COMPANY PROFILE

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INDEX

Company Profile Mission The international supremacy 6 shipyards Afive-starnetwork Group Structure

Brands Azimut Yachts Benetti Yachtique RefittingServices

Company’s history: from its foundation until today TheBeginning The ‘80 The acquisition of Benetti TheAtlanticcrossing TheCertifications The acquisition of the Moschino shipyards The acquisition of the Gobbi shipyard and the birth of Atlantis ConfindustriaAward CGMER Azimut do Brasil GlobalOrderBook Marinas

A long lasting value Focusedonthecorebusinesssinceever Financialstabilityandongoinginvestments Yachtsthatkeepstheirvalueforalongtime Co-operationwithUniversities

Summary of the company

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Company Profile

Mission

The international supremacy

Tobuildthemostbeautiful,reliable,innovativeyachtsandprovideassistancetotheirownersanywhereintheworld.

Azimut-BenettiSpAisthelargestbuilderofpleasuremotorboatsworldwide.

TheGroup,towhichtheprestigiousAzimutYachtsandBenettibrandsbelong,offersthewidestrangeofmotoryachts,entailingmorethan40modelswhoselengthspansbetweenthesmallerAtlantisCollectionsportcruiser’s34feetandBenetti’s100meter.

Eachbrandaddressesitsownyachtingmarketsegment.

In detail:

Planingyachtsfrom10to37metres

Semi displacement and displacement megayachtupto100metres

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6 shipyards TheAzimut-BenettiGroupoperatesandproducesinits6shipyardsdisplacedinthefollowingareas:

Avigliana (Turin) - North Italy Companyheadofficeformanagementandorganisation.Here,thefocusisontheproductionoffibreglassyachtsupto72feet.

Shipyard:120,000sqm(ofwhich50,000sqmarecovered)

Savona - Italy Serviceanddeliverycentre

Viareggio, Livorno, Fano (Pesaro) - Italy ProductionofBenettimegayachtsfrom24to100metresinsteel,aluminium,andfibreglassandproductionofAzimutyachtsfrom75to100feet.

Threeshipyards:340,000sqm(ofwhich75,000sqmarecovered).TheshipyardinViareggiohasa500sqmaerialplatformforhelicopters

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A five-starnetwork

Itajai (Brazil) Production of yachts up to 100 feet for theAzimutYachts brand. Shipyard:16,000sqm.

With70dealershaving138officesin68countries,AzimutBenettiboaststheworld’smostcomprehensiveandextensivesalesnetworkinthenauticalsector.

ThisisaparticularlystrategicstrengthenablingtheCompanytocommandallthereferencemarketsinawidespread,timelymanner.TheGroup’sdistributionnetwork stands out for the high profile and size of the agencies,which arebacked by structures organised as large companies, the turnovers of whichoftenexceed20millionEuros.

TheAzimutBenettiGroupcanalsocountonFraserYachtsWorldwide,aleadinginternationalcompanysupplyingservicestoyachtownerandpartoftheGroup.

TheGrouphasrepresentativeofficesinShanghai,HongKong,FortLauderdale(USA),Itajai(Brazil)andDubai

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Group Structure Tomeetthedemandsofchangedmarketconditions,theAzimutBenettiGrouphasdevelopedneworganisationalsolutionsinspiredbyabusinessmodelthatputstheclientandhisneedsatcentrestage.

The organisation calls for activities to be divided into three main lines ofbusiness:

• Yachts(boatsupto30metres)• Megayachts(boatsover24metres)• Yachtique(strategicservicesforyachts)• Lusben(Refit&Repair)

Brokerage & Charter (Fraser Yachts)

Yacht ManagementFinancial Services

Marinas

Production of semi displacementand displacement

megayacht up to 100 metres

Refit & Repair (Lusben)

Production ofplaning yachts

from 10 to 37 metres

YACHTS MEGAYACHTS SERVICES

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Performance,sportiness,luxuryandtraditionarethecharacteristicsthatbestdefinetheGroup’sprestigiousfleet,whichisdividedintotwobrands:AzimutYachtsandBenetti.Foreachbrand,awide,comprehensiverangeofmodelsisavailable.

