SIGNED PANERAI, AUTOMATIC, LUMINOR SUBMERSIBLE MODEL, NO. F295/300, REF. PAM00170, CASE NO. BB 1'089'383, MANUFACTURED IN 2003

US$3,000-5,000

With Officine Panerai International Guarantee Certificate dated 17 May 2004, Contrôle Officiel Suisse des Chronomètres Watch Rate Certificate, product literature, fitted presentation box and outer packaging.