRIVERS

• · Superyacht above 30mt grev +3% from 2010 to 2021, wheress UHNWIS with net worth above \$50m grew at 11% CAGR, leading in a the penetration rate (c. 2%).
• · UHNWIs are expected to increase at a CAGR of 8% from 2021 to 2026E (+118k).
• · The growth is largely driven by North America (6% CAGR, +45k) and APAC (12% CAGR, +48kJ.

Sources: Credit Suisse, Global Wealth Report 2022; SuperYacht Times, The State of Yachting 2022.

Perini Navi is the iconic sailing yacht brand, known tor its luxurious and innovative characteristics. The Perini Navi acquisition has allowed for an increase of production capacity and the iconic brands to TISC's product offering.

GROWTH POTENTIAL FROM BRANDS

Perini Navi and Picchiotti are internationally renowned brands which are expected to boost The Italian Sea Group's growth prospects in the medium term by entering into adjacent and attractive market segments.

PRODUCTION CAPACITY & SYNERGIES

Perini's acquisition also contributed outstanding shipyards in La Spezia and Viareggio which provide much needed manufacturing and relit capacity and skills, in fact c. 50% of the Eu 80mn price reflects real estate assets.

lconic luxury sailing yacht brand, characterized by high performance, innovation and elegance. The acquisition has allowed TISG to consolidate its positioning in the sailing yacht market with a best-known brand.

Perini Navi currently represents c. 14% of TISG's Order Book 2022P.

Founded in Limite sull'Arno in 1575, Picchiotti is a heritage brand for the yachting industry.

Through the brand, TISG produces semi-custom yachts with a classical and timeless style, true Gentleman's Yachts reminiscent of the iconic American fleet in the 60s.

The La Spezia shipyard is equipped with impressive infrastructures, and is ideal for refit activities, c. 50% of the Perini fleet has already undergone refit works with NCA Refit.

The shipyard will also host the production of the Tecnomar for Lamborghini 63.

Perini Navi production is located in the Viareggio shipyard.

The recruitment of former Perini employees will foster the creation of an internal culture in the construction and refit of sailing yacht projects.

The Italian Sea Group invested Eu 68mn in its shipyards since 2018, reaching a high-quality with an estimated annual production and refit capacity in excess of Eu 500mn.

MARINA DI CARRARA

The Marina di Carrara shipyard is the home of the Admiral and Tecnomar brands, and covers a total surface of 1 20.000 sqm.

The shipyard can contemporarily manage up to 12 production projects: 6 between 75-80mt, 4 between 40-70mt, and 2 of approx. 90mt (or one yacht > 100mt).

Additionally, the shipyard can also manage 25 refit projects up to 140mt.

The La Spezia shipyard covers a total surface of 30.000 sqm.

The shipyard can contemporarily manage 3 production projects up to 60mt, and approx. 12 annual deliveries of the Tecnomar for Lamborghini 63.

Additionally, the shipyard can also manage 14 refit projects up to 60mt.

VIAREGGIO

The Viareggio shipyard is the home of Perini Navi, and covers a total surface of 18.000 sqm.

The shipyard can contemporarily manage up to 3 projects for sailing yachts up to 60mt in length.

TISG operates with a network of partners in Turkey, tocused on the production of the frame and structure of yachts, which are subsequently towed to Italy for outfitting.

The Hercelik and Naveks shipyards, cover a total surface of 21.000 and 13.000 sqm, respectively, and can contemporarily manage 6 production projects.

The TISG's approach to sustainability is comprehensive and based on best practice governance and with a strategy which contemplates an ambitious set of targets for the short to medium term.