Overall,thefleethasnolessthan45models inproductionandafurther32will be launched in the next three years. Certainly the broadest and mostcomprehensiveintheworld.

In order to better meet the requests of a more and more specialized and advancedmarket, theAzimutYachtsbrandhasorganized itsproduction in5different Collections:

ATLANTISCOLLECTIONCleveryachtingItalianStyle.Sportyopenboatsfrom34’to60’.ThesportcruiseroftheAtlantisCollectionarepuresportinessandexquisiteItaliancreativity.Performanceanddesigninterpretedbytopinternationaldesignersmarkoutthesejewelsdedicatedtothoselookingforauthenticemotionsandquality.

Brands

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FLYBRIDGECOLLECTIONAzimuthasbeentheleadingItalianbrandoftheworldboatingsectorfordecades,somuchsothatwhenonethinksofaflybridgethefirstnamethatcomestomindisAzimut.Theagileandpowerfulmusclesofthehull,thelargewindowswiththeirunmistakablelinesfloodingcascadesoflighttobelowdeck,thevaluablematerials,thelivingsolutionsthatmakeeverycabinasuite,andthefinishdetailsprovideabsolutecomfortfortheownerandhisguests. It isthebroadestrangeintheworld,with13differentmodelsfrom40to100feetinlength.

SCOLLECTIONSportinessisimmediatelynotedintheagilelinesofthisItaliancollectionthatcombineseleganceandcomfortwithtechnologicalinnovationsthatmakelifeonboardsafeanddelightful.Modelsthathenanceoutdoorlifeinanoutstandinghabitabilityoftheirinteriorswithopenablehardtops.Thelargermodelshaveanupperdeck (sport-fly) that is perfectlyharmoniouswith the sinuous andaerodynamiclines.

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MAGELLANOCOLLECTIONTheMagellano collectionmodels are designed for ownerswho focus on thepleasure of travelling and sailing. Semi-displaced boats with Dual Mode hullinspiredbytheconceptsofcomfortforlengthystaysonboard,utmostrespectfortheenvironmentandalongrange.Uniqueontheyachtingscene,theMagellanoCollection yachts can be piloted according to requirements for displacing orplaningoperation.Thecollectionoffersboatsrangingfrom43to76feet,allofthemidealforsailinginanyseacondition.

Inparticular,theMagellano50isthefirstyachtofthissizeintheworldtohaveobtained the prestigious RINAGreen PlusCertification, in addition to otherawards such as: European Powerboat of theYear 2011, the Best InnovativeDesign(WorldYachtTrophy2011),theaccessfortheselectionsoftheCompassoD’Oro(BoatwithLowEnvironmentalImpact–NauticalDesignAward),theUIMEnvironmentalAwards2011byUnioneInternazionaleMotonautica.

TheAzimutMagellano43wasawardedwith theAIMEditors’ChoiceAwards2013as‘BestPassagemaker’, theAsiaBoatingAward2014as‘BestProductionMotoryacht’andshewasincludedintheADIDesignIndex2013.

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GRANDECOLLECTIONThisCollectionoffersplaningyachtsupto120feetinlengthwithextremelyhigh standardsof servicededicated toownerswhowish tobuild aboat tomatchthesizeoftheirdreams.Ateamoftechnicalandproductionexpertswork side by side with the owner to define every aspect of his yacht andaccompanyhimthroughouttheconstructionandafter-salesprocesses.

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Historicalshipyardfoundedin1873,hasbeingacquiredbytheGroupin1985.Inits longhistory,Benettihasdevelopedmorethananyothercompetitorinitsmarket segment, producingmore than 300 yachts and specializing in theproductionofcomposite lines,BenettiClass, from93’ to145’,andsteelandaluminiummegayachtsfrom45meters,totallycustomed.

