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          Portfolio Developments
        
        
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          ANNUAL REVIEW & SUSTAINABILITY REPORT
        
        
          Stroili Oro
        
        
          is the leading Italian brand in affordable fashion jewellery.
        
        
          Stroili Oro sells its products through approximately 380 directly
        
        
          operated stores (DOS) and 800 wholesale outlets in Italy, Germany,
        
        
          Spain, China, Russia and Middle East located within shopping malls,
        
        
          department stores and city centres.
        
        
          Stroili Oro is also present in major airline catalogues such as
        
        
          Qantas, KLM, Emirates and Etihad. The company, after having
        
        
          completed its expansion phase through the opening of new points
        
        
          of sale in the shopping centers of the domestic market, is currently
        
        
          consolidating its high street stores presence while continuing to
        
        
          capture expansion opportunities abroad. In 2014, the company
        
        
          continued with its strategy of product innovation and commercial
        
        
          advertisement yielding tangible results in relation to improved
        
        
          performance against the previous two years of decline in a
        
        
          stagnant retail environment.  Stroili continues to outperform its
        
        
          competitors in the Italian market both in the traditional shopping
        
        
          malls channel and in the more recent city centers and department
        
        
          store channels. With the exception of Pandora, who is continuing
        
        
          its expansion strategy in the Italian market, Stroili’s competitors in
        
        
          Italy are showing declining sales.
        
        
        
          The Stroili Oro flagship store
        
        
          on Corso Vittorio Emanuele, Milan
        
        
          PortAventura
        
        
          is the largest destination resort in Southern Europe
        
        
          and the number two in Europe by number of rooms. Investindustrial
        
        
          invested in PortAventura at the end of 2009 and offered the
        
        
          support of the former managers of Gardaland, who now work
        
        
          closely with the company. Over the last five years the company has
        
        
          implemented a development strategy based on product innovation
        
        
          (a new aquatic park, Costa Caribe, a new kids area, Sesamo
        
        
          Adventure, the tallest rollercoaster in Europe, Shambhala, and
        
        
          the longest boat ride circuit in Europe, Angkor), a new marketing
        
        
          strategy focused on traditional values, entertainment and family
        
        
          and improvement of efficiency.
        
        
          In March 2014, PortAventura reached a licensing agreement with
        
        
          Ferrari to establish Ferrari Land, the sole Ferrari theme park in
        
        
          Europe expected to open during 2016.After the Cirque du Soleil
        
        
          inauguration at PortAventura in July 2014, Portaventura has
        
        
          reached an agreement for the next five years with Cirque du Soleil
        
        
          and will benefit from shows in Spain over the summer months.
        
        
        
          of 2014 the company strengthened its management team by hiring
        
        
          a new CEO. During 2014 Perfume Holdings renewed the Ferrari
        
        
          license, which was expiring in 2018, until December 2023. This
        
        
          license represents the Group’s main asset.
        
        
        
          Ferrari is one of several great brands
        
        
          whose fragrances are managed by
        
        
          Perfume Holding