ESG Strategic Pillars
Employee Health & Safety Product Quality and Sustainable Supply Chain and Engagement		Reduction of GHG Emissions	Best-In-Class Governance
O EQUALITY 0	11 AND COMMUNITIES 3	AFFORDABLE A CLEAN ENERG' -ক্স- CO	5 EQUALITY O
Accomplishments to Date		Strategic Objectives
Investments on renewable energy sources		Publication of first Sustainability Report based on GRI Standards
Best-in-class governance		Ambitious targets for the short, medium and long term
Defined Materiality Matrix & ESG Strategic Pillars		Management remuneration linked to ESG targets

EMARKET SDIR

The Italian Sea Group boasts an Order Book in excess of one billion Euros, c. 3.5x 2022P Revenues, with a surge in orders from North America, the Middle East and Asia.

ORDER BOOK COMPOSITION

• · Growth in demand from Americas and APAC region (from a total of 37% in FY 2020 to 62% in 2022P).
• · Only n. 1 Shipbuilding project attributable to a Russian client (not sanctioned) with delivery scheduled for 2023.
• · Growth in the Order Book deliveries scheduled until 2026.

STRATEGY

The Italian Sea Group

Strategic Pillars

MARKET POSTIONING: MEGA & GIGA YACHTS + +

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BRAND AWARENESS: Excellercein QUALITY & DESIGN - 1

മം

SHIPBUILDING & REFIT: SYNERGIES & Problemon CAPACITY

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PERINI NAVI: RELAUNCH & YNERGIES

SUSTAINABILITY: TONG TERM VALUE CREATION FOR ATE TAKEHOLDERS

EMPLOYEES & MANAGEMENT: TRAINING & INCENTIVES

The Italian Sea Group

The Italian Sea Group

The Italian Sea Group is the first builder in Italy and the fourth globally of yachts over 50mt, strategically positioned in the high end of the market.

GROWTH DRIVERS

Surge in UHNWls with net worth >\$50mn (21-26E CAGR 8%), in particular in North America, the Middle East and Asia.

TISG STRATEGY Strategic Partnerships with leading and reputable international brokers. Camper & Nicholsons International - ( --YACHT GROUP The Shipbuilding Order Book offers strong visibility on yachts >50mt (85%). < 30 mt 5% 30-50 mt 10% > 50 mt 85%

Sources: Credit Suisse, Global Wealth Report 2022; SuperYacht Times, The State of Yachting 2022.

Brand Awareness: Excellence in Quality & Design

The Italian Sea Group focuses on the construction of custom-made yachts, characterised by excellent performance, beauty and style, and a flexible approach to meet customer requests.

GROWTH DRIVERS

Italy is by far the world leader in the construction of yachts.

ltaly is a global leader in luxury and design thanks to a wide array of well-recognised and appreciated characteristics.

இ QUALITY

CREATIVITY

PERFORMANCE ( 2)

CRAFTMANSHIP @

La Dalce Vita

PASSION

CA ART & CULTURE

Sources: SuperYacht Times, The State of Yachting 2022 (Ranking by number of yachts).

TISG STRATEGY

Internalisation of specific phases of the production cycle which require impeccable craftmanship.

Partnerships with luxury brands which share the values of TISG.

The Italian Sea Group

Shipbuilding & Refit: Synergies & Production Capacity

The Italian Sea Group leverages on operational and tinancial synergies which derive from the optimal fit between the Shipbuilding and Refit divisions, also allowing it to meet Owners' requirements.

GROWTH DRIVERS

Continuing increase in refit visits for yachts >40mt.

TISG STRATEGY

Total Capex of Eu 68mn to reach yearly production capacity in excess of Eu 500mn.

The shipyards are specifically engineered to contemporarily manage shipbuilding and refit activities.

The Italian Sea Group is relaunching Perini Navi, combining the fleet with the increase and optimisation of the production capacity of its two shipyards.

GROWTH DRIVERS

Acquisition of two iconic brands in the nautical sector: Perini Navi and Picchiotti.

TISG STRATEGY

Restyling of the Perini Navi fleet and launch of the semi-custom segment with the Picchiotti Gentleman.