WellknownInternationaldesignerssuchasJonBannenberg,DikieBannenberg,Terence Disdale,AndrewWinch, John Munford, RedmanWhiteley & Dixon,Argent Design, Lazzarini & Pickering, Cor D. Rover, Luiz De Basto, Evan KMarshall,NautaDesign,andDesignStudioSpadolini,offeredtheircollaborationtothebrand.

BENETTICLASSRANGEBenettiClassRangeistheBenettisemi-customrangeincompositematerialwithtwoproductlinesfrom93’to145’,Benetti Class Range Displacement and Benetti Class Range Fast Displacement. Over100 yachts havebeenbuiltinthelast10yearsfollowingthefirstBenettiClassicmodel.Withthisbackgroundofexperience,eigntnewmodelshavebeendevelopedbyStefanoRighiniwhoseskilledhandswereabletounitetheuniquenessofeachmodelwiththeharmonioussymphonyoftherange:theBenettistyle,iconofincomparableelegance.ItalianstyletogetherwithhistoricaltraditionandcuttingedgetechnologyfindthemaximumexpressiononboardeveryBenettiClassmodel.ThemodelsenclosedintheBenettiClassRangeDisplacementlineare:Delfino93’,Tradition105’,Classic121’,ClassicSupreme132’,Crystal140’,Vision145’.Themodels enclosed in the Benetti Class Range Fast Displacement line are:F-125’andF-140’.ThehistoricaIdesignerswhoworkedon this linesareStefanoRighini for theexternalsandFrançoisZurettifortheinteriorswhileRedmanWhiteleyDixonstudioistheauthoroftheFastDisplacementlineinteriors.

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BENETTICUSTOMA totally “tailor made” line, dedicated to the most demanding shipownersrequesting mega yachts from 45, made in aluminium and steel, completelycustomized.Excellenceandexperienceinstylisticresearchandprojectplanningareattheserviceoftheclientsallowingthemtohaveamegayachtthatfullymeetstheirneeds.

In2012Benettiintroducedthevisionary“DesignInnovation”project.Themostrenowned international architects and designers developed almost 30 newprojectsinthe50to90+meterrange,offeringnewinterpretationsforthefuturedesignofBenettimegayachts.

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YACHTIQUEAroundeveryAzimutandBenettiyachtthereisnotjusttheseabutalsoahostofservicesplannedandimplementedtorelievetheownerofanyworries.ThesearehandledbytheYachtique–EliteYachtingServicesbusinessline,offeringinnovativesolutionsforeverynewrequirementanownermayhave.IndetailYachtiquedividesitsservicesasfollows:

YACHTIQUE FINANCIAL SERVICESIntegrated, personalised packages for financing and insuring yachts thanks tofavourableagreementswithmarketleadersinthefinancialandinsurancesector.

YACHTIQUE CONCIERGE CLUB E YACHTIQUE CARD Uniqueinthenauticalworld,theClubisreservedforAzimutBenettiowners;theycanmakeuseofafive-starassistanceserviceavailable24hoursaday,365daysayear.Theserviceincludesallthatonecouldwishtosailwithserenity:fromrestaurantreservations,carhireandprivatechefstothepurchaseanddeliveryoffoodstuffs,andfrominformationinrealtimeaboutanyaspectofsailingtoawiderangeofsignificantdiscountsinpricesforitemspertinenttonauticalservices,suchasthepurchaseoffuel,insurancepoliciesandwinterstorage,maintenanceofenginesorprovisionoftenders.

YACHTIQUE STYLING LOUNGETheYachtiqueStylingLoungeisauniquevenueintheworld,wheretheowners,withthesupportofhighlyqualifiedpersonnel,canplanandselecteverydetailof the interior and exterior design of their own yacht choosing, among themostprestigiousbrandsintheworld,preciousfabrics,accessories,furnitureandcustomizethetenders.Ahigh-techprojectionsystemallowscustomerstoview3Drenderingsoftheinteriorandexterioroftheiryachts,offeringthepossibilitytochangethetypeofwood,marble,colorsandlightinginrealtime.

YACHTIQUE MARINASYachtiquedesigns,buildsandoperatesmarinas,plannedtoofferyachtownersavastrangeofservicesandassistancethatgoeswellbeyondthenotionofasimpleberth.

