Thanks to Lyric1 for finding me the info for this Ju-88 scheme.
This Ju-88 was part of the 9th Squadron of KG54 based in Italy during 1943. KG54 suffered crippling losses during 1943 attempting to oppose the Allied advance through Sicily and Italy. This aircraft was painted top and bottom in the Maandertarnung wave mirror scheme used for over-ocean operations. Painting the lower surfaces this way was supposed to make the aircraft less visible during dawn or dusk attacks.
