Milan, 25 March 2014. The Board of Directors of Poltrona Frau S.p.A. acknowledged that the transaction, announced on 5 February 2014, has been completed and finalized today. Pursuant to the transaction, Haworth Italy Holding S.r.l., a company indirectly controlled by Haworth Inc., has purchased no. 71,895,074 shares of Poltrona Frau from Charme Investments and no. 10,285,626 shares of Poltrona
Frau from Moschini S.r.l. for a price equal to 2.96 per share.
The transaction requires Haworth Italy Holding S.r.l. to launch a mandatory tender offer, pursuant to and for the purposes of articles 102 and 106, first paragraph, of the TUF, for a maximum of no. 58,094,459 ordinary shares of Poltrona Frau representing 41.415% of the share capital of Poltrona Frau S.p.A.. In order to comply with the commitments undertaken by Charme Investments and Moschini S.r.l. -
announced to the market on 7 February 2014 - aimed at allowing Haworth Italy Holding S.r.l. to appoint its own representatives as members of the Board of Directors of Poltrona Frau S.p.A., Luca Cordero di Montezemolo, Mario Paolo Moiso, Tommaso Beolchini, Matteo Facoetti and Luigi Sala have resigned from their offices as members of the Board of Directors. Subsequently, Richard G. Haworth, Matthew R. Haworth, Franco Bianchi, Jeffrey M. Boromisa and Tom Dattilo have been appointed in substitution of
the above mentioned resigning members of the Board of Directors.