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COMPANY TURNAROUND COMPLETED Value of Production 22.3 million euro(9.4 €/mln in Q1 2016) Ebitda 4.8 million euro (-0.9 €/mln in Q1 2016) Ebit 4.2 million euro (-1.2 €/mln in Q1 2016) Net profit 2.1 million euro (loss of 2.1 €/mln in Q1 2016) Net financial debt of 67.9 million euro, an improvement of 18.9 €/mln from 86.8 €/mln in Q1 2016and in line with debt of 67.3 €/mln at 31 December 2016 Order book 293 million euro, guaranteeing production operations for the next three years *** Intense international commercial activity continues, with specific focus on Asia and Europe Positive management of orders acquired in Mediterranean Basin countries Completion of the hull of the first high-speed multi-purpose patrol vessel (UNPAV) for the Italian Navy. With a length overall of 44 metres, the fibreglass hull constructed with the resin infusion process is the longest ever built in Europe Sarzana, 10 May 2017 – The Board of Directors of Intermarine S.p.A. (a subsidiary of the Immsi S.p.A. industrial group), has examined and approved the financial report for the first quarter ended 31 March 2017.In the first quarter, Intermarine completed its turnaround, reporting a return to profit and stronger performance compared with the first quarter of 2016, with improvements on all the main indicators thanks to production progress on contracts acquired during 2016.Intermarine S.p.A. financial and business performance in the quarter to 31 March 2017:Intermarine Value of Production for the first quarter of 2017 amounted to 22.3 million euro, an increase of 137.3% (+12.9 million euro) over 9.4 million euro in the year-earlier period.The Value of Production breakdown was as follows:Military sector, 21.4 million euro (8.6 million euro in Q1 2016);other sectors, 0.9 million euro (0.8 million euro in 2016) for repair operations at the Messina shipyard and revenue at the Marine Systems division.Ebitda in the quarter to 31 March 2017 was 4.8 million euro, a sharp improvement from negative Ebitda of 0.9 million euro in the year-earlier period.Intermarine Ebit in the first quarter of 2017 was 4.2 million euro, compared with negative Ebit of 1.2 million euro in the year-earlier period.The company posted net profit of 2.1 million euro for the first quarter to 31 March 2017, a strong improvement from the loss of 2.1 million euro in the first quarter to 31 March 2016. The return to profit marks the completion of Intermarine’s turnaround and reflects the successful management action taken in the past few years and growing international appreciation, above all for the military division, an example of state-of-the-art hi-tech engineering.The Intermarine order book at 31 March 2017 stood at approximately 293 million euro, guaranteeing production operations for at least the next three years.Net financial debt at 31 March 2017 was 67.9 million euro, an improvement of 18.9 million euro from 86.8 million euro at the end of the first quarter 2016 and in line with the net financial position at 31 December 2016 (67.3 million euro). The total company workforce numbered 280 employees at the end of March 2017 (277 at 31 December 2016).Significant events in the first quarter of 2017:During the first quarter of 2017 Intermarine completed work on the hull of the first high-speed multi-purpose patrol vessel (UNPAV) for the Italian Navy. With a length overall of 44 metres, the fibreglass hull constructed with the resin infusion process is the longest ever built in Europe.The construction of the vessel is part of the contract signed with the Italian Navy for the supply of two patrol vessels (announced in October 2016), for approximately 40 million euro.The new boats will be part of the program for the renewal of the patrol operating lines of the Italian Navy, and will make it possible to remedy, at least in part, the growing obsolescence of the fleet with advanced hi-tech vessels with powerful dual-use capabilities, which are more environmentally friendly.OutlookIntense international commercial activity will continue in 2017, with a specific focus on Asia and Europe.Positive management of the orders acquired in Mediterranean Basin countries will also continue. Management will also continue to pursue every opportunity to contain direct and indirect costs and overheads.