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REFITTING SERVICESTheAzimutBenettiGroupoffersownerscutting-edgetechnicalassistancecentres,with technologically advanced structures, technical know-how and specialisedstaff.AllthisisofferedbythehistoricLUSBENfirm,acompanythathasbeenaleaderinthissectorforover50years.

At the Lusben centres ofViareggio,Varazze, Savona, Fano and Livorno, yachtownerscanfindtheassistancetheyneedtocarryoutalltypesofmaintenance,goingfromplannedservicingtorefitting,fromthemodificationoftheirboattocompleterestructuring.

AttheLusbenyardsinViareggio,wehaveoneofthelargesttravel-liftsinEurope,able to lift out and launch boats displacing up to 600 tons.The Lusben yardat Livorno has the largest service centre formegayachts in Europe: the portstructuresincludea2,500tonship-liftandafloatingdockmakingitpossibletohauloutandlaunchyachtsupto180metres.Inpractice,thatmeans,anyyachtintheworldalreadybuiltorunderconstruction.

CHARTERING & BROKERAGEFor 65 years, FRASER YACHTS has been offering exclusive services toownersofsuperyachts.With10officesdottedaroundtheworld(includingforexempleLondon,MonteCarlo,MexicoCity andFort Lauderdale), it boasts alargeteamofexpertsalwaysreadytoofferconsultancy,supportandassistancetoownersregardingeveryaspectofowningandoperatingaluxuryvessel.Whateverthe service required, the team handles every request with the maximumprofessionalismanddiscretion.Sailingaboardayachtshouldalwaysbeapleasantexperience.FraserYachtsensuresitalwaysis.

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Azimut-Benetti’shistorydatesbackto1969,whenenterprisingyoungcollegestudentPaoloVitellifoundedAzimutSrl,asailingboatcharteringcompany.Hetherebystartedturninghisownpassionfortheseaintoanimportantbusiness.

In1970someprestigiousyachtingbrandssuchasAmerglass,Westerly,BritishPowlesandDracoappointedthebrandnewcompany inordertodistributetheirownboatsinItaly.

Lateron,AzimutSrldecidedtodesignitsownboatsandtoputthemonthemarket,but lefttheconstructionprocesstoothers.Between1975and1980thecompanydesigneditsfirsthandmademodelsinfiberglassandintroducedthemontotheItalianmarketdirectly.InthoseyearsthecompanyconqueredaprestigiouscentralpositioninthissectorandquicklybecameoneofItaly’sforemost companies specialized in the import and distribution of “pleasure boats”.In1983the105’Failaka,thebiggestmass-producedyachtinfiberglass,waslaunchedinViareggio.

In 1985, with the acquisition of the historical Benetti Brothers shipyard inViareggio(whichhadbeenfoundedin1873bythesamefamily),Azimutinheritedthegreattechnicalexperienceandtheapproachtoplanninganddevelopmentthathadalwaysdefinedthiscompany.Anintensebuildingactivityfollowed,thatwillleadtheBenettidivisiontolaunchabout130yachtsbetween30and100meterlongoveralmost25years.

In1988thenewlyfoundedgrouprealizedthe“AzimutAtlanticChallenger”tofacethechallengeoftheAtlanticcrossingwithpassengersonboardwithoutrefueling.The planning and production of this yacht confirmed the group’sexcellenceandfortifiedthe“geneticmaterial”ofitsskills.AchievingthecovetedBlueRibbongarneredtheGroupgreatinternationalmediaattention.

The following years show clear confirmation of technical and technologicalexpertise,aperiodduringwhichresearch,advanceddesignandexperimentingwithinnovativematerialswereundertakenbytheCompany’sbestandbrightest,accompanied by Company growth.The quality of its work was ultimatelyrecognisedwiththeawardingofISO9001certificationin1996(oneofthefirstforshipyards)bytheRegistroItalianoNavale.

