<SEC-DOCUMENT>0000903423-16-001422.txt : 20170828
<SEC-HEADER>0000903423-16-001422.hdr.sgml : 20170828
<ACCEPTANCE-DATETIME>20161222142442
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000903423-16-001422
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20161222

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>NATUZZI S.P.A.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 4.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 4.5in">December 22, 2016</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 264.25pt; text-indent: -264.25pt"><FONT STYLE="text-transform: uppercase"><U>VIA
EDGAR TRANSMISSION</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Mr. John Cash</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Accounting Branch Chief</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Office of Manufacturing and Construction</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">Division of Corporation Finance</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">Securities and Exchange Commission</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">100 F Street, NE</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">Washington, DC 20549</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.2in 0 0; text-indent: 35.4pt"><FONT STYLE="letter-spacing: 0.1pt"><B>Re:&nbsp;Natuzzi S.p.A.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: 35.4pt"><FONT STYLE="letter-spacing: -0.45pt"><B>Form
20-F for the Year Ended December 31, 2015</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: 35.4pt"><FONT STYLE="letter-spacing: -0.2pt"><B>Filed
May 23, 2016</B></FONT></P>

<P STYLE="font: 12pt/82% Times New Roman, Times, Serif; margin: 1.8pt 0 0 22.5pt; text-indent: 35.4pt"><FONT STYLE="letter-spacing: -0.2pt"><B>File
No. 1-11854</B></FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">Dear Mr. Cash:</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">By letter dated December 8, 2016, the staff
of the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) provided certain comments to the annual report
on Form 20-F filed on May 23, 2016 (the &ldquo;<U>2015 Form 20-F</U>&rdquo;) by Natuzzi S.p.A. (the &ldquo;<U>Company</U>&rdquo;).
The Company is submitting via EDGAR responses to the comments of the Commission&rsquo;s staff (the &ldquo;<U>Staff</U>&rdquo;)
..</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For convenience, we have reproduced in italics
below the Staff&rsquo;s comments and have provided the Company&rsquo;s responses immediately below the comments.</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0.6pt 0 0"><FONT STYLE="letter-spacing: -0.05pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0.6pt 0 0"><FONT STYLE="letter-spacing: -0.05pt"><I><U>Form 20-F
for the Fiscal Year Ended December 31, 2015</U></I></FONT></P>

<P STYLE="font: 12pt/27.5pt Times New Roman, Times, Serif; margin: 0.1pt 86.55pt 0 0"><FONT STYLE="letter-spacing: -0.15pt"><I><U>I</U></I></FONT><I><U>tem
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<P STYLE="font: 12pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0.35pt 0 0"><I>&nbsp;</I></P>

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<P STYLE="font: 12pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0.65pt 0 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin-top: 1.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
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<FONT STYLE="letter-spacing: 0.2pt">S</FONT><FONT STYLE="letter-spacing: -0.05pt">-</FONT>K <FONT STYLE="letter-spacing: -0.05pt">a</FONT>nd
the upd<FONT STYLE="letter-spacing: -0.05pt">a</FONT>ted Compl<FONT STYLE="letter-spacing: 0.05pt">i</FONT><FONT STYLE="letter-spacing: -0.05pt">a</FONT>n<FONT STYLE="letter-spacing: -0.05pt">c</FONT>e
<FONT STYLE="letter-spacing: 0.05pt">a</FONT>nd Dis<FONT STYLE="letter-spacing: -0.05pt">c</FONT>losure <FONT STYLE="letter-spacing: -0.15pt">I</FONT>nt<FONT STYLE="letter-spacing: 0.1pt">e</FONT>rp<FONT STYLE="letter-spacing: -0.05pt">re</FONT><FONT STYLE="letter-spacing: 0.15pt">t</FONT><FONT STYLE="letter-spacing: -0.05pt">a</FONT>t<FONT STYLE="letter-spacing: 0.05pt">i</FONT>ons
is<FONT STYLE="letter-spacing: 0.05pt">s</FONT>u<FONT STYLE="letter-spacing: -0.05pt">e</FONT>d on M<FONT STYLE="letter-spacing: 0.05pt">a</FONT>y
