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<SEC-DOCUMENT>0001157523-08-007260.txt : 20080903
<SEC-HEADER>0001157523-08-007260.hdr.sgml : 20080903
<ACCEPTANCE-DATETIME>20080903171515
ACCESSION NUMBER:		0001157523-08-007260
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080903
FILED AS OF DATE:		20080903
DATE AS OF CHANGE:		20080903

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATUZZI S P A
		CENTRAL INDEX KEY:			0000900391
		STANDARD INDUSTRIAL CLASSIFICATION:	HOUSEHOLD FURNITURE [2510]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11854
		FILM NUMBER:		081054640

	BUSINESS ADDRESS:	
		STREET 1:		VIA IAZZITIELLO 47
		CITY:			SANTERAMO ITALY
		STATE:			L6
		ZIP:			70029

	MAIL ADDRESS:	
		STREET 1:		VIA IAZZITIELLO 47
		CITY:			SANTERAMO ITALTY
		STATE:			L6
		ZIP:			999999999

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NATUZZI INDUSTRIES SPA
		DATE OF NAME CHANGE:	19950823
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a5769673.htm
<DESCRIPTION>NATUZZI S.P.A. 6-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2008 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: right">
      <font style="font-family: Times New Roman; font-size: 10pt">CONFORMED</font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt">Securities
      and Exchange Commission</font><br><font style="font-family: Times New Roman; font-size: 12pt">Washington,
      D.C. 20549</font><br><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>FORM
      6-K</b></font><br><br><br><font style="font-family: Times New Roman; font-size: 12pt">Report
      of Foreign Issuer</font><br><font style="font-family: Times New Roman; font-size: 12pt">Pursuant
      To Rule 13a-16 Or 15d-16</font><br><font style="font-family: Times New Roman; font-size: 12pt">Of
      The</font><br><font style="font-family: Times New Roman; font-size: 12pt">Securities
      Exchange Act of 1934</font><br><br>
    </p>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="top" style="width: 33%; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            For the month of September 2008
          </p>
        </td>
        <td valign="top" style="width: 34%; padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="top" style="width: 33%; padding-left: 0.0px; text-align: right">
          Commission File Number 1-11854
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <font style="font-size: 18pt"><b>NATUZZI S.p.A.</b></font><br><font style="font-family: Times New Roman; font-size: 10pt">(Translation
      of Registrant's name into English)</font><br><br><br><font style="font-family: Times New Roman; font-size: 10pt">Via&#160;Iazzitiello
      47</font><br><font style="font-family: Times New Roman; font-size: 10pt">70029
      </font><font style="font-size: 10pt">Santeramo, Italy</font><br><font style="font-size: 10pt">(Address
      of principal office)</font><br>
    </p>
    <p style="text-align: left; text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">(Indicate by
      check mark whether the registrant files or will file annual reports
      under cover of Form 20-F or Form 40-F.)</font>
    </p>
    <p style="text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt">(Check
      One)&#160;Form 20-F</font><u><font style="font-family: Times New Roman; font-size: 10pt">&#160;&#160;&#160;X&#160;&#160;&#160;&#160;</font></u><font style="font-family: Times New Roman; font-size: 10pt">
      &#160;&#160;&#160;Form 40-F</font><u><font style="font-family: Times New Roman; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></u>
    </p>
    <p style="text-align: left; text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">(Indicate by
      check mark whether the registrant by furnishing the information
      contained in this form is also thereby furnishing the information to the
      Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
      of 1934.)</font>
    </p>
    <p style="text-align: left">
      <font style="font-family: Times New Roman; font-size: 10pt">(Check One)
      Yes </font><u><font style="font-family: Times New Roman; font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;
      </font></u><font style="font-family: Times New Roman; font-size: 10pt">&#160;&#160;
      No </font><u><font style="font-family: Times New Roman; font-size: 10pt">&#160;&#160;&#160;&#160;X&#160;&#160;&#160;&#160;&#160;</font></u>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">(If &quot;Yes&quot; is
      marked, indicate below the file number assigned to the registrant in
      connection with Rule 12g3-2(b). 82-___) </font>
    </p>
    <p style="text-indent: 30.0px">

