UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
INDUSTRIE NATUZZI SPA
(NAME OF ISSUER)
ORDINARY SHARES
(TITLE OF CLASS OF SECURITIES)
456478106
(CUSIP Number)
ROBERT LYNCH, ESQ. WITH COPIES TO: MANAGING DIRECTOR DONALD P. MADDEN,
ESQ. DEUTSCHE BANK WHITE & CASE NORTH AMERICA HOLDING CORP. 1155 AVENUE OF THE
AMERICAS 31 WEST 52ND STREET NEW YORK, NY 10036 NEW YORK, NY 10019 212-819-8800
212-474-8600
- -------------------------------------------------------------------------------
(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO RECEIVE NOTICES AND
COMMUNICATIONS)
APRIL 1, 1998
(DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(b)(3) or (4), check the following box ( ).
<PAGE>
SCHEDULE 13D
- --------------------------------- --------------------------------
CUSIP No. [456478106] Page 2 of 26 Pages
- --------------------------------- --------------------------------
- -------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
DEUTSCHE BANK AG
- -------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)( )
(B)( )
- -------- ----------------------------------------------------------------------
3 SEC USE ONLY
- -------- ----------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- -------- ----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E)
- -------- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
FEDERAL REPUBLIC OF GERMANY
- ----------------------------------- ------- -----------------------------------
NUMBER OF SHARES BENEFICIALLY 7 SOLE VOTING POWER
OWNED BY EACH REPORTING PERSON 0
WITH ------- -----------------------------------
8 SHARED VOTING POWER
4,317,492
------- -----------------------------------
9 SOLE DISPOSITIVE POWER
0
------- -----------------------------------
10 SHARED DISPOSITIVE POWER
5,505,113
- -------- ----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,505,113
- -------- ----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
- -------- ----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.7%
- -------- ----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
HC, BK, CO
- -------- ----------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- --------------------------------- --------------------------------
CUSIP No. [456478106] Page 3 of 26 Pages
- --------------------------------- --------------------------------
- -------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MORGAN GRENFELL ASSET MANAGEMENT LIMITED
- -------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)( )
(B)( )
- -------- ----------------------------------------------------------------------
3 SEC USE ONLY
- -------- ----------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- -------- ----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED ( )
PURSUANT TO ITEMS 2(D) OR 2(E)
- -------- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
[England and Wales]
- ----------------------------------- ------- -----------------------------------
NUMBER OF SHARES BENEFICIALLY 7 SOLE VOTING POWER
OWNED BY EACH REPORTING PERSON 0
WITH ------- -----------------------------------
8 SHARED VOTING POWER
4,291,643
------- -----------------------------------
9 SOLE DISPOSITIVE POWER
0
------- -----------------------------------
10 SHARED DISPOSITIVE POWER
5,479,264
- -------- ----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,479,264
- -------- ----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
- -------- ----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.6%
- -------- ----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
HC, IA
- -------- ----------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- --------------------------------- --------------------------------
CUSIP No. [456478106] Page 4 of 26 Pages
- --------------------------------- --------------------------------
- -------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
MORGAN GRENFELL INVESTMENT MANAGEMENT LIMITED
- -------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A)( )
(B)( )
- -------- ----------------------------------------------------------------------
3 SEC USE ONLY
- -------- ----------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- -------- ----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(D) OR 2(E) ( )
- -------- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
[England and Wales]
- ----------------------------------- ------- -----------------------------------
NUMBER OF SHARES BENEFICIALLY 7 SOLE VOTING POWER
OWNED BY EACH REPORTING PERSON 0
WITH ------- -----------------------------------
8 SHARED VOTING POWER
2,895,880
------- -----------------------------------
9 SOLE DISPOSITIVE POWER
0
------- -----------------------------------
10 SHARED DISPOSITIVE POWER
3,593,099
- -------- ----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,593,099
- -------- ----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES ( )
- -------- ----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.3%
- -------- ----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IA, CO
- -------- ----------------------------------------------------------------------
<PAGE>
ITEM 1. SECURITY AND ISSUER
The response to this item set forth in the Schedule 13D relating to
Industrie Natuzzi SPA ("Natuzzi") filed on October 14, 1997 is incorporated
herein by reference as if set forth in this amendment in its entirety.