17, 2016.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>Company Response:</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 4.05pt 0 0">Pursuant to the Staff&rsquo;s request, the Company
will revise future filings to identi<FONT STYLE="letter-spacing: 0.1pt">f</FONT>y <FONT STYLE="letter-spacing: 0.1pt">E</FONT>B<FONT STYLE="letter-spacing: -0.15pt">I</FONT>T
<FONT STYLE="letter-spacing: -0.05pt">a</FONT>nd E<FONT STYLE="letter-spacing: 0.15pt">B</FONT><FONT STYLE="letter-spacing: -0.15pt">I</FONT><FONT STYLE="letter-spacing: 0.1pt">T</FONT>DA
<FONT STYLE="letter-spacing: -0.05pt">a</FONT>s no<FONT STYLE="letter-spacing: 0.15pt">n</FONT><FONT STYLE="letter-spacing: -0.05pt">-</FONT><FONT STYLE="letter-spacing: 0.1pt">G</FONT>A<FONT STYLE="letter-spacing: -0.05pt">A</FONT>P
p<FONT STYLE="letter-spacing: -0.05pt">e</FONT>r<FONT STYLE="letter-spacing: -0.05pt">f</FONT><FONT STYLE="letter-spacing: 0.1pt">o</FONT><FONT STYLE="letter-spacing: 0.05pt">r</FONT>man<FONT STYLE="letter-spacing: -0.05pt">c</FONT>e
m<FONT STYLE="letter-spacing: 0.1pt">e</FONT><FONT STYLE="letter-spacing: -0.05pt">a</FONT>sur<FONT STYLE="letter-spacing: -0.05pt">e</FONT>s,
r<FONT STYLE="letter-spacing: -0.1pt">e</FONT><FONT STYLE="letter-spacing: -0.05pt">c</FONT>on<FONT STYLE="letter-spacing: -0.05pt">c</FONT>i<FONT STYLE="letter-spacing: 0.05pt">l</FONT>e
E<FONT STYLE="letter-spacing: 0.15pt">B</FONT><FONT STYLE="letter-spacing: -0.15pt">I</FONT>T <FONT STYLE="letter-spacing: -0.05pt">a</FONT>nd
<FONT STYLE="letter-spacing: 0.1pt">E</FONT>BI<FONT STYLE="letter-spacing: -0.05pt">T</FONT>DA to <FONT STYLE="letter-spacing: 0.05pt">t</FONT>he
most dir<FONT STYLE="letter-spacing: -0.05pt">ec</FONT>t<FONT STYLE="letter-spacing: 0.15pt">l</FONT>y <FONT STYLE="letter-spacing: -0.05pt">c</FONT>ompa<FONT STYLE="letter-spacing: -0.05pt">ra</FONT>ble
fin<FONT STYLE="letter-spacing: -0.05pt">a</FONT>n<FONT STYLE="letter-spacing: -0.05pt">c</FONT>ial m<FONT STYLE="letter-spacing: 0.1pt">e</FONT><FONT STYLE="letter-spacing: -0.05pt">a</FONT>sure
<FONT STYLE="letter-spacing: -0.05pt">ca</FONT>lcul<FONT STYLE="letter-spacing: -0.05pt">a</FONT>ted <FONT STYLE="letter-spacing: -0.05pt">a</FONT>nd
p<FONT STYLE="letter-spacing: -0.05pt">re</FONT><FONT STYLE="letter-spacing: 0.1pt">s</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT>nted
in a<FONT STYLE="letter-spacing: -0.05pt">cc</FONT>o<FONT STYLE="letter-spacing: -0.05pt">r</FONT><FONT STYLE="letter-spacing: 0.1pt">d</FONT><FONT STYLE="letter-spacing: -0.05pt">a</FONT>n<FONT STYLE="letter-spacing: -0.05pt">c</FONT>e
with G<FONT STYLE="letter-spacing: -0.05pt">A</FONT><FONT STYLE="letter-spacing: 0.1pt">A</FONT>P <FONT STYLE="letter-spacing: -0.05pt">(</FONT>n<FONT STYLE="letter-spacing: -0.05pt">e</FONT>t
<FONT STYLE="letter-spacing: 0.05pt">i</FONT>n<FONT STYLE="letter-spacing: -0.05pt">c</FONT>ome/loss), <FONT STYLE="letter-spacing: -0.05pt">e</FONT><FONT STYLE="letter-spacing: 0.1pt">x</FONT>plain
w<FONT STYLE="letter-spacing: 0.1pt">h</FONT>y man<FONT STYLE="letter-spacing: 0.05pt">a</FONT>g<FONT STYLE="letter-spacing: -0.05pt">e</FONT>me<FONT STYLE="letter-spacing: 0.1pt">n</FONT>t
believ<FONT STYLE="letter-spacing: -0.05pt">e</FONT>s ea<FONT STYLE="letter-spacing: -0.05pt">c</FONT>h no<FONT STYLE="letter-spacing: 0.1pt">n</FONT><FONT STYLE="letter-spacing: -0.05pt">-</FONT>G<FONT STYLE="letter-spacing: 0.05pt">A</FONT><FONT STYLE="letter-spacing: 0.1pt">A</FONT>P
me<FONT STYLE="letter-spacing: -0.05pt">a</FONT>sure pro<FONT STYLE="letter-spacing: -0.05pt">v</FONT>ides u<FONT STYLE="letter-spacing: 0.1pt">s</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT><FONT STYLE="letter-spacing: 0.05pt">f</FONT>ul
info<FONT STYLE="letter-spacing: -0.05pt">r</FONT>mation <FONT STYLE="letter-spacing: 0.05pt">t</FONT>o investors in <FONT STYLE="letter-spacing: -0.25pt">the
Company&rsquo;s</FONT> <FONT STYLE="letter-spacing: -0.05pt">F</FONT>o<FONT STYLE="letter-spacing: -0.05pt">r</FONT>m 2<FONT STYLE="letter-spacing: 0.1pt">0-</FONT><FONT STYLE="letter-spacing: -0.05pt">F
and </FONT>state any additional purposes for which m<FONT STYLE="letter-spacing: -0.05pt">a</FONT>n<FONT STYLE="letter-spacing: 0.05pt">a</FONT><FONT STYLE="letter-spacing: -0.1pt">g</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT><FONT STYLE="letter-spacing: 0.15pt">m</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT>nt