    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">

    </p>
    <p style="text-align: right">
      <b>Exhibit 99</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Natuzzi&#8217;s
      Board of Directors Announces Second Quarter and First Half 2008
      Consolidated Financial Results, and Targets of 2009&#8211;11 Business Plan</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>SECOND
      QUARTER 2008 FINANCIAL HIGHLIGHTS</b></font>
    </p>
    <ul>
      <li>
        <font style="font-family: Times New Roman; font-size: 12pt"><b>TOTAL
        NET SALES UP BY 3.9% AT EUR 168.8 MILLION AND UNITS SOLD UP BY 2.7%
        OVER 2Q07</b></font>
      </li>
      <li>
        <font style="font-family: Times New Roman; font-size: 12pt"><b>OPERATING
        LOSS AT EUR 5.1 MILLION FROM AN OPERATING LOSS OF EUR 9.2 MILLION IN
        2Q07</b></font>
      </li>
      <li>
        <font style="font-family: Times New Roman; font-size: 12pt"><b>NET
        LOSSES AT EUR 2.4 MILLION VERSUS NET LOSSES OF EUR 4.2 MILLION IN 2Q07</b></font>
      </li>
      <li>
        <font style="font-family: Times New Roman; font-size: 12pt"><b>EXPECTED
        1.0 BILLION EUROS OF NET SALES AND 15% EBIT MARGIN BY THE END OF 2011</b></font>
      </li>
    </ul>
    <p>
      SANTERAMO IN COLLE, Bari, Italy--(BUSINESS WIRE)--The Board of Directors
      of Natuzzi S.p.A. (NYSE: NTZ) (&#8216;Natuzzi&#8217; or &#8216;the Group&#8217;), the world&#8217;s
      leading manufacturer of leather-upholstered furniture, today presented
      the second quarter and first half 2008 consolidated financial results.
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Aldo Uva, Chief Executive Officer of the Natuzzi Group, commented: &#8220;The
      sales increase achieved versus the same period of last year and the much
      better EBIT result versus the previous quarter are a great
      accomplishment considering the current market conditions. However, we
      can not be happy for the overall result.
    </p>
    <p>
      We still have a lot of work to do to make our Group &#8220;lean&#8221; and to
      increase dramatically our level of service to the markets while
      drastically reducing costs.
    </p>
    <p>
      We remain committed in restructuring our sales and operating activities
      through a new brand strategy that will address different consumer&#8217;s
      segments and geographic areas, with a special focus on the emerging
      markets like Brazil, India, Russia, China and Middle East. At the same
      time we are speeding up new plans to achieve a drastic cost reduction in
      the area of operations and staff. A first clear step in this direction
      has been the introduction of a new organization model which is more
      consumer oriented and capable to move with great efficiency and
      effectiveness.
    </p>
    <p>
      As for the 2008 fiscal year, we expect to keep increasing our top line
      in the region of 10 percent to about 700 million euros and to reduce the
      overall losses versus last year.
    </p>
    <p>
      I am also pleased to announce that the Board of Directors examined the
      strategic guidelines supporting our new business plan covering the
      three-year period 2009 through 2011. Our declared goal is to achieve 1
      billion euros of net sales in 2011with an EBIT of 15 percent. A bold
      target supported by a focused plan that the management is working on and
      that will be ready for the Board approval in October. The new plan has
      been called: 11-1-15&#8221;.
    </p>
    <p>
      <b>CONSOLIDATED FINANCIAL RESULTS</b>
    </p>
    <p>
      <b>NET SALES</b>
    </p>
    <p>
      During the quarter ended June 30, 2008 total net sales for the Natuzzi
      Group were at EUR 168.8 million, up 3.9 percent from EUR 162.4 million
      reported in the second quarter of 2007 and unit sold were up by 2.7
      percent with respect to the same period of last year. Considering the
      first semester of 2008, Group&#8217;s total net sales were up 8.0 percent at
      EUR 341.6 million, and unit sold were up by 9.2 percent over the same
      period of 2007.
    </p>
    <p>
      In second quarter 2008, upholstery net sales increased by 2.1 percent at
      EUR 147.9 million and other sales (principally living room accessories
      and raw material produced by the Group and sold to third parties) were
      up by 19.4 percent at EUR 20.9 million compared to last year same
      quarter.
    </p>
    <p>
      For 2008 second quarter, upholstery net sales decreased 7.4 percent in
      the Americas at EUR 45.3 million, whereas upholstery net sales increased
      in Europe by 4.4 percent at EUR 89.9 million and by 28.3 percent in the
      Rest of the world at EUR 12.7 million over second quarter 2007.
    </p>
    <p>
      In the three-month period ended June 30, 2008, leather upholstered net
      sales increased by 5.7 percent at EUR 133.8 million, whereas fabric
      upholstered net sales were 23.0 percent down at EUR 14.1 million as
      compared with 2007 second quarter.
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Total net sales for the Natuzzi branded products during 2008 second
      quarter were at EUR 93.7 million, decreasing by 1.2 percent compared to
      the previous year same quarter, whereas total net sales for the Italsofa
      products increased by 8.2 percent at EUR 54.2 million over the same