ITEM 2. IDENTITY AND BACKGROUND
The response to this item set forth in the Schedule 13D relating to
Natuzzi filed on October 14, 1997 is incorporated herein by reference as if set
forth in this amendment in its entirety.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Morgan Grenfell Investment Management Limited ("MGIM"), Morgan
Grenfell Investment Services Limited ("MGIS") and Morgan Grenfell International
Funds Management Limited ("MGIFM," and together with MGIM and MGIS, the "MGAM
Managers"), are subsidiaries of Morgan Grenfell Asset Management Limited
("MGAM"). Deutsche Morgan Grenfell (C.I.) Limited ("DMGCI") is a subsidiary of
Deutsche Bank AG ("DBAG"). Since the filing of the Schedule 13D on October 14,
1997 relating, the MGAM Managers and DMGCI have purchased ADRs in open market
transactions at market prices. Between October 14, 1997 and April 1, 1998,
market prices for the ADRs ranged from a high of $28.00 to a low of $18.25 per
ADR. Each ADR is equivalent to an Ordinary Share and any reference to an
Ordinary Share includes ADRs.
The purchases were made by the MGAM Managers and DMGCI for investment
fund accounts over which they exercise discretion. Accordingly, the source of
funds used to effectuate the purchases was client funds held in such accounts.
ITEM 4. PURPOSE OF THE TRANSACTION
The response to this item set forth in the Schedule 13D relating to
Natuzzi filed on October 14, 1997 is incorporated herein by reference as if set
forth in this amendment in its entirety.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) (i) DBAG may be deemed the beneficial owner of Ordinary Shares as
set forth on the applicable cover page.
(ii) MGAM may be deemed the beneficial owner of Ordinary Shares as set
forth on the applicable cover page.
(iii) MGIM may be deemed the beneficial owner of Ordinary Shares as
set forth on the applicable cover page.
(iv) None of the persons listed in Schedule A is the beneficial owner
of outstanding Ordinary Shares.
(b) (i) Reference is made to the applicable cover page for each
Reporting Person for information concerning the number of shares as to which
there is sole power to vote or to direct the vote, shared power to vote or
direct the vote, sole or shared power to dispose or to direct the disposition.
(ii) In compliance with Item 5(b), the applicable information required
by Item 2 is provided below for each of the MGAM Managers (other than MGIM for
which the applicable information required by Item 2 is provided in Item 2 above)
and DMG with whom DBAG and MGAM may be deemed to share the power to dispose of
or direct the disposition of Ordinary Shares and to vote or direct the vote of
Ordinary Shares as set forth on the cover pages applicable to DBAG and MGAM.
MGIS is a subsidiary of MGAM. The principal business of MGIS is as an
investment management company. MGIS is organized under the laws of England and
Wales, and the address of its principal place of business is 20 Finsbury Circus,
London, EC2M 1NB, England.
MGIFM is a subsidiary of MGAM. The principal business of MGIFM is as
an investment management company. MGIFM is organized under the laws of England
and Wales, and the address of its principal place of business is 20 Finsbury
Circus, London, EC2M 1NB, England.
Deutsche Morgan Grenfell (C.I.) Limited ("DMGCI") is a subsidiary of
DBAG. The principal business of DMGCI is as an investment management company.
DMGCI is organized under the laws of the Channel Islands, and the address of its
principal place of business is St. Paul's Gate, New Street, St. Helier, Jersey
JE4 8ZB, Channel Islands.
During the last five years, none of MGIS, MGIFM and DMG has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or has been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction as a result of which such person
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws or finding violation with respect to such laws.
(c) (i) During the past sixty days, DBAG acquired or disposed of
beneficial ownership of Ordinary Shares as a result of market transactions
carried out by the MGAM Managers and DMGCI. Such purchases are set forth in
Schedule B attached hereto.
(ii) During the past sixty days, MGAM acquired or disposed of
beneficial ownership of Ordinary Shares as a result of market transactions
carried out by the MGAM Managers. Such purchases are set forth in Schedule B
attached hereto.
