International Shipyards Ancona, which specialises in the design, building and management of superyachts, with backing from the Yachting Investors Group, has recently signed an accord for a medium term structured credit line of 57 million Euro. UniCredit Corporate Banking has played the role of mandated lead arranger, organising the syndication process that has seen the pool involvement of six other banks, namely: Banca MB, Banca Antonveneta, Banca Carim, Banca Marche, BPVI and BPA. Two credit lines will be opened, both extending over a five year term. The first- cash- is to support the circulating asset requirements of the company, while the second- guaranteed- is aimed at securing cash advances of customers. ISA is a company from the Marches region of Italy that deals in excellence, employs more than 160 people and has turned over about 70 million euro in 2008 with volumes of over 100 million forecast for 2009. Its EBITDA target is from 15% to 20% and it is one of the world’s top 15 companies in motor yacht building for the 40 to 80 metre category. This structured credit line provides the company with a flexible financial instrument capable of meeting all of the financial needs that characterise the world of custom superyacht production and will speed up the growth process of the Ancona yard, which has a portfolio of orders due for delivery in 2011 - 2012. The credit agreement is a further example of UniCredit Corporate’s notable involvement in serious industrial development projects, on the one hand, and its faith in the growth strategy of this prestigious shipyard on the other. The new shareholders (YIG of London acquired 80% of the yard at the end of 2006, with the management holding the remaining 20%) have worked out a development plan by which the shipyard will focus on full custom superyachts, the segment most definitely with the highest current growth rate. The development plan includes a strengthening of the management team with the appointment of a new CEO and a new CFO, as well as a reorganisation of the company to achieve better focus on time, cost and quality objectives. The financial operation put into effect by the Company Finance team and the Ancona branch of UniCredit Corporate Banking, a part of Mercato Italia Centro/Sud headed by Antonio Muto, once again shows how UniCredit’s corporate bank is able, even in uncertain times, to act as a special partner for locally based companies that have a desire to implement suitably structured growth plans. ISA/YIG turned to the Rome firm of Ughi &amp; Nunziante for its legal advice, while UniCredit Corporate Banking and the other banks in the pool were advised by K-Legal of Bologna.

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UniCredit Corporate Banking and ISA Yachts sign credit line agreement for 57 million Euro