      period of last year.
    </p>
    <p>
      <b>GROSS &amp; OPERATING RESULTS</b>
    </p>
    <p>
      For the three-month period ended June 30, 2008, the Group reported a
      gross profit of EUR 48.2 million, 6.6 percent up from EUR 45.2 million
      reported in the prior year quarter. As a percentage of sales, gross
      margin increased at 28.6 percent from 27.8 percent reported in the
      previous year second quarter.
    </p>
    <p>
      For the quarter ended June 30, 2008, the Group reported a EUR 5.1
      million operating loss versus an operating loss of EUR 9.2 million in
      2007 second quarter.
    </p>
    <p>
      <b>FOREX AND TAXES</b>
    </p>
    <p>
      During the second quarter of 2008 the Group had a net foreign exchange
      gain of EUR 5.1 million from a net foreign exchange gain of EUR 0.6
      million in last year comparable quarter. Income taxes for the second
      quarter of 2008 were EUR 1.4 million.
    </p>
    <p>
      <b>NET RESULT AND GROUP EARNINGS PER COMPANY&#8217;S SHARE</b>
    </p>
    <p>
      For the quarter ended June 30, 2008 the Group reported net losses of EUR
      2.4 million, or EUR 0.04 losses per share (ADR), compared to net losses
      of EUR 4.2 million, or EUR 0.08 losses per share, in the second quarter
      of 2007.
    </p>
    <p>
      Considering the six months ended June 30, 2008 the Group reported net
      losses of EUR 25.9 million, or EUR 0.47 losses per share, as compared
      with net losses of EUR 9.0 million, or EUR 0.16 losses per share, in the
      first semester of 2007.
    </p>
    <p>
      <u><b>SECOND QUARTER 2008 CONFERENCE CALL</b></u>
    </p>
    <p style="text-align: left">
      <b>Pasquale Natuzzi</b>, Chairman of the Board, <b>Aldo Uva</b>, Chief
      Executive Officer, <b>Salvatore Gaipa</b>, Chief Financial Officer and <b>Nicola
      Dell&#8217;Edera</b>, Finance Director, will discuss financial results,
      followed by a question and answer session, in a teleconference at 10:00
      a.m. New York time (3:00 p.m. London time &#8211; 4:00 p.m. Italian time) on
      Thursday September 4, 2008.
    </p>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="3">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>For further information, please contact:</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Investor Relations Dept.</b></u>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Corporate Press Office</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          Tel.: +39-080-8820-812
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          Tel.: +39-080-8820-124
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          Fax: +39-080-8820-241
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          Fax: +39-080-8820-508
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            E-mail: <u>investor_relations@natuzzi.com</u>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            E-mail: <u>relazioni.esterne@natuzzi.com</u>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>ABOUT NATUZZI S.P.A.</b></u>
    </p>
    <p>
      Founded in 1959 by Pasquale Natuzzi, Natuzzi S.p.A. designs and
      manufactures a broad collection of leather-upholstered residential
      furniture.
    </p>
    <p>
      Italy&#8217;s largest furniture manufacturer, Natuzzi is the global leader in
      the leather segment, exporting its innovative, high-quality sofas and
      armchairs to 123 markets on 5 continents.
    </p>
    <p>
      Since 1990, Natuzzi has sold its furnishings in Italy through the
      popular <i>Divani &amp; Divani by Natuzzi</i> chain of 119 stores, and 1 <i>Natuzzi
      Store</i>. Outside Italy, the Company sells to various furniture
      retailers, as well as through 192 licensed <i>Divani &amp; Divani</i> <i>by
      Natuzzi</i> and <i>Natuzzi</i> <i>Stores</i>.
    </p>
    <p>
      Natuzzi S.p.A. was listed on the New York Stock Exchange on May 13,
      1993. The Company is ISO 9001 and 14001 certified
    </p>
    <p>
      <u><i><b>FORWARD-LOOKING STATEMENTS</b></i></u>
    </p>
    <p>
      <i>Statements in this press release other than statements of historical
      fact are &#8220;forward-looking statements&#8221;. Forward&#8211;looking statements are
      based on management&#8217;s current expectations and beliefs and therefore you
      should not place undue reliance on them. These statements are subject to
      a number of risks and uncertainties, including risks that may not be
      subject to the Group&#8217;s control, that could cause actual results to
      differ materially from those contained in any forward-looking statement.
      These risks include, but are not limited to, fluctuations in exchange
      rates, economic and weather factors affecting consumer spending,
      competitive and regulatory environment, as well as other political,
      economical and technological factors, and other risks identified from
      time to time in the Group&#8217;s filings with the Securities and Exchange
      Commission, particularly in the Group&#8217;s annual report on Form 20-F.
      Forward looking statements speak as of the date they were made, and the
      Group undertakes no obligation to update publicly any of them in light
      of new information or future events.</i>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <i>-</i> <i>Tables follow</i> <i>-</i>
    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">