uses <FONT STYLE="letter-spacing: -0.05pt">eac</FONT>h no<FONT STYLE="letter-spacing: 0.2pt">n</FONT><FONT STYLE="letter-spacing: -0.05pt">-</FONT>G<FONT STYLE="letter-spacing: -0.05pt">A</FONT>AP
<FONT STYLE="letter-spacing: 0.05pt">mea</FONT>sure in <FONT STYLE="letter-spacing: -0.25pt">the Company&rsquo;s</FONT> <FONT STYLE="letter-spacing: -0.1pt">F</FONT><FONT STYLE="letter-spacing: 0.1pt">o</FONT>rm
2<FONT STYLE="letter-spacing: 0.1pt">0</FONT><FONT STYLE="letter-spacing: -0.05pt">-F</FONT>. In addition, the Company will <FONT STYLE="letter-spacing: -0.05pt">e</FONT>l<FONT STYLE="letter-spacing: 0.05pt">i</FONT>m<FONT STYLE="letter-spacing: 0.05pt">i</FONT>n<FONT STYLE="letter-spacing: -0.05pt">a</FONT>te
from future filings the p<FONT STYLE="letter-spacing: -0.05pt">re</FONT>s<FONT STYLE="letter-spacing: -0.05pt">e</FONT>ntati<FONT STYLE="letter-spacing: 0.15pt">o</FONT>n
of <FONT STYLE="letter-spacing: -0.05pt">E</FONT>B<FONT STYLE="letter-spacing: -0.15pt">I</FONT>T on a p<FONT STYLE="letter-spacing: 0.05pt">e</FONT>r
sh<FONT STYLE="letter-spacing: -0.05pt">a</FONT><FONT STYLE="letter-spacing: 0.05pt">r</FONT>e b<FONT STYLE="letter-spacing: -0.05pt">a</FONT>sis
<FONT STYLE="letter-spacing: -0.05pt">(</FONT>op<FONT STYLE="letter-spacing: -0.05pt">e</FONT>r<FONT STYLE="letter-spacing: -0.1pt">a</FONT>t<FONT STYLE="letter-spacing: 0.05pt">i</FONT><FONT STYLE="letter-spacing: 0.1pt">n</FONT>g
income p<FONT STYLE="letter-spacing: -0.05pt">e</FONT>r sha<FONT STYLE="letter-spacing: -0.05pt">re</FONT>) <FONT STYLE="letter-spacing: 0.05pt">p</FONT>r<FONT STYLE="letter-spacing: -0.1pt">e</FONT>s<FONT STYLE="letter-spacing: -0.05pt">e</FONT>nted
in <FONT STYLE="letter-spacing: 0.05pt">S</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT>l<FONT STYLE="letter-spacing: 0.1pt">e</FONT><FONT STYLE="letter-spacing: 0.05pt">c</FONT>ted
<FONT STYLE="letter-spacing: -0.1pt">F</FONT>inan<FONT STYLE="letter-spacing: -0.05pt">c</FONT><FONT STYLE="letter-spacing: 0.15pt">i</FONT><FONT STYLE="letter-spacing: -0.05pt">a</FONT>l
D<FONT STYLE="letter-spacing: -0.05pt">a</FONT>ta.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 4.05pt 0 0"><I>&nbsp;</I></P>

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<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 4.05pt 0 0"><I></I></P>

<P STYLE="font: 12pt/13.55pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="letter-spacing: -0.15pt"><I><U>I</U></I></FONT><I><U>tem
15. Controls and P<FONT STYLE="letter-spacing: 0.05pt">r</FONT>o<FONT STYLE="letter-spacing: -0.05pt">ce</FONT>dur<FONT STYLE="letter-spacing: -0.1pt">e</FONT>s,
<FONT STYLE="letter-spacing: 0.1pt">p</FONT><FONT STYLE="letter-spacing: 0.05pt">a</FONT><FONT STYLE="letter-spacing: -0.1pt">g</FONT>e
85</U></I></P>

<P STYLE="font: 12pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0.6pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 12pt/13.55pt Times New Roman, Times, Serif; margin: 1.45pt 0 0"><I><U>(<FONT STYLE="letter-spacing: -0.1pt">a</FONT>)
<FONT STYLE="letter-spacing: -0.05pt">D</FONT>isclosu<FONT STYLE="letter-spacing: 0.1pt">r</FONT>e Controls <FONT STYLE="letter-spacing: 0.1pt">a</FONT>nd
<FONT STYLE="letter-spacing: 0.05pt">P</FONT>ro<FONT STYLE="letter-spacing: -0.1pt">c</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT>dur<FONT STYLE="letter-spacing: -0.1pt">e</FONT>s,
<FONT STYLE="letter-spacing: 0.1pt">p</FONT><FONT STYLE="letter-spacing: 0.05pt">a</FONT><FONT STYLE="letter-spacing: -0.1pt">g</FONT>e
85</U></I></P>

<P STYLE="font: 12pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0.65pt 0 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin-top: 1.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>2.</I></TD><TD STYLE="padding-right: 5.25pt"><FONT STYLE="letter-spacing: 0.05pt"><I>W</I></FONT><I>e note th<FONT STYLE="letter-spacing: -0.05pt">a</FONT>t
<FONT STYLE="letter-spacing: -0.25pt">y</FONT>ou <FONT STYLE="letter-spacing: -0.05pt">c</FONT>o<FONT STYLE="letter-spacing: 0.1pt">n</FONT><FONT STYLE="letter-spacing: -0.05pt">c</FONT>l<FONT STYLE="letter-spacing: 0.15pt">u</FONT>d<FONT STYLE="letter-spacing: -0.05pt">e</FONT>d
