I am in agreement that the picture on the chip is similar to the Lake Como postcard, but that doesn't necessarily mean that the chip is from Italy. It could have been issued by a private organization with members that were originally from Italy but are now somewhere else. Does anyone know what C.O.T.M.A.L. means? For now, the ChipGuide will follow the information in The Gaming Table. Perhaps one of the TGT guys can explain the attribution to Cairo, Egypt?