    </p>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="13">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>NATUZZI S.P.A. AND SUBSIDIARIES</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="13">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Unaudited Consolidated Statement of Earnings for the quarters
            ended on
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="13">
          <p style="margin-bottom: 0px; margin-top: 0px">
            June 30, 2008 and 2007 on the basis of Italian GAAP
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="13">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Expressed in millions of EUR except per share data)
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="13">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="3">
          <b>Three months ended on</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="2">
          <b>Abs. Diff.</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <b>% Over</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="3">
          <b>Percent of Sales</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <b>30-Jun-08</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <b>30-Jun-07</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>(Under)</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <b>30-Jun-08</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <b>30-Jun-07</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Upholstery net sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          147.9
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          144.9
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3.0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2.1%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          87.6%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          89.2%
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Other sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          20.9
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          17.5
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3.4
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          19.4%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          12.4%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10.8%
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <b>Total Net Sales</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>168.8</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>162.4</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>6.4</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>3.9%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>100.0%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>100.0%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Purchases
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (74.3)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (71.9)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (2.4)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (3.3)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (44.0)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (44.3)%
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Labor
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (26.4)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (26.6)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.2
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.8%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (15.6)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (16.4)%
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Third-party Manufacturers
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (4.7)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (3.8)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.9)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (23.7)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (2.8)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (2.3)%
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Manufacturing Costs
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (10.8)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (11.0)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.2
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.8%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (6.4)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (6.8)%
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Inventories, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (4.4)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (3.9)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.5)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (12.8)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (2.6)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (2.4)%
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <b>Cost of Sales</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(120.6)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(117.2)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(3.4)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(2.9)%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(71.4)%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(72.2)%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <b>Gross Profit</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>48.2</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>45.2</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>3.0</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>6.6%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>28.6%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>27.8%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Selling Expenses
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (41.8)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (42.3)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.5
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.2%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (24.8)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (26.0)%
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          General and Administrative Expenses
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (11.5)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (12.1)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.6
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          5.0%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (6.8)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (7.5)%
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <b>Operating Income (Loss)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(5.1)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(9.2)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>4.1</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>44.6%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(3.0)%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(5.7)%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Interest Income, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.1)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.3
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.4)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.1)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.2%
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Foreign Exchange, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          5.1
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.6
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4.5
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3.0%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.4%
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Other Income, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (1.0)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.8
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (2.8)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.6)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.1%
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <b>Earnings (Losses) before taxes and minority interest</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(1.1)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(6.5)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>5.4</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>83.1%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(0.7)%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(4.0)%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (1.4)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2.2
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (3.6)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.8)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.4%
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <b>Earnings (Losses) before minority interest</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(2.5)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(4.3)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>1.8</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>41.9%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(1.5)%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(2.6)%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Minority Interest
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.1)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.1)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <b>Net Earnings (Losses)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(2.4)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(4.2)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>1.8</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>42.9%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(1.4)%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(2.6)%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <b>Earnings (Losses) Per Share</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(0.04)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(0.08)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>0.04</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <b>Average Number of Shares Outstanding*</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          54,853,045
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          54,824,227
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          (*) Net of shares repurchased
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Key Figures in U.S. dollars (millions)</b>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="3">
          <b>Three months ended on</b>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="2">
          <b>Abs. Diff.</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <b>% Over</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <b>30-Jun-08</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <b>30-Jun-07</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          <b>(Under)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Total Net Sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          263.8
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          219.0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          44.8
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          20.5%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Gross Profit
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          75.3
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          60.9
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          14.4
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          23.6%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Operating Income (Loss)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (8.0)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (12.4)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4.4
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          35.5%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Net Earnings (Losses)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (3.8)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (5.7)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.9
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          33.3%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Earnings (Losses) per Share
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.06)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.11)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.05
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          Average exchange rate (U.S. dollar per Euro)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.5625
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.3484
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="13">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>NATUZZI S.P.A. AND SUBSIDIARIES</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="13">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Unaudited Consolidated Statement of Earnings
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="13">
          <p style="margin-bottom: 0px; margin-top: 0px">
            for six months ended June 30, 2008 and 2007 on the basis of
            Italian GAAP
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="13">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Expressed in millions of EUR except per share data)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="4">
          <b>Six months ended on</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="2">
          <b>Abs. Diff.</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="2">
          <b>% Over</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="3">
          <b>Percent of Sales</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <b>30-Jun-08</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <b>30-Jun-07</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="2">
          <b>(Under)</b>
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <b>30-Jun-08</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <b>30-Jun-07</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Upholstery net sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          301.6
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          281.0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          20.6
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          7.3%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          88.3%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          88.9%
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Other sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          40.0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          35.2
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4.8
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          13.6%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          11.7%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          11.1%
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <b>Total Net Sales</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>341.6</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>316.2</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>25.4</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>8.0%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>100.0%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>100.0%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Purchases
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (155.9)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (158.8)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2.9
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.8%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (45.6)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (50.2)%
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Labor
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (55.3)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (51.4)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (3.9)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (7.6)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (16.2)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (16.3)%