<FONT STYLE="letter-spacing: -0.25pt">y</FONT>o<FONT STYLE="letter-spacing: 0.1pt">u</FONT>r dis<FONT STYLE="letter-spacing: -0.05pt">c</FONT>losure
<FONT STYLE="letter-spacing: -0.05pt">c</FONT>ont<FONT STYLE="letter-spacing: 0.1pt">r</FONT>ols and p<FONT STYLE="letter-spacing: -0.05pt">r</FONT>o<FONT STYLE="letter-spacing: -0.05pt">ce</FONT>d<FONT STYLE="letter-spacing: 0.1pt">u</FONT>r<FONT STYLE="letter-spacing: 0.1pt">e</FONT>s
w<FONT STYLE="letter-spacing: 0.05pt">e</FONT>re <FONT STYLE="letter-spacing: -0.05pt">e</FONT>f<FONT STYLE="letter-spacing: -0.05pt">f</FONT><FONT STYLE="letter-spacing: 0.05pt">e</FONT><FONT STYLE="letter-spacing: -0.05pt">c</FONT>t<FONT STYLE="letter-spacing: 0.05pt">i</FONT>ve
<FONT STYLE="letter-spacing: -0.05pt">a</FONT>s of D<FONT STYLE="letter-spacing: -0.05pt">ece</FONT>m<FONT STYLE="letter-spacing: 0.15pt">b</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT>r
31, 2015. <FONT STYLE="letter-spacing: 0.05pt">P</FONT>l<FONT STYLE="letter-spacing: 0.1pt">e</FONT><FONT STYLE="letter-spacing: -0.05pt">a</FONT>se
<FONT STYLE="letter-spacing: -0.05pt">e</FONT><FONT STYLE="letter-spacing: 0.1pt">x</FONT>plain how <FONT STYLE="letter-spacing: -0.25pt">y</FONT>ou
<FONT STYLE="letter-spacing: -0.05pt">c</FONT>o<FONT STYLE="letter-spacing: 0.1pt">n</FONT>side<FONT STYLE="letter-spacing: -0.05pt">re</FONT>d
the d<FONT STYLE="letter-spacing: 0.05pt">e</FONT>finit<FONT STYLE="letter-spacing: 0.05pt">i</FONT>on of disclosure <FONT STYLE="letter-spacing: -0.05pt">c</FONT>ontrols
and proc<FONT STYLE="letter-spacing: -0.05pt">e</FONT>dur<FONT STYLE="letter-spacing: -0.1pt">e</FONT>s p<FONT STYLE="letter-spacing: -0.05pt">r</FONT>ovided
in Rule 13a<FONT STYLE="letter-spacing: -0.05pt">-</FONT>15<FONT STYLE="letter-spacing: 0.05pt">(</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT>),
<FONT STYLE="letter-spacing: -0.05pt">w</FONT>hich indic<FONT STYLE="letter-spacing: -0.05pt">a</FONT><FONT STYLE="letter-spacing: 0.15pt">t</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT>s
that <FONT STYLE="letter-spacing: 0.05pt">e</FONT>f<FONT STYLE="letter-spacing: -0.05pt">fec</FONT>t<FONT STYLE="letter-spacing: 0.05pt">i</FONT>ve
<FONT STYLE="letter-spacing: -0.05pt">c</FONT>ontrols and p<FONT STYLE="letter-spacing: -0.05pt">r</FONT>o<FONT STYLE="letter-spacing: 0.05pt">c</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT>dur<FONT STYLE="letter-spacing: -0.1pt">e</FONT>s
would <FONT STYLE="letter-spacing: -0.05pt">e</FONT>nsure that info<FONT STYLE="letter-spacing: -0.05pt">r</FONT><FONT STYLE="letter-spacing: 0.15pt">m</FONT><FONT STYLE="letter-spacing: -0.05pt">a</FONT>t<FONT STYLE="letter-spacing: 0.05pt">i</FONT>on
r<FONT STYLE="letter-spacing: -0.1pt">e</FONT>quir<FONT STYLE="letter-spacing: -0.05pt">e</FONT>d to be dis<FONT STYLE="letter-spacing: -0.05pt">c</FONT><FONT STYLE="letter-spacing: 0.15pt">l</FONT>osed
<FONT STYLE="letter-spacing: 0.1pt">b</FONT>y t<FONT STYLE="letter-spacing: 0.15pt">h</FONT>e is<FONT STYLE="letter-spacing: 0.05pt">s</FONT>u<FONT STYLE="letter-spacing: -0.05pt">e</FONT>r
is r<FONT STYLE="letter-spacing: -0.1pt">e</FONT><FONT STYLE="letter-spacing: -0.05pt">c</FONT>o<FONT STYLE="letter-spacing: -0.05pt">r</FONT><FONT STYLE="letter-spacing: 0.1pt">d</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT>d,
pr<FONT STYLE="letter-spacing: 0.05pt">o</FONT><FONT STYLE="letter-spacing: -0.05pt">ce</FONT><FONT STYLE="letter-spacing: 0.1pt">s</FONT>s<FONT STYLE="letter-spacing: -0.05pt">e</FONT>d,
summa<FONT STYLE="letter-spacing: -0.05pt">r</FONT>i<FONT STYLE="letter-spacing: 0.1pt">z</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT>d
<FONT STYLE="letter-spacing: -0.05pt">a</FONT>nd r<FONT STYLE="letter-spacing: -0.1pt">e</FONT><FONT STYLE="letter-spacing: 0.1pt">p</FONT>o<FONT STYLE="letter-spacing: -0.05pt">r</FONT>ted
<FONT STYLE="letter-spacing: -0.05pt">w</FONT>i<FONT STYLE="letter-spacing: 0.05pt">t</FONT>hin <FONT STYLE="letter-spacing: 0.05pt">t</FONT>he
t<FONT STYLE="letter-spacing: 0.05pt">i</FONT>me p<FONT STYLE="letter-spacing: -0.05pt">e</FONT>riods sp<FONT STYLE="letter-spacing: -0.05pt">ec</FONT>ified
in <FONT STYLE="letter-spacing: 0.05pt">t</FONT>he Com<FONT STYLE="letter-spacing: 0.05pt">m</FONT>is<FONT STYLE="letter-spacing: 0.05pt">s</FONT>ion&rsquo;s
