Annual General Shareholders’ Meeting of Natuzzi S.p.A.

Natuzzi S.p.A. (NYSE: NTZ) (“Natuzzi” or the “Company” and, together with its subsidiaries, the “Natuzzi Group”) announced today that it held, on second call, its annual general shareholders’ meeting on May 7, 2021 (the “Annual General Meeting”).

At the Annual General Meeting, the shareholders approved the Company’s stand-alone financial statements for the fiscal year ended December 31, 2020 and acknowledged the approval of the 2020 consolidated financial statements of the Natuzzi Group by the Company’s Board of Directors at a meeting held on April 6, 2021.

The shareholders appointed Antonio Achille alongside former members Pasquale Natuzzi, Antonia Isabella Perrone, Pasquale Junior Natuzzi, Marco Caneva, Giuseppe Antonio D’Angelo and Alessandro Musella as members of the Company’s Board of Directors for a three-year term.

Following the Annual General Meeting, the Company’s Board of Directors met today and approved a new governance set up with the objective to strengthen its competitive position in the global luxury furniture market and to increase the efficiency of the Company’s operating model.

Mr. Pasquale Natuzzi, the Natuzzi Group’s founder and current CEO, assumes the role of Executive Chairman. As such, he will drive the Natuzzi Group by focusing on long-term strategies and by supporting the completion of the transition to a brand/retailer operating model, whilst assuring continuity in the Company’s culture and values.

Natuzzi’s Board of Directors appointed Mr. Antonio Achille, an industry leader individual with an impressive track record of professional achievements, in the role of Chief Executive Officer (“CEO”), effective from June 1, 2021. Mr. Achille joins from McKinsey where he was Senior Partner and Global Head for the Luxury Sector. For 25 years, he has been supporting international groups on strategy, digital, retail, organization, supply chain, growth acceleration and operational improvement. In his role, the CEO will focus on the execution of all the activities required to foster the Natuzzi Group’s growth and to enhance its margin generation.

“I am very confident that Mr. Antonio Achille will effectively contribute to the achievement of Natuzzi’s growth objectives and will support the transition of our Company to a more efficient and performing operating model” said Mr. Pasquale Natuzzi. “He has been chosen for his business track record in business transformations, vision and mission-driven orientation whilst truly embracing the Natuzzi core values. He knows very well our company and our market, having recently supported us in his capacity of advisor”.