(iii) During the past sixty days, MGIM acquired or disposed of
beneficial ownership of Ordinary Shares as a result of market transactions
carried out by MGIM. Such purchases are set forth in Schedule B attached hereto.
(d) All dividends received on Ordinary Shares described in this
Schedule 13D/A and proceeds from the sale thereof are received for the benefit
of clients on whose behalf such Ordinary Shares have been acquired.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
The response to this item set forth in the Schedule 13D relating to
Natuzzi filed on October 14, 1997 is incorporated herein by reference as if set
forth in this amendment in its entirety.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS:
Exhibit No. Description
1 Consent of Morgan Grenfell Asset Management
Limited
2 Consent of Morgan Grenfell Investment
Management Limited
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: April 25, 1998
DEUTSCHE BANK AG
By: /s/ Dr. Dieter Eisele
---------------------------------
Name: Dr. Dieter Eisele
Title: Group Head of Compliance
By:/s/ Rendel Eric Powell
------------------------------
Name: Rendal Eric Powell
Title: Vice President
<PAGE>
SCHEDULE A
I. DBAG
Each person named below is a director or executive officer of DBAG,
whose principal business is described above in Item 2.
<TABLE>
Present Principal
Name and Citizenship Business Address Occupation or Employment
<S> <C> <C>
Carl L. von Boehm-Bezing Deutsche Bank AG Member of the Board of Managing
German Taunusanlage 12 Directors, Deutsche Bank AG
60325 Frankfurt
The Federal Republic of
Germany
Dr. Rolf-E. Breuer Deutsche Bank AG Member of the Board of Managing
German Taunusanlage 12 Directors, Deutsche Bank AG
60325 Frankfurt
The Federal Republic of
Germany
Michael Dobson Deutsche Bank AG Member of the Board of Managing
United Kingdom Taunusanlage 12 Directors, Deutsche Bank AG
60325 Frankfurt
The Federal Republic of
Germany
Dr. Michael Endres Deutsche Bank AG Member of the Board of Managing
German Taunusanlage 12 Directors, Deutsche Bank AG
60325 Frankfurt
The Federal Republic of
Germany
Dr. Tessen von Heydebreck Deutsche Bank AG Member of the Board of Managing
German Taunusanlage 12 Directors, Deutsche Bank AG
60325 Frankfurt
The Federal Republic of
Germany
Dr. Jurgen Krumnow Deutsche Bank AG Member of the Board of Managing
German Taunusanlage 12 Directors, Deutsche Bank AG
60325 Frankfurt
The Federal Republic of
Germany
Georg Krupp Deutsche Bank AG Member of the Board of Managing
German Taunusanlage 12 Directors, Deutsche Bank AG
60325 Frankfurt
The Federal Republic of
Germany
Dr. Ronaldo H. Schmitz Deutsche Bank AG Member of the Board of Managing
German Taunusanlage 12 Directors, Deutsche Bank AG
60325 Frankfurt
The Federal Republic of
Germany
Dr. Josef Ackermann Deutsche Bank AG Member of the Board of Managing
Swiss Taunusanlage 12 Directors, Deutsche Bank AG
60325 Frankfurt
The Federal Republic of
Germany
Dr. Ulrich Weiss Deutsche Bank AG Member of the Board of Managing
German Taunusanlage 12 Directors, Deutsche Bank AG
60325 Frankfurt
The Federal Republic of
Germany
</TABLE>
<PAGE>
II. MGAM
Each person named below is a director or executive officer of MGAM,
whose principal business is described above in Item 2.