Sustainability: Long Term Value Creation for All Stakeholders

The Italian Sea Group aims to create value for all its stakeholders by adopting an ESG strategy which is fully reflected within its business strategy.

GROWTH DRIVERS

Since 2020, net flows into sustainable funds reached c.\$1 trillion, by far exceeding the c. \$380 billion into conventional tunds.

(\$ bn)

TISG STRATEGY

• • Definition of a clear ESG (Environmental, Social, Governance) Strategy with targets & KPIs
• • Alignment to best practice with respect to Governance (i.e. Board composition, policies and certifications)

Management remuneration linked to the achievement of quali-quantitative ESG targets

The Italian Sea Group continues to invest in the training and well-being of its employees as well as in incentivising and loyalising its management team.

GROWTH DRIVERS

TISG STRATEGY

• For all employees on a continuing basis: welfare initiatives, training and update courses to consolidate and strengthen know-how (also via the TISG Academy).
• For Management in the short term: incorporation within MBO schemes of quali-quantitative sustainability targets which are aligned to TISG's ESG Strategy.
• For Management in the long term: Long Term Incentive Plan based on Stock Options for the Management team envisaging a share capital dilution up to 3.65%, already approved by the EGM, with performance criteria reflecting targets such as long-term growth and cash flow generation, and ESG targets.

EMARKET SDIR

D

CERTIFIED

SHIPBUILDING

Motor Yachts - Admiral

50 mt 85%

Admiral Kenshō (2022) - 75 metres

Admiral Geco (2020) - 55 metres

Motor Yachts - Tecnomar

Founded in 1987 and acquired by The Italian Sea Group in 2009.

Dynamic styling and cutting-edge design with powerful and reliable technical features.

Fast and sporty performance and light, sustainable materials (steel and aluminium).

Strong push in the Asian and Middle Eastern markets.

297 yachts launched since 1987, of which 8 launched since 2014.

Tecnomar EVO 120 – 37 metres

Tecnomar EVO 130 - 40 metres

TECNOMAR – REVENUE EVOLUTION

Shipbuilding Order Book 2022 P - By Brand

Motor-Yachts - Tecnomar for Lamborghini 63

Sailing Yachts - Perini Navi

Maltese Falcon (2006) – 88 metres

Seven (2017) - 60 metres

Perini Navi by The Italian Sea Group - 47 metres

REFIT

The Italian Sea Group

EMARKET SDIR

Anti-cyclical activity due to the existing motor and sailing yacht theet, with strong barriers to entry. ltaly is the leading country for Retit yard visits in Europe.

NCA Refit at a Glance

Focus on refit and maintenance of yachts over 60mt.

Opportunity to boost client base for shipbuilding.

Majority of refit works performed on vessels built by peers.

Positive effect on revenues due to increase in production capacity.

Maltese Falcon

Sea Pearl 60mt - Oceanco

Main 65mt - Codecasa

78mt - VT Group

(Eu mn)

90mt - Lürssen

Quattro Elle 86mt - Lürssen

The Italian Sea Group

Strategically Located State of the Art Facilities

OUTPERFORMING COMPETITOR SHIPYARDS

TOP CREW FACILITIES ON SITE TO CONVINCE DECISION-MAKERS, CAPTAIN AND SHIPOWNER'S REPRESENTATIVE

	Shipyard	Country Country	Sail	Max length (mt)	Covered Workspace (k sqmt)				Training
	THE ITALIAN SEA GROUP			200	120	On site	On site	On site	On site
	Lusben			120	60	On site	<Imi away	<1 mi away	< Imi away
Main Competitors	Amico & Co.			170	102	On site		< 1 mi away	< Imi away
	Monaco Marine			370	n.a.	On site	n.a.	n.a.	n.a.
	MB92 Barcelona			200	60	On site	n.a.	n.a.	n.a.
	Astilleros de Mallorca			110	n.a.	On site	<Imi away	n.a.	n.a.
	JFA Yachts			60	50	On site	< 1 mi away		< Imi away
	A&R Services			126	125	On site	<Imi away	On site	On site
Other Shipyards	Lurssen			215	170			<1mi away	<Imi away
	Avangard			50					<1mi away

EMARKET SDIR

CERTIFIED

ESG

ESG Roadmap

EMARKET SDIR CERTIFIED

TISG has a clear roadmap to drive Sustainability with the objective of creating long-term value for all Stakeholders and establishing itself as a benchmark for the shipbuilding sector.