And yet forAzimut Benetti Group respecting the environment starts fromtheproductionplants.ThecompanywasinfactthefirstamongthemegayachtsproducerstoobtaintheISO14001certificationthankstoimplementationofasystemofenvironmentalmanagementdesignedtolimitairpollution,energyconsumption,andtheuseofchemicalproducts.

The Beginning

The ‘80

The acquisition of Benetti

The Atlanticcrossing

TheCertifications

Company’s history:from its foundation until today

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In October 2011 Azimut-Benetti S.p.A. received the Occupational Healthand Safety Management System certification (BS OHSAS 18001:2007).Thecertification was awarded by RINA S.p.A, an international organisation andmemberofCISQFederation.Azimut-Benetti, theonlycompany in its sectorin Italy and worldwide to earn this certification, makes a real milestone inpromotingsafetyandresponsibility.

In1999thegroup’s investmentpolicyledtotheacquisitionoftheMoschinodockyardsinFano(thankstowhichAzimutreachedanunchallengedpositionintheproductionoffiberglasshullsforyachtsandmegayachtsover24meterlong),andmoreovertotheopeningofaserviceanddeliverycenterinSavona,to the refurbishment of the Benetti shipyards inViareggio and the buildingofanew industrialplant inAvigliananearTurin.Thisplant,whichcoveredanareaof120,000sqm,hadbeenplanned inordertohost themostadvancedtechnologiesandequipmenttobuildyachtsupto72feetlongandensurethemost effective quality control in every production phase.Today the factoryboastsatotalcoveredsurfaceof50,000sqmandiscapableofproducingabout350yachtsbetween30and72feetlongeachyear.

In2000thegroupstrengtheneditspresenceinViareggiowiththeacquisitionandrefurbishmentoftheLusbenareainthemiddleoftheport,whichitdevotedpartlytobuildingyachtsbetween24and35meterlongandpartlytoaservicecentreforrepairsandmaintenancewithaprivatemarinaofabout40moorings.

In 2001 the group acquired theGobbi shipyard,which now produces openengineyachtsbetween10and18meterlongunderthenewAtlantisCollection.

In2003itwastheturnoftheOrlandoBrothersshipyardinLivorno,whichwasacquiredasastrategicinvestmentforthedevelopmentofBenetti’smegayachtsinsteelandaluminium,butalsoasaninvestmentwhichwillrevalueLivorno’sPortaaMare.

Inautumn2004thegroup,whichhadbecomeAzimut-BenettiSpAin2003,alsogainedcontrolofFraserYachtswitha83%share,togetherwithV.ShipsLeisurewhichholdsa17%,andstarteddevelopingsophisticatedandinnovativeservicesinordertosimplifytheownershipanduseofmegayachts.

In2007theItalianindustryorganisationConfindustriaawardedtheGroupthetitleofGrowthChampionandBestPerformer,giventotheItaliancompanythatrecordedthehighestaveragegrowthratesduringthefive-yearperiod2001-2006,intermsofbothqualityandquantity.TheGroupplacedfirstamong497companieshavingannualrevenuesofEUR100milliontoEUR1billion.

The acquisitionof the Moschinoshipyards

The acquisition of the Gobbi shipy-ard and the birth of Atlantis

Confindustria Award

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InMay2009,animportantagreementwassignedwithCGMER,CGIFinance,abranchoftheSociétéGénéraleGroupspecialisinginfinancingforthesailingindustry, in order to create a broad range of exclusive solutions forGroupowners.

InAugust2010,theGroupopenedanewshipyardinItajai,Brazil,inthestateof SantaCatarina, for the production ofAzimut brand yachts.An importantshipbuilding hub is to be developed around the shipyard.The Itajai shipyardproducesanattractiverangeofsixmodels.

The company has gained the first place for the fifteenth time in theGlobalOrderBook- theyearlyrankingof leading internationalboatmanufacturerscompiledbytheprestigiousUSmagazineShowBoatsInternational TheinvestmentsbytheGroup,wereaimednotonlyatyachtproductionbutalsoatbuildingmodernports in Italy.ThiswasaccomplishedbyrefurbishingthedockyardsacquiredbytheGroupandbybuildingresidentialhomesaroundthoseports,whichhaveturnedouttobeveryimportantforlocaltourismandrealestate.

