Panerai Classic Yachts Challenge 2010

Officine Panerai Announces Sponsorship of the British Classic Yacht Club Cowes Regatta 2010

LONDON, November 23 - The ninth British Classic Yacht Club (BCYC) Cowes Regatta will
join the prestigious Panerai Classic Yachts Challenge Circuit (PCYC) from
2010 as part of a three-year sponsorship deal signed this month.

The BCYC Cowes Regatta which will take place from Sunday 18th
to Saturday 24th July 2010 will be the first UK event to join the Panerai
Circuit. In 2009 the circuit included eight of the world's leading Classic
Yacht Regattas among them the Antigua Classic Yacht Regatta and Regates
Royale in Cannes.

2010 will be the sixth edition of the Panerai Classic Yachts
Challenge and marks the largest and most renowned classic yacht race in the
world. The Circuit takes place from April to September and since its
inception in 2005, the circuit has been increasingly successful, demonstrated
by the growing list of competitors. Each year the Challenge draws yachting
enthusiasts from around the globe and the most highly regarded Classic Yachts
sailing today, in 2009 over 350 yachts and 1,500 crews competed overall in
the Circuit.

CEO of Officine Panerai, Angelo Bonati said in a statement
released today:

"We are delighted to align Panerai with the British Classic
Yacht Club Cowes Regatta. The sponsorship enables us to reach a wider UK
audience. The UK is a growing market for Panerai and we have been looking for
a UK event to join our circuit for some time. The reputation, professionalism
and camaraderie demonstrated by the BCYC not to mention Cowes Regatta's
position as the key classic yacht event in the UK yachting calendar make them
an ideal partner for Panerai."

British Classic Yacht Club Commodore, David Murrin added:

"The British Classic Yacht Club are delighted to become
associated with Officine Panerai as principal sponsor of our Cowes Regatta.
Panerai are an ideal partner for us because of our shared values.

Panerai have shown over a number of years a commitment to
supporting premier classic regattas around the world, and we are proud that
the British Classic Yacht Club Cowes Regatta is to be numbered among the most
prestigious.

The event will now be known as The British Classic Yacht Club
Panerai Cowes Regatta - The BCYC Panerai Cowes Regatta is held in the tidal
waters of the Solent. The highlight of the week's racing is the Classic Round
the Island Race, starting on the Royal Yacht Squadron line before racing the
60 mile course either East or West around the Isle of Wight. The 2010 Round
the Island race will be held on Tuesday 20th July.

The BCYC and Officine Panerai envisage that the 2010 event
will be the largest Classic Yacht Regatta in the UK since the Americas Cup
Jubilee Regatta in 2001, and are predicting that over 65 yachts will compete.

    Panerai UK Media Contact:

    Martha Williamson
    Tel: +44-(0)207-491-9903
    martha@sidhuandsimon.com

Panerai UK Media Contact: Martha Williamson, Tel: +44-(0)207-491-9903, martha at sidhuandsimon.com