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Third-party Manufacturers
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (9.6)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (7.7)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (1.9)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (24.7)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (2.8)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (2.4)%
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Manufacturing Costs
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (22.4)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (19.1)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (3.3)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (17.3)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (6.6)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (6.0)%
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Inventories, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (6.2)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          12.9
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (19.1)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (148.1)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (1.8)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          4.1%
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <b>Cost of Sales</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(249.4)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(224.1)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(25.3)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(11.3)%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(73.0)%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(70.9)%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <b>Gross Profit</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>92.2</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>92.1</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>0.1</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>0.1%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>27.0%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>29.1%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Selling Expenses
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (86.7)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (85.7)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (1.0)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (1.2)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (25.4)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (27.1)%
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          General and Administrative Expenses
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (22.8)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (23.5)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.7
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3.0%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (6.7)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (7.4)%
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <b>Operating Income (Loss)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(17.3)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(17.1)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(0.2)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(1.2)%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(5.1)%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(5.4)%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Interest Income, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.2)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.9
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (1.1)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.1)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.3%
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Foreign Exchange, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (4.9)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (5.9)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (1.4)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.3%
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Other Income, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (1.3)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2.8
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (4.1)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.4)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.9%
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <b>Earnings (Losses) before taxes and minority interest</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(23.7)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(12.4)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(11.3)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(91.1)%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(6.9)%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(3.9)%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (2.4)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3.3
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (5.7)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.7)%
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.0%
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <b>Earnings (Losses) before minority interest</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(26.1)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(9.1)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(17.0)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(186.8)%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(7.6)%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(2.9)%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: right">
          Minority Interest
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.2)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.1)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.1)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <b>Net Earnings (Losses)</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(25.9)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(9.0)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(16.9)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(187.8)%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(7.6)%</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(2.8)%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <b>Earnings (Losses) Per Share</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(0.47)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(0.16)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(0.31)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <b>Average Number of Shares Outstanding*</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          54,853,045
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          54,824,227
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          (*) Net of shares repurchased
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Key Figures in U.S. dollars (millions)</b>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="4">
          <b>Six months ended on</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="2">
          <b>Abs. Diff.</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="2">
          <b>% Over</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <b>30-Jun-08</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <b>30-Jun-07</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="2">
          <b>(Under)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Total Net Sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          523.4
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          420.5
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          102.9
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          24.5%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Gross Profit
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          141.3
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          122.5
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          18.8
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          15.3%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Operating Income (Loss)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (26.5)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (22.7)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (3.8)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (16.7)%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Net Earnings (Losses)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (39.7)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (12.0)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (27.7)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (230.8)%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Earnings (Losses) per Share
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.72)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.21)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.51)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          Average exchange rate (U.S. dollar per Euro)
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.5321
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.3300
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="17">
          <b>GEOGRAPHIC BREAKDOWN</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="7">
          <b>Sales*</b>
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="7">
          <b>Seat Units</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="4">
          <b>Three months ended on</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Abs. </b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <b>% Over</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="4">
          <b>Three months ended on</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Abs. </b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <b>% Over</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-08</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-07</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Diff.</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Under)</b>
          </p>
        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-08</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-07</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Diff.</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>(Under)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <b>Americas</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>45.3</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>48.9</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(3.6)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(7.4%)</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>285,409</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>286,402</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(993)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(0.3%)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" colspan="2">
          <i>% of total</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>30.6%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>33.8%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>43.7%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>45.0%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <b>Europe</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>89.9</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>86.1</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>3.8</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>4.4%</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>315,810</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>311,475</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>4,335</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>1.4%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" colspan="2">
          <i>% of total</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>60.8%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>59.4%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>48.3%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>48.9%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <b>Rest of the world</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>12.7</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>9.9</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>2.8</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>28.3%</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>52,374</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>38,522</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>13,852</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>36.0%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" colspan="2">
          <i>% of total</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>8.6%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>6.8%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>8.0%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>6.1%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" colspan="2">
          <b>TOTAL</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>147.9</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>144.9</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>3.0</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>2.1%</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>653,593</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>636,399</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>17,194</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>2.7%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="17">
          * Expressed in millions of EUR
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="17">
          <b>BREAKDOWN BY COVERING</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="7">
          <b>Sales*</b>
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="7">
          <b>Seat Units</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="4">
          <b>Three months ended on</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Abs. </b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <b>% Over</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="4">
          <b>Three months ended on</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Abs. </b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <b>% Over</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: double black 2.25pt" colspan="2">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-08</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-07</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Diff.</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>(Under)</b>
        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-08</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-07</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Diff.</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>(Under)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <b>Leather</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>133.8</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>126.6</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>7.2</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>5.7%</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>585,794</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>549,118</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>36,676</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>6.7%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" colspan="2">