TheGroup’sapproachwantstointegratetheportwithitssurroundings,sothatcustomerscanalsoenjoycompletelyequippedtourism,leisureandresidentialcentersnearthemoorings.

TheMarinasoftheGroupoccupyasurfaceof532,000sqm,betweenlandandwaterandinclude:

• Viareggio(Italy),year-end2005(40berths)• Varazze(Italy),year-end2006(800berths)• Moscow(Russia),year-end2007(190berths)• Livorno(Italy),underconstruction(700berths)

CGMER

Azimut do Brasil

Global Order Book

Marinas

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ThesuccessofAzimutBenettiistheresultofasoundmanagementstrategyfocusedsquarelyonthecorebusiness.

Inover45yearsofactivity,AzimutBenettihasalwaysbeenaprivatecompany.Thischoicehasbeen fundamental,both for thecompany’sdevelopment, and for thebuildingofatrustingrelationshipbetweenyachtownersandtheGroup.

Beingautonomousinthebusinessdecisionsmeanshavingtoreportonlytoasingleshareholderhavingastronglong-termvisionand,thus,beabletoprovidealltheresourcesneededforthecompany’sorganicgrowth,whichisvitalforensuringsolidfoundationsandsuccess.

Dependingalwaysandonlyonone’sownresourcesisademandingchoice,but,sofar,proventobetherightone,asshownbythecompany’sresultsovertheyears.Inthepast15years, theaverageannualrateofgrowthofproductionvaluehasbeen15%,despitetheinternationalturbulenceintheworld’sfinancialmarkets.Thecompanyalsoenjoysapositivenetfinancialpositionwithnodebtandcancountonlargeprivateassetsof300MillionEurostoguaranteethatitcancontinuetoplanitsfuturewithconfidenceandoptimism.MoreoverthemajorpartoftherevenuesthattheGrouphasobntainedinthepast10years,havebeeninvestedinthecompanyforatotalmountof500MillionEuros.

Thatiswhy,accordingtoanindependentstudymadein2009bySINAPTICA,ofsixteenleadingItalianandforeignplayersinthesectorfound,Azimut-Benettiyachtskeeptheirvaluelongerthananyother.

SinceseveralyearstheAzimut-BenettiGroupco-operateswithsomeprestigiousItalian Universities such as Sant’ Anna (Pisa), University of Genoa and TurinPolitecnico,andscientificcentersinItalyandabroad(Cetena,KrylovShipbuildingResearchInstitute-Russia,BrodarskiInstitut-Croatia).Furthermorethecompanycollaborates with some postgraduate schools such as the Italian IED (IstitutoEuropeodiDesign),inordertoexchangeexpertiseandcreateopportunitiesforresearchandtrials.

Focused on thecore businesssince ever

Financialstabilityand ongoinginvestments

Yachts that keeps their value for a long time

Co-operationwith Universities

A long lasting value

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AZIMUT | BENETTI GROUPSummary of the company

Activities: Design,productionand commercializationofluxurymotor yachtsfrom10to100meters

First year of activity: 1969

Operational center: Avigliana(Turin-Italy)

Legal office: Viareggio(Lucca-Italy)

Internet website: www.azimutbenetti.com www.azimutyachts.com www.azimutgrande.com www.benettiyachts.it www.yachtique.it

Press area: www.azimutpressarea.com(CorporateeAzimutYachts) www.benettiyachts.it/pressarea(Benetti)

Chairman: Paolo Vitelli

CEO Azimut|Benetti Group:FerruccioLuppi

CEO Azimut Yachts: FerruccioLuppi

CEO Benetti: Vincenzo Poerio

Production units: Avigliana(AzimutYachts) Savona(AzimutYachts) Viareggio(AzimutYachtsandBenetti) Livorno(Benetti) Fano(Benetti) Itajai-Brazil(AzimutYachts)

Employees: 2,179

Estimated Production Value(Data referred toAugust, 31 2014): 610MillionEuros