<TABLE>
Present Principal
Name and Citizenship Business Address Occupation or Employment
<S> <C> <C>
James K. Anderson Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
David W. Baldt Morgan Grenfell Capital Member of the Board of Managing
American Management Incorporated Directors, Morgan Grenfell Asset
1435 Walnut Street Management Limited
4th Floor
Philadelphia, PA 19102, USA
Graham D. Bamping Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Johannes Baratta Morgan Grenfell Asset Member of the Board of Managing
Austrian Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Henry C. Benson Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Paul C. Berriman Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Colin M. Brown Morgan Grenfell Development Member of the Board of Managing
British Capital Limited Directors, Morgan Grenfell Asset
23 Great Winchester Street Management Limited
London, England
EC2P 2AX
Timothy F. Brown Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Elizabeth B. Bryan Morgan Grenfell Asset Member of the Board of Managing
Australian Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Michael Bullock Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Mark A. Burgess Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Shaun A. Coleman Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Simon J. Cooke Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Anthony J. Creighton Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
David T. Cumming Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors,
20 Finsbury Circus Morgan Grenfell Asset
London, England Management Limited
EC2M 1NB
Richard M. Curling Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Charles Z. Curtis Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Roger J. Curtis Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Susanna F. Davies Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Michael W.R. Dobson Deutsche Morgan Grenfell Group Plc Chairman of the Board of
British 23 Great Winchester Street Managing Directors, Morgan
London, England Grenfell Asset
EC2P 2AX Management Limited
Patrick W.W. Disney Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Ernst L. Drayss Deutsche Bank AG Member of the Board of Managing
German Taunusanlage 12 Directors, Deutsche Asset
60325 Frankfurt Management GmbH
The Federal Republic of Germany
Neil R. Dunford Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
William P. Dwerryhouse Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Nick P. Evans Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Greg C. Fisher Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
James G. Fox Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Charles James Maximilian Franklin Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Adrian C. Frost Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
James C.W. Goulding Morgan Grenfell Investment Member of the Board
British Management (Asia) Ltd of Managing
20 Raffles Place Directors, Morgan
#25-08 Ocean Towers Grenfell Asset
Singapore 0104 Management Limited
David J. Haysey Morgan Grenfell Capital Member of the Board of Managing
British Management Incorporated Directors, Morgan Grenfell Asset
1435 Walnut Street Management Limited
4th Floor
Philadelphia, PA 19102, USA
David J. Heape Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Gerald V. Hough Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Neil P. Jenkins Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Julian R. Johnston Morgan Grenfell Asset Member of the Board of Managing
American/French Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Ian D. Kelson Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Peter Lees Morgan Grenfell Asset Member of the Board
British Management Limited of Managing
20 Finsbury Circus Directors, Morgan
London, England Grenfell Asset
EC2M 1NB Management Limited
Jeremy G. Lodwick Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
The Honourable Charles Morgan Grenfell Asset Member of the Board
Martyn-Hemphill Management Limited of Managing Directors, Morgan
British 20 Finsbury Circus Grenfell Asset Management Limited
London, England
EC2M 1NB
P. McNaughton Morgan Grenfell Asset Member of the Board
Irish Management (Ireland) of Managing Directors, Morgan
Limited Grenfell Asset Management Limited
Georges Dock House
International Financial Centre
1 Dublin
Ireland
William G. Michie Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Herbert K. Michel Deutsche Bank AG Member of the Board of Managing
German Taunusanlage 12 Directors, Deutsche Gesellschaft
60323 Frankfurt fur
The Federal Republic of Germany Fondsverwaltung mbH
James E. Minnick Morgan Grenfell Capital Member of the Board of Managing
American Management Incorporated Directors, Morgan Grenfell Asset
885 Third Avenue Management Limited
32nd Floor
New York, NY 10022-4802 USA
Stuart W. Mitchell Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Roger P. Morris Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Norman L. Murray Morgan Grenfell Asset Management Member of the Board
British Limited of Managing Directors, Morgan
20 Finsbury Circus Grenfell Asset Management Limited
London, England
EC2M 1NB
Alan Nesbit Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Simon D. Peck Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Christopher M. Phillips Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors,
20 Finsbury Circus Morgan Grenfell Asset Management
London, England Limited
EC2M 1NB
James A.J. Pulsford Deutsche Morgan Grenfell Member of the Board of Managing
British Asset Management (Japan) Directors, Morgan Grenfell Asset
Ltd, 19th Floor, Akasaka Park Management Limited
Building, 5-2-20 Akasaka,
Minato-Ku, Tokyo 107
Diane Seymour-Williams Morgan Grenfell Asset Management Member of the Board of Managing
British Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Robert H. Smith Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
William G.M. Thomas Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Simon Treacher Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Patrick N.C. Walker Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Anthony Wilkinson Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
<PAGE>
Egerton J. Wood Morgan Grenfell Asset Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell Asset
20 Finsbury Circus Management Limited
London, England
EC2M 1NB
Hitoshi Yamamoto Deutsche Morgan Grenfell Member of the Board of Managing
Japanese Asset Management (Japan) Directors, Morgan Grenfell Asset
Ltd, 19th Floor, Akasaka Park Management Limited
Building, 5-2-20 Akasaka,
Minato-Ku, Tokyo 107
</TABLE>
<PAGE>
III. MGIM
Each person named below is a director or executive officer of
MGIM, whose principal business is described above in Item 2.