<FONT STYLE="letter-spacing: -0.05pt">r</FONT>ul<FONT STYLE="letter-spacing: -0.15pt">e</FONT>s and <FONT STYLE="letter-spacing: -0.05pt">f</FONT>o<FONT STYLE="letter-spacing: -0.05pt">r</FONT>ms.
<FONT STYLE="letter-spacing: -0.15pt">I</FONT>n l<FONT STYLE="letter-spacing: 0.15pt">i</FONT><FONT STYLE="letter-spacing: -0.1pt">g</FONT>ht
of the <FONT STYLE="letter-spacing: -0.05pt">fac</FONT>t <FONT STYLE="letter-spacing: 0.05pt">t</FONT>h<FONT STYLE="letter-spacing: -0.05pt">a</FONT>t
<FONT STYLE="letter-spacing: -0.25pt">y</FONT>ou did not t<FONT STYLE="letter-spacing: 0.05pt">i</FONT>me<FONT STYLE="letter-spacing: 0.1pt">l</FONT>y
<FONT STYLE="letter-spacing: -0.05pt">f</FONT>i<FONT STYLE="letter-spacing: 0.05pt">l</FONT>e <FONT STYLE="letter-spacing: -0.25pt">y</FONT>o<FONT STYLE="letter-spacing: 0.1pt">u</FONT>r
<FONT STYLE="letter-spacing: -0.05pt">F</FONT>o<FONT STYLE="letter-spacing: -0.05pt">r</FONT>m 20<FONT STYLE="letter-spacing: 0.1pt">-</FONT><FONT STYLE="letter-spacing: -0.05pt">F</FONT>,
ple<FONT STYLE="letter-spacing: -0.05pt">a</FONT><FONT STYLE="letter-spacing: 0.1pt">s</FONT>e more <FONT STYLE="letter-spacing: 0.05pt">f</FONT>ul<FONT STYLE="letter-spacing: 0.15pt">l</FONT>y
<FONT STYLE="letter-spacing: -0.05pt">e</FONT><FONT STYLE="letter-spacing: 0.1pt">x</FONT>plain to us how <FONT STYLE="letter-spacing: -0.05pt">a</FONT>nd
w<FONT STYLE="letter-spacing: 0.1pt">h</FONT>y <FONT STYLE="letter-spacing: -0.25pt">y</FONT>ou <FONT STYLE="letter-spacing: -0.05pt">c</FONT>on<FONT STYLE="letter-spacing: -0.05pt">c</FONT>luded
<FONT STYLE="letter-spacing: -0.25pt">y</FONT><FONT STYLE="letter-spacing: 0.1pt">o</FONT>ur disclosure <FONT STYLE="letter-spacing: -0.05pt">c</FONT>ontrols
<FONT STYLE="letter-spacing: -0.05pt">a</FONT>nd p<FONT STYLE="letter-spacing: -0.05pt">r</FONT>o<FONT STYLE="letter-spacing: 0.05pt">c</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT>dur<FONT STYLE="letter-spacing: -0.1pt">e</FONT>s
<FONT STYLE="letter-spacing: -0.05pt">a</FONT>re <FONT STYLE="letter-spacing: 0.05pt">e</FONT>f<FONT STYLE="letter-spacing: -0.05pt">f</FONT><FONT STYLE="letter-spacing: 0.05pt">e</FONT><FONT STYLE="letter-spacing: -0.05pt">c</FONT>t<FONT STYLE="letter-spacing: 0.05pt">i</FONT>v<FONT STYLE="letter-spacing: -0.05pt">e</FONT>.</I></TD></TR></TABLE>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0.5in; text-indent: -0.5in"><U>Company Response:</U></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">The Company understands that Rule 13a-15(a)
under the Securities Exchange Act of 1934 (the &ldquo;<U>Exchange Act</U>&rdquo;) requires a registrant to maintain disclosure
controls and procedures designed to ensure that information required to be disclosed by the issuer in the reports that it files
or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Staff&rsquo;s
rules and forms. The Company also understands that such information must be accumulated and communicated to the issuer&rsquo;s
management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate
to allow timely decision regarding required disclosures. The Company works diligently to fulfill its obligations under the Exchange
Act and has an excellent track record of making disclosures accurately and on a timely basis. For the reasons set forth below,
the late filing of the Company&rsquo;s 2015 Form 20-F, which resulted from a delay in completing the assessment of its internal
control over financial reporting, was an unexpected occurrence in its long history of making disclosures accurately and on a timely
basis.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">The Company sets internal deadlines and processes
that are specifically designed to provide the Company with reasonable assurance that the information required to be disclosed is
recorded, processed, summarized and reported accurately and in a timely fashion. In 2015, the Company implemented a series of changes
to enhance its internal control over financial reporting, which takes into account recent guidance, pronouncements and interpretations
on internal control measures, including published inspection results of the PCAOB. These changes included (i) a further enhancement
in the design of certain management review controls that relate to the process of preparing financial statements, including the
