<SEC-DOCUMENT>0000903423-17-000048.txt : 20170828
<SEC-HEADER>0000903423-17-000048.hdr.sgml : 20170828
<ACCEPTANCE-DATETIME>20170207165234
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000903423-17-000048
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170207

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>
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<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<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/115% Times New Roman, Times, Serif; margin: 0 0 12pt 4.5in">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt 4.5in">February 7, 2017</P>

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

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

<P STYLE="font: 12pt/115% 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/115% Times New Roman, Times, Serif; margin: 0.2in 0 0; text-indent: 35.4pt"><FONT STYLE="letter-spacing: 0.1pt"><B>Re:
Natuzzi S.p.A.</B></FONT></P>

<P STYLE="font: 12pt/115% 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/115% 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/115% 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 January 17, 2017, the staff
of the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) provided certain additional 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/115% Times New Roman, Times, 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">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/115% 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/115% 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/115% Times New Roman, Times, Serif; margin: 0.1pt 86.55pt 0 0"><FONT STYLE="letter-spacing: -0.15pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0.1pt 86.55pt 0 0"><FONT STYLE="letter-spacing: -0.15pt"><I><U>Item
15. Controls and Procedures, page 85</U></I></FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0.1pt 86.55pt 0 0"><FONT STYLE="letter-spacing: -0.15pt"><I><U>(a)
Disclosure Controls and Procedures, page 85</U></I></FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0.1pt 86.55pt 0 0"><FONT STYLE="letter-spacing: -0.15pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0.1pt 0 0"><FONT STYLE="letter-spacing: -0.15pt"><I>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
reviewed your response to prior comment two. We note that the late filing of your</I></FONT></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0.1pt 0 0 0.5in"><FONT STYLE="letter-spacing: -0.15pt"><I>2015
Form 20-F resulted from a delay in completing the assessment of your internal control over financial reporting due to the implementation
of a series of changes to enhance your internal control over financial reporting in 2015. Please address the following:</I></FONT></P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Symbol; font-size: 12pt; letter-spacing: -0.15pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; letter-spacing: -0.15pt"><I>More fully explain to
us the specific nature of the changes you made to enhance your internal control over financial reporting, tell us why changes were
made, tell us the specific nature of the new controls that were implemented, and explain why the assessment of the new controls
imposed burdens on your internal control department that were greater than you expected;</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Symbol; font-size: 12pt; letter-spacing: -0.15pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; letter-spacing: -0.15pt"><I>Due to the implementation
of the series of changes to enhance your internal control over financial reporting in 2015, explain to us how and why you determined
no additional disclosures were required to be provided under Item 15(d) of Form 20-F, which requires disclosure of changes in internal
control over financial reporting that occurred during the period covered by the annual report; and</I></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0.1pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 31.5pt"><FONT STYLE="font-family: Symbol; font-size: 12pt; letter-spacing: -0.15pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; letter-spacing: -0.15pt"><I>In your assessment of
disclosure controls and procedures as of December 31, 2015, you indicate you considered your &ldquo;excellent track record of making
disclosures accurately and on a timely basis;&rdquo; however, since assessments are conducted at an as of date, it does not appear
to us that a history of timely filings provides a basis for you to conclude your disclosure controls and procedures were effective
as of December 31, 2015. More fully explain to us how the fact that you did not timely file your Form 20-F was considered in your
assessment that your disclosure controls and procedures were effective as of December 31, 2015.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt/115% 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/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">In 2015, as part of its ongoing efforts to
improve its internal control over financial reporting (&ldquo;<U>ICOFR</U>&rdquo;) and partly in response to recent guidance, pronouncements
and interpretations on internal control measures, including published inspection results of the Public Company Accounting Oversight
Board (&ldquo;<U>PCAOB</U>&rdquo;), the Company implemented certain refinements to further enhance its ICOFR. These included:</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 1.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(i)</FONT></TD><TD STYLE="padding-right: 5.25pt"><FONT STYLE="font-size: 12pt">improving a series of management review controls that relate to
the process of preparing financial statements and the related disclosures. For example, controls over the review of the calculations
of the bad debt provision, the provision for inventory obsolescence, calculation of impairments on long-lived assets and controls
over the budgeting process were enhanced by requiring additional documentation of the control attributes used by the control owner
in executing the control. Specifically, the improvements included a more thorough description of (a) the level of precision and
analysis threshold used by the control owner in executing the review controls and (b) the specific procedures that were undertaken
by the control owner to test the data and reports used by control owners in the performance of their monitoring activities. Furthermore,</FONT></TD></TR></TABLE>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 1in">the Company changed the threshold it used
to review manual journal entries, resulting in a larger population to review;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 1.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(ii)</FONT></TD><TD STYLE="padding-right: 5.25pt"><FONT STYLE="font-size: 12pt">enhancing controls on certain routine transactions, including the
review of standard costs for new products and of the performance of certain manual procedures related to discounting, product pricing