          <i>% of total</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>90.5%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>87.4%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>89.6%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>86.3%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <b>Fabric</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>14.1</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>18.3</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(4.2)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(23.0%)</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>67,799</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>87,281</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(19,482)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(22.3%)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" colspan="2">
          <i>% of total</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>9.5%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>12.6%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>10.4%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>13.7%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" colspan="2">
          <b>Total</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>147.9</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>144.9</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>3.0</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>2.1%</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>653,593</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>636,399</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>17,194</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>2.7%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="17">
          * Expressed in millions of EUR
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="17">
          <b>BREAKDOWN BY BRAND</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="7">
          <b>Sales*</b>
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="7">
          <b>Seat Units</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="4">
          <b>Three months ended on</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Abs. </b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <b>% Over</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="4">
          <b>Three months ended on</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Abs. </b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <b>% Over</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-08</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-07</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Diff.</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>(Under)</b>
        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-08</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-07</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Diff.</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>(Under)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <b>Natuzzi</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>93.7</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>94.8</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(1.1)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(1.2%)</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>314,050</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>325,701</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(11,651)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(3.6%)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" colspan="2">
          <i>% of total</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>63.4%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>65.4%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>48.0%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>51.2%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <b>Italsofa</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>54.2</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>50.1</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>4.1</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>8.2%</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>339,543</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>310,698</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>28,845</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>9.3%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right" colspan="2">
          <i>% of total</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>36.6%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>34.6%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>52.0%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>48.8%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" colspan="2">
          <b>TOTAL</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>147.9</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>144.9</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>3.0</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>2.1%</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>653,593</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>636,399</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>17,194</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>2.7%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="17">
          * Expressed in millions of EUR
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="16">
          <b>GEOGRAPHIC BREAKDOWN</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="7">
          <b>Sales*</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="5">
          <b>Seat Units</b>
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="3">
          <b>Six months ended on</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Abs. </b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <b>% Over</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="3">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Six months ended on</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Abs. </b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <b>% Over</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-08</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-07</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Diff.</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>(Under)</b>
        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-08</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-07</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Diff.</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>(Under)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Americas</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>94.9</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>95.4</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(0.5)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(0.5%)</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>593,291</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>545,154</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>48,137</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>8.8%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <i>% of total</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>31.4%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>34.0%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>43.2%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>43.4%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Europe</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>179.7</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>165.6</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>14.1</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>8.5%</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>668,433</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>631,559</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>36,874</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>5.8%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <i>% of total</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>59.6%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>58.9%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>48.7%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>50.3%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Rest of the world</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>27.0</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>20.0</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>7.0</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>35.0%</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>110,495</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>79,787</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>30,708</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>38.5%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <i>% of total</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>9.0%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>7.1%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>8.1%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>6.3%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <b>TOTAL</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>301.6</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>281.0</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>20.6</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>7.3%</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>1,372,219</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>1,256,500</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>115,719</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>9.2%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="16">
          * Expressed in millions of EUR
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="16">
          <b>BREAKDOWN BY COVERING</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="7">
          <b>Sales*</b>
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="5">
          <b>Seat Units</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="3">
          <b>Six months ended on</b>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Abs. </b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <b>% Over</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="3">
          <b>Six months ended on</b>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Abs. </b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <b>% Over</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-08</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-07</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Diff.</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>(Under)</b>
        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-08</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-07</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Diff.</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>(Under)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Leather</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>272.5</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>246.7</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>25.8</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>10.5%</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>1,228,951</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>1,084,874</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>144,077</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>13.3%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <i>% of total</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>90.4%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>87.8%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>89.6%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>86.3%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Fabric</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>29.1</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>34.3</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(5.2)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(15.2%)</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>143,268</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>171,626</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(28,358)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(16.5%)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <i>% of total</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>9.6%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>12.2%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>10.4%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>13.7%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <b>Total</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>301.6</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>281.0</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>20.6</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>7.3%</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>1,372,219</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>1,256,500</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>115,719</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>9.2%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="16">
          * Expressed in millions of EUR
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="16">
          <b>BREAKDOWN BY BRAND</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="7">
          <b>Sales*</b>
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" colspan="5">
          <b>Seat Units</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="3">
          <b>Six months ended on</b>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Abs. </b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <b>% Over</b>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="3">
          <b>Six months ended on</b>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Abs. </b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <b>% Over</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-08</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-07</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Diff.</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>(Under)</b>
        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-08</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>30-Jun-07</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Diff.</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: double black 2.25pt; padding-left: 0.0px; text-align: center">
          <b>(Under)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Natuzzi</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>180.7</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>175.8</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>4.9</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>2.8%</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>618,935</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>611,049</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>7,886</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>1.3%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <i>% of total</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>59.9%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>62.6%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>45.1%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>48.6%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Italsofa</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>120.9</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>105.2</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>15.7</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>14.9%</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>753,284</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>645,451</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>107,833</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>16.7%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <i>% of total</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>40.1%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>37.4%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>54.9%</i>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <i>51.4%</i>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          <b>TOTAL</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>301.6</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>281.0</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>20.6</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>7.3%</b>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>1,372,219</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>1,256,500</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>115,719</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>9.2%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="16">