related disclosures; and (ii) an increase in the number of key controls used in the Company&rsquo;s assessment of the effectiveness
of internal controls, in particular relating to reports and other information produced by the Company and used to prepare its financial
statements. The assessment of such new controls imposed burdens on the Company&rsquo;s internal control department that were greater
than initially expected. As a consequence, in anticipation of the filing deadline for the 2015 20-F, the Company determined that
additional time would be required for the completion of the assessment of its internal control over financial reporting. As such,
the greater-than-expected burdens on the Company&rsquo;s internal control department referenced above ultimately caused management
to delay the filing of the 2015 20-F.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">Notwithstanding the delay in filing the 2015
Form 20-F, the Company believes that its disclosure controls and procedures are effective. In evaluating the effectiveness of its
disclosure controls and procedures, the Company carefully considered (i) the design of its disclosure controls and procedures in
light of relevant Staff guidance, (ii) the accuracy of the information included in its 2015 Form 20-F and (iii) its long history
of making accurate disclosures on a timely basis.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">In the Adopting Release for Rule 13a-15 (Certification
of Disclosure, SEC Release Nos. 33-8124; 34-46427, August 29, 2002), the Commission noted that Rule 13a-15 &ldquo;require[s] an
issuer to maintain disclosure controls and procedures to provide reasonable assurance that the issuer is able to record, process,
summarize and report the information required in the issuer&rsquo;s Exchange Act reports.&rdquo; The Company&rsquo;s disclosure
controls and procedures are designed to meet this standard of reasonable assurance and, indeed, have enabled the Company to establish
a long history of fulfilling its financial reporting obligations in an accurate manner and on a timely basis. The Company&rsquo;s
disclosure controls and procedures include, among other things, the following:</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0"></P>

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<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 1.45pt 5.25pt 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">the
Company sets and takes all reasonable steps to abide by internal deadlines for the preparation and review of all periodic reports;
</FONT></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 1.45pt 5.25pt 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">the Company endeavors to perform a series of internal
processes within such deadlines that have proven in the past to be effective for the preparation of reports in an accurate and
timely manner; </FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 1.45pt 5.25pt 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">the Company adjusts its internal reporting processes
based on prior experience to ensure that internal and external deadlines are met in the future; and </FONT></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 1.45pt 5.25pt 0 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 12pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">the
Company maintains an open line of communication with its Audit Committee and its external auditor and outside counsel throughout
the reporting process, designed to promote regular discussion and resolution of comments and questions on a timely basis.</FONT></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">As noted in Item 15(a) of the 2015 Form 20-F,
the Company recognizes that &ldquo;[t]here are inherent limitations to the effectiveness of any system of disclosure controls and
procedures, [&hellip;]. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of
achieving their control objectives.&rdquo;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">In evaluating the effectiveness of its disclosure
controls and procedures as of December 31, 2015, the Company also took into particular consideration that no material changes were
made to its audited financial statements included in its 2015 Form 20-F filed on May 23, 2016, compared to the unaudited financial