<TABLE>
<CAPTION>
Present Principal
Name and Citizenship Business Address Occupation or Employment
<S> <C> <C>
Gerald Ashby Morgan Grenfell Investment Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell
20 Finsbury Circus Investment Management Limited
London, England
EC2M 1NB
Stephen Barrow Morgan Grenfell Investment Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell
20 Finsbury Circus Investment Management Limited
London, England
EC2M 1NB
Nick Baulch Morgan Grenfell Investment Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell
20 Finsbury Circus Investment Management Limited
London, England
EC2M 1NB
William Chard Morgan Grenfell Investment Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell
20 Finsbury Circus Investment Management Limited
London, England
EC2M 1NB
Alastair Cuming Morgan Grenfell Investment Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell
20 Finsbury Circus Investment Management Limited
London, England
EC2M 1NB
Clive Dennis Morgan Grenfell Investment Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell
20 Finsbury Circus Investment Management Limited
London, England
EC2M 1NB
Charles Ekins Morgan Grenfell Investment Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell
20 Finsbury Circus Investment Management Limited
London, England
EC2M 1NB
Steven Evans Morgan Grenfell Investment Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell
20 Finsbury Circus Investment Management Limited
London, England
EC2M 1NB
Chistina Klein Greubler Morgan Grenfell Investment Member of the Board of Managing
Swiss Management Limited Directors, Morgan Grenfell
20 Finsbury Circus Investment Management Limited
London, England
EC2M 1NB
Peter Noel Sampson Hanbury Morgan Grenfell Investment Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell
20 Finsbury Circus Investment Management Limited
London, England
EC2M 1NB
Mark Holden Morgan Grenfell Investment Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell
20 Finsbury Circus Investment Management Limited
London, England
EC2M 1NB
Mark Hudson Morgan Grenfell Investment Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell
20 Finsbury Circus Investment Management Limited
London, England
EC2M 1NB
<PAGE>
Joanna Lancaster Morgan Grenfell Investment Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell
20 Finsbury Circus Investment Management Limited
London, England
EC2M 1NB
Oliver Larminie Morgan Grenfell Investment Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell
20 Finsbury Circus Investment Management Limited
London, England
EC2M 1NB
Charles McKenzie Morgan Grenfell Investment Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell
20 Finsbury Circus Investment Management Limited
London, England
EC2M 1NB
Alistair Morrison Morgan Grenfell Investment Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell
20 Finsbury Circus Investment Management Limited
London, England
EC2M 1NB
John Murphy Morgan Grenfell Investment Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell
20 Finsbury Circus Investment Management Limited
London, England
EC2M 1NB
Nigel Ridge Morgan Grenfell Investment Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell
20 Finsbury Circus Investment Management Limited
London, England
EC2M 1NB
Karl Sternberg Morgan Grenfell Investment Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell
20 Finsbury Circus Investment Management Limited
London, England
EC2M 1NB
Davina Walter Morgan Grenfell Investment Member of the Board of Managing
British Management Limited Directors, Morgan Grenfell
20 Finsbury Circus Investment Management Limited
London, England
EC2M 1NB
</TABLE>
<PAGE>
SCHEDULE B
Following are the transactions in ADRs effected by the Reporting
Persons and their subsidiaries in the past 60 days.