          * Expressed in millions of EUR
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="5">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>NATUZZI S.P.A. AND SUBSIDIARIES</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="5">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Unaudited Consolidated Balance Sheet as of
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="5">
          <p style="margin-bottom: 0px; margin-top: 0px">
            June 30, 2008 and December 31, 2007 (Expressed in millions of EUR)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <b>30-Jun-08</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <b>31-Dec-07</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <b>Current Assets:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          70.0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          87.5
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Marketable debt securities
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Trade receivables, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          107.5
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          117.7
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Other receivables
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          47.5
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          47.8
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Inventories
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          101.2
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          107.3
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Unrealized foreign exchange gains
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3.1
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.9
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Prepaid expenses and accrued income
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.9
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.8
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.9
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.1
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" colspan="2">
          <b>Total current assets</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>332.1</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>364.1</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <b>Non-Current Assets:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Net property, plant and equipment
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          228.9
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          235.9
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Treasury shares
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Other assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          13.8
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          17.3
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.2
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" colspan="2">
          <b>TOTAL ASSETS</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>574.8</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>617.5</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 15.0px; text-align: left">
          <b>LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td colspan="4">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <b>Current Liabilities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Short-term borrowings
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          6.4
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          7.6
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Current portion of long-term debt
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.5
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.3
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Accounts payable-trade
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          67.3
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          89.3
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Accounts payable-other
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          27.9
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          29.2
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Accounts payable shareholders for dividends
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.6
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.6
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Unrealized foreign exchange losses
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.2
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.6
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Salaries, wages and related liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          23.7
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          17.5
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" colspan="2">
          <b>Total current liabilities</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>127.6</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>146.1</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <b>Long-Term Liabilities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Employees&#8217; leaving entitlement
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          32.7
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          33.3
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Long-term debt
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3.5
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2.1
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Deferred income for capital grants
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          12.6
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          13.3
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          Other liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10.9
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10.9
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" colspan="2">
          <b>Minority Interest</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>0.3</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>0.2</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <b>Shareholders&#8217; Equity:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Share capital
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          54.9
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          54.8
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Reserves
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          42.3
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          42.3
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          8.3
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          8.3
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Retained earnings
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          281.7
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          306.2
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" colspan="2">
          <b>Total shareholders&#8217; equity</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>387.2</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>411.6</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" colspan="2">
          <b>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>574.8</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>617.5</b>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="6">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>NATUZZI S.P.A. AND SUBSIDIARIES</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="6">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Unaudited Consolidated Statement of Cash Flows
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="6">
          <p style="margin-bottom: 0px; margin-top: 0px">
            as of June 30, 2008 and 2007 (Expressed in millions of EUR)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <b>30-Jun-08</b>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right">
          <b>30-Jun-07</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="3">
          <b>Cash flows from operating activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          Net earnings (losses)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (25.9)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (9.0)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          Adjustments to reconcile net income to net cash provided by
          operating activities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          15.0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          14.8
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Employees' leaving entitlement
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.6)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.4
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.4
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (5.5)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Minority interest
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.2)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.1)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          (Gain) loss on disposal of assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.1
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Unrealized foreign exchange (losses) / gain
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (2.2)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          3.2
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Deferred income for capital grants
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.5)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.5)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          Change in assets and liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Receivables, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          10.2
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2.2
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Inventories
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          6.1
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (12.9)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Prepaid expenses and accrued income
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (2.0)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Other assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.4
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2.8
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Accounts payable
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (21.9)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (2.6)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.4)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (3.3)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Salaries, wages and related liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          6.2
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.7
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left">
          Other liabilities
        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: right">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.1)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.1
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" colspan="3">
          <b>Total adjustments</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>12.5</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(2.7)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" colspan="3">
          <b>NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(13.4)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(11.7)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="3">
          <b>Cash flows from investing activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          Property, plant and equipment:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Additions
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (7.0)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (13.0)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Disposals
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.2
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.4
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          Government grants received
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.4
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          Marketable debt securities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Proceeds from sales
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          Purchase of business, net of cash acquired
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" colspan="2">
          Disposal of business
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.1
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" colspan="3">
          <b>NET CASH USED BY INVESTING ACTIVITIES</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(4.3)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(12.6)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="3">
          <b>Cash flows from financing activities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          Long term debt:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Proceeds
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          2.0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Repayments
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.4)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.3)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          Short-term borrowings
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (1.1)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          7.2
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          Capital Injection
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.5
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          Dividends paid to shareholders
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" colspan="2">
          Dividends paid to minority shareholders
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          0.0
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" colspan="3">
          <b>NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>1.0</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>6.9</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" colspan="2">
          Effect of translation adjustments on cash
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          (0.8)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          1.3
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" colspan="3">
          <b>INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(17.5)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>(16.1)</b>
        </td>
      </tr>
      <tr>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" colspan="2">
          Cash and cash equivalents, beginning of the year
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          87.5
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          128.1
        </td>
      </tr>
      <tr>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" colspan="3">
          <b>CASH AND CASH EQUIVALENTS, END OF THE PERIOD</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>70.0</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: right; white-space: nowrap">
          <b>112.0</b>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br><b>Natuzzi S.p.A.</b><br><b>Investor Relations Dept.</b><br>Tel.:
      +39-080-8820-812<br><u><b>investor_relations@natuzzi.com</b></u><br>or<br><b>Corporate
      Press Office</b><br>Tel.: +39-080-8820-124<br><u><b>relazioni.esterne@natuzzi.com</b></u>
    </p>
    <p style="text-align: left">