results furnished with the Commission on Form 6-K on March 23, 2016.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">As stated above, the Company has an established
track record of making accurate and timely disclosures, which it would not have been able to achieve without having had the capacity
to make ongoing adjustments to its internal reporting framework to reflect regulatory developments, including published inspection
results of the PCAOB. Because the main reasons for the delay in filing the 2015 20-F, as stated above, were unique to the Company&rsquo;s
assessment of internal control over financial reporting in 2015, the Company believes that the resulting additional burden will
not affect the filing of the Company&rsquo;s annual report for 2016 or future filings. Based on the foregoing, the Company believes
that it will be able to record, process, summarize and report the information required in its Exchange Act reports in a timely
fashion.</P>

<P STYLE="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 1.45pt 5.25pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt/13.55pt Times New Roman, Times, Serif; margin: 0"><I><U>E<FONT STYLE="letter-spacing: 0.1pt">x</FONT>hib<FONT STYLE="letter-spacing: -0.05pt">i</FONT>t
13.1</U></I></P>

<P STYLE="font: 12pt/12pt Calibri, Helvetica, Sans-Serif; margin: 0.6pt 0 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin-top: 1.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><I>3.</I></TD><TD STYLE="padding-right: 2.15pt"><I>You dis<FONT STYLE="letter-spacing: -0.05pt">c</FONT>lose that the <FONT STYLE="letter-spacing: -0.1pt">a</FONT>n<FONT STYLE="letter-spacing: 0.1pt">n</FONT>ual
r<FONT STYLE="letter-spacing: -0.05pt">e</FONT>port on <FONT STYLE="letter-spacing: -0.05pt">F</FONT>o<FONT STYLE="letter-spacing: -0.05pt">r</FONT>m
2<FONT STYLE="letter-spacing: 0.05pt">0</FONT><FONT STYLE="letter-spacing: 0.1pt">-</FONT>F for the <FONT STYLE="letter-spacing: -0.25pt">y</FONT><FONT STYLE="letter-spacing: 0.05pt">e</FONT><FONT STYLE="letter-spacing: -0.05pt">a</FONT>r
<FONT STYLE="letter-spacing: -0.1pt">e</FONT>n<FONT STYLE="letter-spacing: 0.1pt">d</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT>d
D<FONT STYLE="letter-spacing: 0.05pt">e</FONT><FONT STYLE="letter-spacing: -0.05pt">c</FONT><FONT STYLE="letter-spacing: 0.05pt">e</FONT>mber
31, 2014 ful<FONT STYLE="letter-spacing: 0.1pt">l</FONT>y <FONT STYLE="letter-spacing: -0.05pt">c</FONT>omp<FONT STYLE="letter-spacing: 0.05pt">l</FONT>ies
<FONT STYLE="letter-spacing: -0.05pt">w</FONT>i<FONT STYLE="letter-spacing: 0.05pt">t</FONT>h the <FONT STYLE="letter-spacing: 0.05pt">r</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT>quir<FONT STYLE="letter-spacing: -0.05pt">e</FONT>ments
of s<FONT STYLE="letter-spacing: 0.05pt">e</FONT><FONT STYLE="letter-spacing: -0.05pt">c</FONT>t<FONT STYLE="letter-spacing: 0.05pt">i</FONT>on
13<FONT STYLE="letter-spacing: -0.05pt">(a</FONT>) or 1<FONT STYLE="letter-spacing: 0.1pt">5</FONT>(b) of the <FONT STYLE="letter-spacing: 0.05pt">Se</FONT><FONT STYLE="letter-spacing: -0.05pt">c</FONT>u<FONT STYLE="letter-spacing: 0.05pt">r</FONT>i<FONT STYLE="letter-spacing: 0.05pt">t</FONT>ies
E<FONT STYLE="letter-spacing: 0.1pt">x</FONT><FONT STYLE="letter-spacing: -0.05pt">c</FONT>h<FONT STYLE="letter-spacing: -0.05pt">a</FONT>n<FONT STYLE="letter-spacing: -0.1pt">g</FONT>e
A<FONT STYLE="letter-spacing: -0.05pt">c</FONT>t of 1934; how<FONT STYLE="letter-spacing: -0.05pt">e</FONT><FONT STYLE="letter-spacing: 0.1pt">v</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT>r,
t<FONT STYLE="letter-spacing: 0.1pt">h</FONT>is <FONT STYLE="letter-spacing: -0.05pt">F</FONT>o<FONT STYLE="letter-spacing: -0.05pt">r</FONT>m
2<FONT STYLE="letter-spacing: 0.1pt">0</FONT><FONT STYLE="letter-spacing: -0.05pt">-</FONT>F is f<FONT STYLE="letter-spacing: 0.1pt">o</FONT>r
the <FONT STYLE="letter-spacing: -0.25pt">y</FONT><FONT STYLE="letter-spacing: 0.05pt">e</FONT><FONT STYLE="letter-spacing: -0.05pt">a</FONT>r
<FONT STYLE="letter-spacing: -0.1pt">e</FONT>nd<FONT STYLE="letter-spacing: -0.05pt">e</FONT>d D<FONT STYLE="letter-spacing: -0.05pt">e</FONT><FONT STYLE="letter-spacing: 0.05pt">c</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT>mber