and credit lines;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 1.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(iii)</FONT></TD><TD STYLE="padding-right: 5.25pt"><FONT STYLE="font-size: 12pt">the introduction of additional controls following the PCAOB&rsquo;s
issuance of (then) Auditing Standard 18 (Related Parties), now AS 2410, which went into effect for audits of fiscal years beginning
on or after December 15, 2014, and which were designed to timely identify related parties and properly authorize and account for
related party transactions and significant unusual transactions; </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 1.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(iv)</FONT></TD><TD STYLE="padding-right: 5.25pt"><FONT STYLE="font-size: 12pt">the introduction of controls to monitor transactions related to
the securitization agreement entered into in the second half of 2015, as described on page 8 of the 2015 Form 20-F. These new controls
were designed to ensure: (a) that the receivables being sold were accurately accounted for, (b) compliance with the contractual
threshold for the sale of such receivables, (c) the existence of proper levels of authorizations and (d) accurate accounting and
disclosure of the transaction, consistent with US GAAP; and</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin-top: 1.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 12pt">(v)</FONT></TD><TD STYLE="padding-right: 5.25pt"><FONT STYLE="font-size: 12pt">a review of the impact to the Company&rsquo;s ICOFR resulting from
the &ldquo;transformation plan&rdquo; (as described on page 6 of the 2015 Form 20-F) and the related re-assignment of roles and
responsibilities of personnel performing internal control functions.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 1in">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">The completion of the testing and evaluation of the results of the above activities, particularly
with respect to (v),  had a significant effect on the workload of the Company&rsquo;s internal control function, resulting in delays to other ICOFR testing work.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">While the Company had set aside additional
time for the testing and evaluation of its ICOFR, the complexity of the above activities and the related time needed to evaluate
the results therefrom, including discussions with the Audit Committee and the external auditors, increased</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">the time that the Company needed to complete
its assessment of ICOFR. Ultimately, the time needed to complete these activities was greater than the Company had expected.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">Notwithstanding the implementation of the foregoing,
the Company concluded that no additional disclosures were required under Item 15(d) of Form 20-F. The additional time it took the
Company to document, test and then evaluate the operating effectiveness of controls, rather than the significance of changes in
the Company&rsquo;s ICOFR itself, directly impacted the Company&rsquo;s ability to file its 2015 Form 20-F within the prescribed
deadline.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">The Company therefore believes that these changes
were, neither individually nor in the aggregate, fundamental to its control processes and, therefore, did not materially affect
its ICOFR or require additional disclosure.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">Despite the delay in filing the 2015 20-F,
the Company concluded that its disclosure controls and procedures were effective as of December 31, 2015. In its response letter
to the Staff, dated December 22, 2016 (the &ldquo;<U>December Response Letter</U>&rdquo;), the Company noted its &ldquo;excellent
track record of making disclosures accurately and on a timely basis&rdquo; not as the sole basis for its conclusion that its disclosure
controls and procedures were effective as of the end of 2015, but as consistent with that conclusion. In arriving at its conclusion
as to the effectiveness of its disclosure controls and procedures, the Company specifically noted the steps it takes to abide by
internal deadlines it sets for the preparation of periodic reports; the adjustments it makes to such deadlines based on prior experience;
and the open lines of communication it maintains with the Audit Committee and its external auditors designed to promote regular
discussion and resolution of comments and questions on a timely basis. The Company also highlighted in its December Response Letter
that, in assessing the effectiveness of its disclosure controls and procedures, it was guided by the principle 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;<SUP>[1]</SUP>
While the Company&rsquo;s procedures did not, on this occasion, allow it to make a timely filing, the Company nevertheless believes
its disclosure controls and procedures are <I>reasonably designed</I> to achieve that result.</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">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/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; line-height: 115%"><SUP>1</SUP></FONT>
Certification of Disclosure, SEC Release Nos. 33-8124; 36-46427, August 29, 2002.</P>


<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 1.45pt 5.25pt 0 0; text-indent: 35.4pt">&nbsp;</P>


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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 12pt">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/115% Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 35.4pt">&nbsp;</P>

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

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">[<I>signature page follows</I>]</P>

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

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

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

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


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<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 0 12pt">&nbsp;</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</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/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</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">cc: &#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pietro
Fioruzzi</P>

<P STYLE="font: 12pt/115% 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; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">David Gottlieb</P>

<P STYLE="font: 12pt/115% 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 10pt">&nbsp;</P>

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<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: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"></P>


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