    </p>
    <div style="margin-left: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: right">
      <font style="font-family: Times New Roman; font-size: 10pt">CONFORMED</font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font><font style="font-family: Times New Roman; font-size: 10pt">
      </font>
    </p>
    <p>

    </p>
    <p style="text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 59%">

        </td>
        <td valign="top" style="width: 35%; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            NATUZZI S.p.A.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 59%">

        </td>
        <td valign="top" style="width: 35%; padding-left: 0.0px; text-align: center">
          (Registrant)
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 59%">

        </td>
        <td valign="top" style="width: 35%; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td valign="top" style="width: 59%; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 35%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 6%; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 59%">

        </td>
        <td style="width: 35%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 6%; padding-left: 0.0px; text-align: left">
          Date:
        </td>
        <td valign="top" style="width: 59%; padding-left: 0.0px; text-align: left">
          September 3, 2008
        </td>
        <td valign="top" style="width: 35%; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 59%">

        </td>
        <td valign="top" style="width: 35%; padding-left: 20.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td valign="top" style="width: 59%; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            By: <u>/s/ SALVATORE GAIPA</u>
          </p>
        </td>
        <td valign="top" style="width: 35%; padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 59%">

        </td>
        <td valign="top" style="width: 35%; padding-left: 0.0px; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Salvatore Gaipa
          </p>
        </td>
      </tr>
    </table>
    </div>
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</SEC-DOCUMENT>
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