SNH 201801040036A
Steinhoff – Liquidity update and Management Board changes

Steinhoff International Holdings N.V.
(Incorporated in the Netherlands)
(Registration number: 63570173)
Share Code: SNH
ISIN: NL0011375019



Steinhoff – Liquidity update and Management Board changes
Steinhoff International Holdings N.V. (the “Company” and with its subsidiaries, the “Group”)


Liquidity update
The interaction with Steinhoff’s global banking and financing partners following the meetings
with lenders in London on 19 December 2017 and with South African lenders on the 21st of
December are ongoing. While the Group has achieved some degree of stabilisation in its
operating businesses, significant near-term liquidity is still required in certain of the business
units. The Supervisory and Management Boards of the Company remain committed to work
with its lenders and other finance providers in finding solutions and to return liquidity to the
Group in order to stabilise the affected underlying operations and will update the market in
due course.



Management changes

Further to the Company’s announcement of 19 December 2017 confirming the strengthening
of the Management Board through the designation of Danie van der Merwe as acting Chief
Executive Officer (CEO) and the nominations of Alexandre Nodale as Deputy CEO and Louis
Du Preez as Commercial Director, further changes to the management of the Company have
been made.

   •   Current CFO, Ben la Grange has today stepped down as CFO and as a member of the
       Management Board to focus on the preservation and procurement of liquidity in the
       Group, in addition to the finalisation of the Company’s audited 2017 consolidated
       financial statements and comparative statements.
   •   Philip Dieperink will replace Ben as acting CFO pending formal appointment to the
       Management Board of the Company. Philip has been with the Group in various CFO
       positions since 2001, and will remain as the CFO of Steinhoff UK. The nomination of Philip
       Dieperink will be submitted to the general meeting of the Company for appointment
       in due course.
   •   It is further intended that an external independent debt restructuring expert (a Chief
       Restructuring Officer) will be contracted to assist with these matters and a process to
       identify such person is underway.
   •   Johan Geldenhuys will join the executive committee as head of treasury, Johan has
       been with the Group since 2010, following a 24 year career with Absa Bank.


The Supervisory Board will continue to keep the governance of the Group under review and a
number of candidates are being approached to strengthen the independence of the
Supervisory Board.
The road ahead

In the immediate term, the Supervisory and Management Boards are focused on stabilising
the business following the events of late last year. The boards thus start the year with three main
priorities:

   •   Preserving and procuring liquidity, to stabilise the relevant underlying businesses and to
       ensure that the intrinsic value of assets can be protected;
   •   Completing the 2017 (and restated prior years) audited consolidated financial
       statements as soon as possible; and
   •   Finalising the independent forensic investigation into accounting irregularities as a
       matter of urgency.



Shareholders and other investors in the Company are advised to exercise caution when
dealing in the securities of the Group.


JSE Sponsor: PSG Capital
Stellenbosch, 4 January 2018

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