TRANSACTIONS IN INDUSTRY NATUZZI ADR BETWEEN 05/02/98 AND 06/04/98
<TABLE>
OPERATING TRANSACTION TRADE QUANTITY TRANS TOTAL
COMPANY TYPE DATE (UNITS) PRICE AMOUNT
<S> <C> <C> <C> <C> <C>
MGIM Buy 2/5/98 5000 24.63 123375
MGIM Sell Long 2/9/98 18235 25 454437.47
MGIM Sell Long 2/9/98 1765 25 43985.85
MGIM Buy 2/9/98 2080 25.25 52624
MGIM Buy 2/9/98 2880 25.25 72864
MGIM Buy 2/9/98 990 25.25 25047
MGIM Buy 2/9/98 1950 25.25 49335
MGIS Sell Long 2/9/98 10820 25.22 272208.03
MGIM Sell Long 2/9/98 20370 25.22 512465.59
MGIM Sell Long 2/9/98 1200 25.06 30001.99
MGIM Buy 2/9/98 16070 25.25 406571
MGIM Buy 2/9/98 3190 25.25 80707
MGIM Sell Long 2/10/98 12435 25 309869.83
MGIM Sell Long 2/10/98 1204 25 30002.68
MGIS Sell Long 2/11/98 2974 25 74198.82
MGIM Sell Long 2/11/98 4540 25 113269.22
MGIM Sell Long 2/12/98 1600 25 39902.66
MGIM Sell Long 2/12/98 5640 25 140656.9
MGIM Sell Long 2/12/98 3790 25 94519.44
MGIM Sell Long 2/12/98 3140 25 78308.98
MGIM Sell Long 2/12/98 2880 25 71824.8
MGIS Sell Long 2/13/98 12800 24.75 316021.44
MGIM Buy 2/13/98 270 25.19 6821.03
MGIM Buy 2/13/98 2680 25.19 67705.01
MGIS Sell Long 2/13/98 13000 24.75 320959.28
MGIS Sell Long 2/13/98 1980 24.75 48884.57
MGIM Sell Long 2/13/98 1470 25 35866.77
MGIM Sell Long 2/13/98 830 25 20251.3
MGIM Sell Long 2/13/98 500 25 12199.58
MGIM Sell Long 2/13/98 2650 25 64657.79
MGIM Sell Long 2/13/98 590 25 14395.5
MGIM Sell Long 2/13/98 4740 25 115652.05
MGIM Sell Long 2/13/98 1400 25 34158.83
MGIM Sell Long 2/13/98 1620 25 39526.65
MGIM Sell Long 2/13/98 1830 25 44650.47
MGIM Sell Long 2/13/98 4100 25 100036.58
MGIM Sell Long 2/13/98 1090 25 26595.09
MGIM Sell Long 2/13/98 730 25 17811.39
MGIM Sell Long 2/13/98 2010 25 49042.32
MGIM Sell Long 2/13/98 550 25 13419.54
MGIM Sell Long 2/13/98 1990 25 48554.34
MGIM Sell Long 2/13/98 2250 25 54898.12
MGIM Sell Long 2/13/98 2090 25 50994.25
MGIM Sell Long 2/13/98 1320 25 32206.9
MGIM Sell Long 2/13/98 1030 25 25131.14
MGIM Sell Long 2/13/98 2940 25 71733.55
MGIM Sell Long 2/13/98 1030 25 25131.14
MGIM Sell Long 2/13/98 680 25 16591.43
MGIM Sell Long 2/13/98 720 25 17567.4
MGIM Sell Long 2/13/98 3650 25 89056.95
MGIM Sell Long 2/13/98 5570 25 135903.35
MGIM Sell Long 2/13/98 3650 25 89056.95
MGIM Sell Long 2/13/98 3510 25 85641.07
MGIM Sell Long 2/13/98 750 25 18299.37
MGIM Sell Long 2/13/98 3810 25 92960.82
MGIM Buy 2/16/98 620 24.56 15235.6
MGIM Buy 2/16/98 880 24.56 21624.73
MGIM Buy 2/16/98 910 24.56 22361.94
MGIM Buy 2/16/98 360 24.56 8846.48
MGIM Buy 2/16/98 1003 24.56 24647.28
MGIM Buy 2/16/98 3657 24.56 89865.48
MGIM Buy 2/16/98 880 24.56 21624.73
MGIS Sell Long 2/17/98 4000 23.96 95611.2
MGIS Sell Long 2/17/98 8418 23.96 201213.77
MGIM Sell Long 2/17/98 7440 24.25 179973.6
MGIM Sell Long 2/17/98 15340 24.25 371062.2
MGIM Sell Long 2/17/98 1830 24.25 44266.22