TISG has assessed its Materiality Matrix rellecting comprehent with key internal and external stakeholders.

Pillars for ESG Strategy

TISG's ESG strategic pillars are developed around its Materiality Matrix and inspired by best practices for corporate entities. These strategic channels are integrated across all corporate tunctions and serve as guiding stars for management in tollowing macro trends and expectations for ESG matters globally.

TISG features Corporate Governance in line with best practice in terms of Board of Directors composition and committees, as well as Policies and Certifications.

To date, TISG has achieved numerous results in all areas, based on ambitious and challenging ESG strategic pillars tor the medium to long term.

M/Y 75mt Admiral Kensho (2022)

M/Y Admiral Kensho is a benchmark for sustainability in yachting:

• · "Serial Hybrid" propulsion, which allows for the optimization of energy consumption thus reducing emissions, vibrations and acoustic pollution.
• DPF (Diesel Particulate Filter) System for further emission reduction.
• Set up to install 2 batteries generating 500kWh each.
• · ECO notation from Lloyd's Register regarding: Emissions, Refrigeration, Firefighting, Oil Pollution, and Sewage treatment.

• Photovoltaic facility covering the Marina di Carrara shipyard.
• 100% of electric energy acquired from renewable sources.
• Delivery of 75mt M/Y Kensho (2022), benchmark for "green" mega-yachts.

• Collaboration with Universities of Trieste, Napoli, Genova and La Spezia, offering courses to employees and graduating students.

• Factoring facilities to provide liquidity to suppliers for their working capital requirements.

• Definition of ESG strategic pillars and Materiality Matrix.

• Control and Risk Committee to also have oversight over Sustainability matters.
• Approval of Policies on Human Rights, Diversity & Inclusion, Environment and Shareholder Engagement.

ESG Action Plan

TISG has planned an ambitious and challenging ESG agenda for the medium term, to be published within its first GRI compliant Sustainability Report in April 2023.

S/Y 47mt Perini Navi Sloop

Perini Navi represents a great opportunity for The Italian Sea Group to gain a leadership position in the sailing yacht market, which is a more sustainability-oriented segment.

The new range of Perini Navi yachts will be equipped with the most advanced technical features to ensure more sustainable navigation.

• Increase of coverage of facilities with photovoltaic panels, including the La Spezia shipyard.
• Implementation of a Supplier Code of Conduct to promote sustainable sourcing.

• Remaining at the toretront of technological advancements to toster sustainable yachting.

• Commitment to maintain equal gender pay and to increase the percentage of women in management positions.

• Commitment to monitor Employee Satisfaction.

• Commitment to increase the number of training hours for all employee categories.

• Preparation of 2022 Sustainability Report based on GRI "Core" standards.

• Adherence to the UN Global Compact.
• Short and long-term variable remuneration linked to the achievement of ESG targets.

EMARKET

SDIR certified

FINANCIALS

The Italian Sea Group

TISG's commercial approach and contract structure aim at limiting risks with respect to inventory, achieve tavourable working capital, and lock in expected margins.

The Italian Sea Group's Order Book surpassed the Eu 1 billion mark at the end of 2022P, equating to a Net Backlog of Eu 620mn, with deliveries scheduled up until 2026.

