Salvatore Basile new Chief Executive Officer

Forlì, 22nd July 2009 - Ferretti S.p.A. announces the finalisation of its debt restructuring, according  to an agreement which also envisages:

- reducing the long-term debt, from about €1.1 billion to around €550 million, against a conversion of credits into exit participation rights;
- the inflow of new funds through a capital increase of €85 million, of which €70 million underwritten by Chairman Norberto Ferretti and some of the Group management, the remaining € 15 million by Mediobanca - Banca di Credito Finanziario S.p.A.;
- further medium-term credit facilities to fund working capital requirements totalling €65 million;
- extension to medium-term of existing short-term facilities for a further € 24 million granted by three major financial institutions, already Ferretti group partners.

The Group's equity is now held by Norberto Ferretti and the Group's management (38.2%), Mediobanca (8.8%) and senior and mezzanine lenders (for a total of 53% in exit participation rights).

In particular, as a result of the agreement, Norberto Ferretti, the Group's management and Mediobanca hold 100% of the Group's voting rights.

Norberto Ferretti, the Group's management and Mediobanca have finalized the acquisition of Ferretti S.p.A. and implemented the capital increase through newCo Ferretti Holding S.p.A., for which Mediobanca also acted as financial advisor.

Today, the Group's shareholders also appointed the new Board of Directors, which will remain in office for the 2009-2011 period, until the General Shareholders' Meeting convened to approve the financial statements for the year ending August 31, 2011. The new Board of Directors is composed of the following members:

- Norberto Ferretti - Chairman
- Salvatore Basile - Chief Executive Officer
- Alessandro Foti - Vice Chairman
- Giancarlo Galeone - Director
- Lamberto Tacoli - Director
- Augusto Fantozzi - Director
- Mario Giuseppe Rossetti - Director

Salvatore Basile is the new Chief Executive Officer of Ferretti S.p.A. Chairman and Founder, Norberto Ferretti, the management and Mediobanca express their full satisfaction concerning the arrival of a highly experienced businessman and manager of Salvatore Basile's stature.

The appointment of the new Board of Directors of Ferretti S.p.A. and Salvatore Basile as Chief Executive Officer represents a further step forward with the implementation of the Industrial Plan started in recent months, which will allow the Group to consolidate its leadership in the boating sector and to continue with the process of growth that has characterized its 41 years of history.

"I am very satisfied Salvatore Basile is joining our Group," commented Norberto Ferretti, Chairman and Founder of the Ferretti Group. "By drawing on the strong experience he has accumulated over the years, Salvatore Basile will make a decisive contribution to the development of our projects. I would also like to extend my gratitude to the new Board of Directors, as well as the management and Mediobanca, for their commitment over the past few months," concluded Norberto Ferretti, "and for the important role they have played in our efforts to continue to serve as a prestigious example of innovation and excellence."

"I thank the Chairman and the Board of Directors for the trust they have placed in me," declared Salvatore Basile, Chief Executive Officer of the Ferretti Group. "I am highly satisfied with my new position and proud to be able to take on this new challenge with a Group of Ferretti's prestige and worldwide renown".

***

Salvatore Basile, Chief Executive Officer of Ferretti S.p.A.

Salvatore Basile, born in Messina in 1952, graduated in Mechanical Engineering from the University of Padua in 1977, and obtained a master's degree in business administration from Fondazione C.U.O.A.

Mr Basile began his professional career with CM - Carlo Miazzo, a metalwork manufacturer, where he was in charge of information flows and management control.
From 1979 to 1992, Salvatore Basile was with MPM - Meccanica Padana Monteverde S.p.A., a manufacturer of motorcycle gears and mechanical transmission components which, in 1984, became part of the German multinational group ZF, where he held a series of positions of increasing responsibility, culminating in that of Chief Executive Officer.

In 1992, Salvatore Basile joined SAECO S.p.A. as General Manager, with the goal of relaunching the company. Over the following two years he achieved stunning results in terms of sales and profitability.
In 1994, he was appointed Chief Executive Officer of Demm S.p.A., a Bologna-based gear manufacturer, and went on to turn around and restructure the company successfully.

Between 1996 and 2000, Salvatore Basile worked at a company in the De Longhi Group, where he was first General Manager,  then Chief Executive Officer.
Lastly, from 2000 to 2009, Salvatore Basile was Chief Executive Officer of Baxi S.p.A., a manufacturer of domestic heating boilers and member of the multinational group of the same name, the number-three producer in Europe, based in England. In this time he grew within the Group at an international level, working first as head of the "Baxi International" division and then, in 2004, as CEO charged with all business outside the United Kingdom.

Ferretti Group.
Ferretti Group is one of the world leaders in the design, construction and sale of motoryachts, with a unique portfolio of nine of the most exclusive, prestigious brands in the nautical world: Ferretti Yachts, Pershing, Itama, Bertram, Riva, Apreamare, Mochi Craft, CRN and Custom Line. Ferretti Group, founded by Norberto Ferretti in 1968, is on the cutting-edge of the nautical world, thanks to constant product and process innovation, and continuous research within the sphere of technology. Yachts are designed by a team of about 90 designers and specialised technicians (Advanced Yacht Technology), and built in the Group's 25 production units. Over 3,000 employees of the Group, led by Chairman Norberto Ferretti and CEO Salvatore Basile, share a continuous quest for quality, technological excellence, top performance, an exclusive, innovative design, maximising comfort and taking painstaking care over detail. This common, daily commitment has taken Ferretti Group to the very heights of the nautical world. The Group is present in Asia, through a branch of representation and promotion in Shanghai, and on the American continent. An exclusive network of about 85 carefully selected dealers markets Group yachts in over 80 countries, and guarantees clients the very best assistance in marinas all over the world.