31, <FONT STYLE="letter-spacing: 0.1pt">2</FONT>015. <FONT STYLE="letter-spacing: -0.3pt">I</FONT>n futu<FONT STYLE="letter-spacing: -0.05pt">r</FONT>e
filin<FONT STYLE="letter-spacing: -0.1pt">g</FONT>s ple<FONT STYLE="letter-spacing: -0.05pt">a</FONT>se <FONT STYLE="letter-spacing: -0.05pt">e</FONT><FONT STYLE="letter-spacing: 0.05pt">n</FONT>sure
<FONT STYLE="letter-spacing: -0.25pt">y</FONT>o<FONT STYLE="letter-spacing: 0.1pt">u</FONT>r dis<FONT STYLE="letter-spacing: -0.05pt">c</FONT>losure
<FONT STYLE="letter-spacing: -0.05pt">r</FONT><FONT STYLE="letter-spacing: 0.05pt">e</FONT>f<FONT STYLE="letter-spacing: -0.1pt">e</FONT>rs
to the <FONT STYLE="letter-spacing: -0.05pt">c</FONT>o<FONT STYLE="letter-spacing: -0.05pt">r</FONT>re<FONT STYLE="letter-spacing: -0.05pt">c</FONT>t
pe<FONT STYLE="letter-spacing: -0.05pt">r</FONT>iod co<FONT STYLE="letter-spacing: 0.1pt">v</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT><FONT STYLE="letter-spacing: 0.05pt">r</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT>d
<FONT STYLE="letter-spacing: 0.1pt">b</FONT>y <FONT STYLE="letter-spacing: -0.25pt">y</FONT><FONT STYLE="letter-spacing: 0.1pt">o</FONT>ur
<FONT STYLE="letter-spacing: -0.05pt">a</FONT>nnu<FONT STYLE="letter-spacing: -0.05pt">a</FONT>l r<FONT STYLE="letter-spacing: -0.1pt">e</FONT>port.</I></TD></TR></TABLE>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 1.45pt 2.15pt 0 0.5in; text-indent: -0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>Company Response:</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt">The reference to the year ended December 31, 2014
in Exhibit 13.1 was due to an inadvertent typographical error. In future filings we will <FONT STYLE="letter-spacing: -0.05pt">e</FONT><FONT STYLE="letter-spacing: 0.05pt">n</FONT>sure
<FONT STYLE="letter-spacing: -0.25pt">that the</FONT> dis<FONT STYLE="letter-spacing: -0.05pt">c</FONT>losure <FONT STYLE="letter-spacing: -0.05pt">r</FONT><FONT STYLE="letter-spacing: 0.05pt">e</FONT>f<FONT STYLE="letter-spacing: -0.1pt">e</FONT>rs
to the <FONT STYLE="letter-spacing: -0.05pt">c</FONT>o<FONT STYLE="letter-spacing: -0.05pt">r</FONT>re<FONT STYLE="letter-spacing: -0.05pt">c</FONT>t
pe<FONT STYLE="letter-spacing: -0.05pt">r</FONT>iod co<FONT STYLE="letter-spacing: 0.1pt">v</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT><FONT STYLE="letter-spacing: 0.05pt">r</FONT><FONT STYLE="letter-spacing: -0.05pt">e</FONT>d
<FONT STYLE="letter-spacing: 0.1pt">b</FONT>y <FONT STYLE="letter-spacing: -0.25pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">a</FONT>nnu<FONT STYLE="letter-spacing: -0.05pt">a</FONT>l
r<FONT STYLE="letter-spacing: -0.1pt">e</FONT>port.</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">***</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 35.4pt">The Company acknowledges that it and
its management are responsible for the adequacy and accuracy of their disclosures, notwithstanding any review, comments, action
or absence of action by the Staff.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 35.4pt">If you have any questions or require
any additional information with respect to the above, please do not hesitate to contact me at +39 080 882 0111.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">[<I>signature page follows</I>]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 1in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 1.5in; text-indent: 2in">Sincerely,</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in"><U>/s/ Vittorio Notarpietro&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in">Vittorio Notarpietro</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 3.5in">Chief Financial Officer</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0">cc: &#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pietro Fioruzzi</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Cleary Gottlieb Steen &amp; Hamilton
LLP</I></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">David Gottlieb</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Cleary Gottlieb Steen &amp; Hamilton
LLP</I></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><I>Natuzzi Response Letter &ndash;
Signature Page</I></P>



<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"></P>



<P STYLE="margin: 0"></P>

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