HISTORICAL TRENDS

• The Order Book grew at a CAGR of 44% from yearend 2018 to year-end 2022P despite major deliveries throughout 2022.
• = Admiral accounts for c.77% of the Order Book, confirming TISG's focus on larger dimensions.
• With respect to the Net Backlog, Eu 620mn represents approx. 2x 2022P Revenues.

TRENDS FOR 2023 AND 2024

• Partnerships with leading brokers in North America, Middle East, Europe and APAC are expected to further boost orders from these regions.
• Perini Navi currently accounts for c.14% of the Order Book and is expected to increase with the restyling of the fleet and launch of the semi-custom Picchiotti Gentleman.

THE ITALIAN SEA GROUP

Revenues grew at a 45% CAGR from 2018 to 2022P with strong contribution trom both the Shipbuilding division (47% CAGR) and the Refit division (31% CAGR).

HISTORICAL TRENDS

• Shipbuilding Revenues were driven by growth in deliveries coupled with increase in length of yachts and higher prices thanks to recognised quality.
• Refit Revenues grew at a 31% CAGR from 2018 to 2022P despite disruption from Covid-19 in 2020 and renovation works in 2021 and 2022.

TRENDS FOR 2023 AND 2024

• Within the Strategic Outlook for 2023 and 2024, the Shipbuilding and Refit divisions are expected to grow at a similar pace.
• Revenues expected to benefit from increased deliveries of the Picchiotti and Panorama semi-custom yachts, as well as from higher refit capacity.

Operating Costs & EBITDA 2018 - 2022P

The EBITDA margin expanded from 9.1% in 2018 to 15.9% in 2022P and is expected to further expand as per Strategic Outlook to 2024.

HISTORICAL TRENDS

The increase in margins is attributable to:

• · Great attention to cost management;
• Efficiency improvements in production processes;
• Benefits from the significant capex investments;
• Economies of scale. .

The Refit EBITDA Margin is of limited relevance due to the high level of shared costs with Shipbuilding.

TRENDS FOR 2023 AND 2024

Further margin expansion trom:

• " Caretul management of External Suppliers and Raw Materials (c. 75% of total costs) by locking them in at the time of the order;
• Continuing benefits from internalisation of key value-added phases of the production cycle.

(Eu mn)

EBITDA .	2018A 2019A 2020A 2021A 2022P
Uperating Costs	-61	-90		-102 - -158 -	-248
% Revenues	91%	90% -	87% -	85%	84%
EBITDA	6.1	9.7	14.5	28.0	47
% y-o-y growth		રેજેજી રાજ્યના ઉત્તર પ્રાથમિક શાળા, પંચાયતઘર, આંગણવાડી તેમ જ દૂધની ડેરી જેવી સવલતો પ્રાપ્ય થયેલી છે. આ ગામમાં પ્રાથમિક શાળા, પંચાયતઘર, આંગણવાડી તેમ જ દૂધની ડેરી જેવી સવલતો પ	50%	92%	67%
% Revenues					9.1% 9.7% 12.5% 15.1% 15.9%

Operating Costs	2018A 2019A 2020A 2021A 2022P
Costs trom Outsourced Work &	-39	-65	-71	-119	-189
Raw Materials
Personnel Costs	-12	- 4	-17	-22	-30
Other Costs	-10	-	- 4	-17	-29
Total Costs	-61	-90	-102	-158	-248
Costs trom Outsourced Work & Raw Materials	64%	71% -	70%	75%	76%
Personnel Costs	20%	16%	16%	1 4%	12%
Other Costs	16%	13%	1 4%	11%	12%
% Total		100%		100%	100%

The Italian Sea Grou

Operating Cash Flows expected to significantly increase in 2023 and 2024 thanks to growth in EBITDA and a projected decline in Capex.