For further information:

Ferretti Group
Fulvia Venturi
Tel: 0543/787511
Email: fulvia.venturi@ferrettispa.com

Image Building
Simona Raffaelli, Nicole Zancanella, Alfredo Mele
Tel. 02/89011300 
Email: ferretti@imagebuilding.it  

CRN at Cannes and Monaco Boat Show and the Launch of CRN 124 "Clarena II" 72 meter

The new nautical year is coming as the International Boat Show of Cannes and Monaco and the launch of megayacht CRN 124 "Clarena II" 72 mt.
Cannes Boat Show (9 - 14 September) > we will exibit Navetta 43 "Rubeccan", 43 meter
Monaco Boat Show (23 - 26 September) > we will present the mega yacht CRN 126 "Blue Eyes", 60 meter.
 
A short description of the vessels below:

MY CRN 43 Rubeccan, 43mt, composite displacement maxi yacht.CRN 43, "Rubeccan" is a 43 metre displacement maxi yacht which can host up to 10 passengers and 9 crew members. This vessel sails at the high cruising speed of 13 knots with two Caterpillar C32-C motors and has been built by CRN technical staff and Studio Zuccon International Project which designed the external layout.
Rubeccan is known for its large size, and its strong internal furnishing and décor distinguishing itself for its elegance and timeless Italian style. The terrace in the owner's suite and the fitness area with sauna on the stern of the lower deck, are linked to the sea through an opening in the stern door, which changes into a little beach at the water's edge. These are the two creative solutions which have been designed by the shipyard for Navetta 43, the semi custom composite model.

MY CRN 126 "Blue Eyes", 60 mt, steel and aluminium displacememt megayacht.
With its rakish, flowing bow, its impressively sized interior spaces and its extensive surface area perched over the sea, "BLUE EYES" is a steel and aluminium mega-yacht born of a joint collaboration between the CRN shipyard and the Zuccon International Project firm, which designed the exterior, while the interior design was handled by the Fabrizio Smania company. The engines are 2 Caterpillar 3512B   that power the ship at a cruising speed of 14 knots. A major innovation is the aft area of the lower deck, meant to function as a full-fledged beach club, with the stern hatch lowering nearly flush to the water, where it can be equipped with comfortable sun lounges to create an ideal solarium. Connected to this area is an indoor relaxation zone where guests can enjoy being close to the sea while relaxing on comfortable sofas in the shade. Another distinctive feature of the ship is the balcony of the owner's suite, designed to be nothing less than a terrace on the sea, thanks to a hatch that can be lowered 90 degrees. A strongpoint of CRN mega-yacht design, and one of the custom features most frequently requested by owners, the owner's balcony is a major innovation that has quickly become an established  tradition.

Launch of CRN 124 "Clarena II" 72 meter
On 19th  September 2009 we are going to launch MY CRN 124 Clarena II, 72-metre, the biggest vessel built by CRN shipyard togheter with the megayacht CRN 129 80-metre (launch planned on 2011).
More details will follow as soon as possible.

THE CREATION OF CONCIERGIERIE MONACO, AN EXCLUSIVE CLUB RESERVED FOR CRN SHIPOWNERS

It looks after and pays attention to the leitmotif of the service offered by the company of Ancona: the clients are "cuddled" with unique 24 hour services and a reserved area on the internet with constant updates regarding the progress of their own megayacht

"CRN Conciergerie Monaco" is an exclusive service that CRN offers to its current and past clients. 24 hours a day, 365 days a year, this "club" is strictly reserved to ship owners and their families, who can benefit from the dedicated services: including hotel and restaurant reservations and events; ranging from theatre tickets to a boat parking space; from private planes to helicopters..
Based within the strategic setting of Munich, where last year CRN opened its agency, CONCIERGERIE MONACO derives from a fundamental principle on which the entire CRN is based: placing the client at the centre, offering the best, with care and dedication, which is also applied to shipbuilding.
A Conciergerie Card gives clients access to the services being offered, presently active all over the Italian peninsula and Costa Azzurra and soon available in the best places of the Mediterranean.
Moreover, to ensure closeness to its ship owners, CRN has also set up a reserved area on its website, www.crn-yacht.com, giving access to a "virtual window" on the shipyard such that one may obtain the latest updates regarding one's own craft: through a virtual meeting room ship owners can be constantly updated on the work progress of their ships being built, making it possible to enjoy the step by step "birth of their megayacht".

CRN has devised an extraordinary service to be side by side its ship owners:  complete assistance is provided, taking care of the least details with a single objective, that of providing an unrepeatable experience in maximum tranquillity both on board and on land.
Therefore, CRN goes beyond its core business and offers its clients a real "Personal Assistant", that is, the CRN Conciergierie Monaco service.