SNH SHFF 201904050022A
Steinhoff - Update On Financial Reporting Timeline

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

Steinhoff Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1954/001893/06)
JSE Code: SHFF
ISIN: ZAE000068367

STEINHOFF - UPDATE ON FINANCIAL REPORTING TIMELINE

Steinhoff International Holdings N.V. (the "Company") (together with its subsidiaries, the
"Group")

Introduction

The Group is today providing a further update on the progress of its financial reporting
process, and the expected timetable for publishing the audited Group financial statements
for 2017 and 2018, as well as those of the wholly-owned subsidiary Steinhoff Investment
Holdings Ltd for the same periods.

Financial reporting

The release of the PwC forensic report on 15 March 2019, although later than originally
envisaged, was a critical milestone in the process of finalising the Group's financial
statements for financial years 2017 and 2018. Since that date, significant progress has been
made in analysing, assessing and finalising the accounting treatment required for the
numerous transactions identified in the report.

The issues highlighted have proved to be exceptionally complex in both accounting and
auditing terms and Steinhoff wishes to be diligent in ensuring that all issues are correctly
dealt with and disclosed in the Group's annual financial statements. Substantial progress
has now been achieved with this task. We have also made substantial progress with
Deloitte, the Group's external auditor, on the audit process and we expect to conclude on
the remaining principle issues in the next week.

The track and trace process required to ensure that all appropriate adjustments and
journals are audited at each subsidiary and sub-consolidation level, however, is proving to
be far more complex and time consuming than expected. This is a key area required to
ensure that the Group's financial statements reflect the appropriate adjustments in each
year. The complexity of tracing the adjustments has consumed resource and has slowed
down the process considerably, with the result that Deloitte now require additional time to
be in a position to arrive at their audit opinion.

Unfortunately, in light of the above, and despite significant efforts being exerted by all
parties, it is now clear that the mid-April timeline for completing the Group consolidated
financial reporting and related audit processes cannot be met.

To ensure that essential financial information is communicated as quickly as possible, the
Group has taken the decision to prioritise delivery of the 2017 Group financial statements,
with those for 2018 to follow. While substantial work has already been done on the 2018
Group financial statements, under the revised approach they will be announced six weeks
after the 2017 Group financial statements.

Revised timetable

The Management Board have met with Deloitte and agreed with them that a revised
timeline was required for the completion of each set of outstanding group annual financial
statements.

The Group estimates that it will publish its audited financial statements on the following
dates:

    •   Group 2017 financial results – 7 May 2019,
    •   Group 2018 financial results – 18 June 2019,
    •   Steinhoff Investment Holdings Ltd 2017 – 28 June 2019, and
    •   Steinhoff Investment Holdings 2018 – 28 June 2019.

This revised timetable is also expected to impact the timing of the release of the unaudited
2019 interim results, currently scheduled for 28 June 2019. The Group will update the market
with a new date in due course.

Philip Dieperink, Chief Financial Officer, said:

"We sincerely regret this further delay. While substantial progress has been made, the
volume and complexity of the accounting and audit work required to address the
numerous transactions identified in the PwC report and the distraction of the CVA
challenge have combined to create a significantly greater workload than was anticipated
at the time the mid-April target was agreed. Substantial progress has been made and
despite a major and sustained effort from the whole team, more time is required.

"Having conducted a thorough review of all matters outstanding with Deloitte, we have set
a new timetable that we believe is achievable. We have a clear view of the task ahead
and I would like to assure all stakeholders that we continue to apply maximum effort to
bring this process to a conclusion."

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, 5 April 2019

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