HISTORICAL TRENDS

• " characterised by:
  • · Strong growth in underlying EBITDA;
  • · Massive Capex programme totaling Eu 68mn.
• = Net Debt of Eu 11mn in 2022P due to Eu 75mn investment in Perini Navi and Eu 16mn attributable to a combination of dividends, interest and cash taxes.
• " Capex for TISG 4.0 and TISG 4.1 investment plans for Eu 22mn.

TRENDS FOR 2023 AND 2024

Strong increase in Operating Cash Flow thanks to:

• " Continuing growth of EBITDA as per Strategic Outlook to 2024;
• " Significant decline in Capex (low single-digit).

Capital Structure 2018A - 2022P

TISG currently has financial leverage of only 0.2x, in line with its target capital structure, and offers ample flexibility to deal with its dividend policy, capex requirements and M&A strategy in the medium to long term.

HISTORICAL TRENDS

• Long term financial facilities for Eu 72mn were secured in early 2022 to tinance TISG 4.0 and 4.1 and the acquisition of Perini Navi and have a final maturity date on 31/12/2028.
• Other indebtedness is related to short term financings from banks and lease obligations.

TRENDS FOR 2023 AND 2024

• Neutral Net Debt target, with a cap of 1.5x EBITDA to offer flexibility for capex & M&A strategy.
• " Dividend payout of c. 40% to 60% of Net Profit.
• " M&A remains a strategic priority, albeit current focus is on organic growth and successfully integrating Perini Navi and internalisation of key supply chain activities.

TISG's objective is to increase its visibility and volumes, via delivery of the Strategic Outlook, increased Investor Relations efforts, additional research coverage, and commitment to ESG objectives.

STATUS QUO

• 3 brokers currently cover TISG: Intermonte, Berenberg, MidCap.
• All have a "Buy" recommendation with an average Target Price of Eu 9.5, signaling an upside to the last closing price in excess of 50%.
• · Average daily trading volume (3M) of 27k shares .

OBJECTIVES

• Increasing the visibility of TISG equity story and on higher trading volumes by way of increased IR activity, additional research coverage, and commitment to ESG objectives.
• TISG meets all the prerequisites to join the Euronext STAR Milan Segment, save for the minimum freefloat of 35%.

Broker	Analyst	Recommendation larget Price Date
Intermonte	Francesco Brilli	BUY	Eu 8.5	11/11/2022
Berenberg	Remi Grenu	BUY	Eu .O	16/11/2022
MidCap	Filippo Migliorisi	BUY	Eu 9.0	14/11/2022

Strategic Outlook 2023 - 2024

Neutral level of leverage subject to a cap of 1 .5x LTM EBITDA

*Subject to temporary impacts from M&A and Capex strategy

The Italian Sea Group

Disclaimer

This document has been presced by The Malling of the "Compan") for use duing meetings with investors and financial one is soley for infornation purposes. The presentation does not contine a recomment the Compony, Inis presentation doss not contain on offer to sell a ca solicition of any offer to buy any securities issued by TISG.

This presentation may contain for alled Nanagement's current views with respect of financial ond operational performance of he Compon and estimates. These forwardlooking statements are based on TISG's current expectations about future events.

Because hese forwards on estigation iss and uncertaintes, coto a formance may differ mainbly fon three experience in or implial by these stateners due to ony wires of different from of writch ac beyond the doiling of TSG to control or estimal of the national of the natred developments, fluctuations in the price, and one coutoned not oplace under related ing stotained herein, which are made only as of the de of his presentation. TSG des not unerole any policiy release any updates or revisions to revisions to relect events or circumstrances offer he date of this presentation.

Figures or doselve and in percentages are calcul data. Sone of the differences found in his presentation and use to coming of the vales expessed in millions of Euro. This document may not be reproauced or distributed, in whole or in part by any person other than the Company.

The Monage of reparing the Corporals cocounting deciments, Marco Caritari, declares pursual to one holder 154 by , prograph 2 of legishire Decree no. 58 of 1998, as amended, that the disclosures included in this document results, books and accounting records.

The Italian Sea Group