MGIM Sell Long 2/17/98 16710 24.25 404201.39
MGIM Sell Long 2/17/98 20190 24.25 488379.78
MGIM Sell Long 2/17/98 29980 24.25 725191.97
MGIM Sell Long 2/17/98 8510 24.25 205849.94
MGIM Sell Long 2/17/98 2140 23.96 51151.99
MGIM Sell Long 2/20/98 1650 24.88 40890.29
MGIM Sell Long 2/20/98 1470 24.88 36317.32
MGIM Sell Long 2/23/98 1800 25.45 45708.39
MGIM Sell Long 2/26/98 4620 24.94 115177.84
MGIM Sell Long 2/26/98 6820 24.61 167453.95
MGIM Sell Long 2/27/98 3000 24.25 72567.57
MGIM Sell Long 3/2/98 3000 24.83 74317.51
MGIFM Buy 3/4/98 7810 25.5 199779.8
MGIM Sell Long 3/6/98 1630 25.06 40768.81
MGIM Buy 3/9/98 900 24.44 22065.75
MGIM Sell Long 3/9/98 7810 24.25 188917.58
MGIM Sell Long 3/9/98 610 24.25 14755.4
MGIM Sell Long 3/10/98 3730 24.25 90225.68
MGIM Sell Long 3/10/98 2490 24.25 60181.28
MGIM Buy 3/11/98 3830 25.07 96018.1
MGIM Sell Long 3/11/98 3404 25 84895.76
MGIM Buy 3/13/98 780 25.27 19779.59
MGIS Sell Long 3/17/98 1000 25.13 25064.16
MGIM Sell Long 3/19/98 1670 26.13 43527.09
MGIS Sell Long 3/19/98 4000 26.13 104256.51
MGIM Sell Long 3/23/98 825 27.63 22748.12
MGIM Sell Long 3/24/98 1180 27.5 32385.1
MGIM Sell Long 3/24/98 18000 26.52 476701.48
MGIM Sell Long 3/25/98 13280 26.1 346004.15
MGIM Buy 3/26/98 560 26.63 14910
MGIFM Buy 3/27/98 7480 26.6 199581.36
MGIFM Buy 3/27/98 2410 26.6 64303.62
MGIS Buy 3/27/98 12780 26.6 340995.96
MGIFM Buy 3/27/98 590 26.6 15742.38
MGIM Sell Long 3/31/98 644 27.5 17677.2
MGIS Buy 4/3/98 1340 26.44 35426.25
MGIS Sell Long 4/6/98 200 25.5 5099.83
</TABLE>
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
1 Consent of Morgan Grenfell Asset Management
Limited
2 Consent of Morgan Grenfell Investment
Management Limited
<PAGE>
EXHIBIT 1
Consent of Morgan Grenfell Asset Management
The undersigned agrees that the Schedule 13D/A executed by Deutsche
Bank AG to which this statement is attached as an exhibit is filed on behalf of
Deutsche Bank AG, Morgan Grenfell Asset Management Limited and Morgan Grenfell
Investment Management Limited pursuant to Rule 13d-1(f)(1) of the Securities
Exchange Act of 1934.
Dated: April 28, 1998
MORGAN GRENFELL ASSET MANAGEMENT
LIMITED
By: /s/ Andrew Hume
---------------------------------
Name: Andrew Hume
Title: Senior Associate Director
<PAGE>
EXHIBIT 2
Consent of Morgan Grenfell Investment Management Limited
The undersigned agrees that the Schedule 13D/A executed by Deutsche
Bank AG to which this statement is attached as an exhibit is filed on behalf of
Deutsche Bank AG, Morgan Grenfell Asset Management Limited and Morgan Grenfell
Investment Management Limited, pursuant to Rule 13d-1(f)(1) of the Securities
Exchange Act of 1934.
Dated: April 28, 1998
MORGAN GRENFELL INVESTMENT
MANAGEMENT LIMITED
By: /s/ Andrew Hume
---------------------------------
Name: Andrew Hume
Title: Senior Associate Director
