Natuzzi S.p.A. is one of the most renowned brands in the production and distribution of design and luxury furniture, which is present globally in 110 markets with an extended retail distribution made of 651 monobrand stores in addition to more than 500 Natuzzi galleries. Asia Region is one of the most attractive opportunities for the future growth of Natuzzi. In China, Natuzzi has been already carrying on a successful strategy to develop its business through a partnership signed in 2018 with Kuka, a leading listed Group in the furniture sector, in which Natuzzi holds a 49% stake. During 2021, the Chinese partnership closed the year with significant growth: revenues of €96.3 million, + 55.2% vs 2020. It now operates 340 mono brand stores of which 84 were added in 2021. In the rest of APAC, Natuzzi S.p.A. distributes its products in 10 countries, that include South Korea, Australia, Japan, Taiwan, Thailand, Indonesia and Singapore, through 25 monobrand stores. To accelerate the commercial expansion in the Rest of APAC region, Natuzzi S.p.A. signed a partnership with Truong Thanh Furniture Corporation (“TTF”), a leading listed company in the furniture sector, located in Vietnam. TTF is already an active partner of Natuzzi to produce upholstery in Vietnam for the North American market. TTF in addition plays a key role in the production of furniture for leading furniture names in the USA. Following the finalization of this partnership, TTF acquired a 20% stake in Natuzzi Singapore PTE. LTD (“Natuzzi Singapore”), a controlled subsidiary of Natuzzi S.p.A., for a total cash consideration of $5.4 million already paid in favor of Natuzzi Singapore. As a result, Natuzzi S.p.A. currently owns 74.4% of Natuzzi Singapore, whereas the other minority shareholder, Mr. Richard Tan, owns 5.6% of the share capital. In addition, Natuzzi S.p.A. maintains the majority of the board of Natuzzi Singapore. The partnership in Natuzzi Singapore will aim at fostering the commercial development both in the branded retail and in the contract business, as well as strengthening its industrial platform.