As part of a series of strategic initiatives to support the Company's steep growth, Beretta U.S.A. has strengthened its organization by realigning its business model into three Strategic Business Units; Commercial Business, Premium Lifestyle and Beretta Defense Technologies (BDT).

Within the Commercial Business Unit, Beretta U.S.A has increased focus in Marketing by creating a Channel Marketing and Product Marketing team. To lead the Channel Marketing role, Beretta U.S.A. has promoted Ryan Muety to Vice President of Channel Marketing and Consumer Direct. Rafe Bennett, who joined Beretta U.S.A. in 2012, is currently leading the Product Marketing team as the Vice President of Product Marketing. Within our Commercial Sales organization, Chris Recchia has been promoted to Vice President of Commercial Sales, overseeing Dealers, Distributors and Chains channels.

Antonio Pavan joined Beretta U.S.A. at the end of 2012 as the Vice President of Premium Lifestyle Strategic Business Unit, managing Beretta's Premium Firearms, Clothing and Accessories, Galleries, Shop-in-Shop and Trident Lodges. Antonio comes to Beretta with a wealth of experience in strategic business development in the luxury brand industry.

The Beretta Defense Technologies (BDT) strategic alliance was created in 2012 to leverage its strong global operations in support of the Military, Law Enforcement and International channels. Focusing the core competencies of the Beretta, Benelli, Sako and Steiner companies on the needs of our warfighters and officers allows us to provide them with unique system solutions . In September 2012, the US Army awarded Beretta U.S.A. a contract for up to 100,000 additional M9 pistols.

In 2012, Beretta made significant investments in the area of Human Capital. Acquiring and maintaining the best talent fulfills many purposes including our ability to provide outstanding service to our customers and end-users, as well as facilitating the development and realization of our Strategic Plan.