Steinhoff Global Settlement - Update

Steinhoff Global Settlement - Update

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 GLOBAL SETTLEMENT - UPDATE

Steinhoff International Holdings N.V. ("SIHNV" or the "Company" and together with its
subsidiaries, "Steinhoff") together with Steinhoff International Holdings Proprietary Limited
("SIHPL") announce the following updates in relation to implementation of the Steinhoff Global
Settlement.

SIHPL Sanction Hearing

As previously announced, SIHPL's application for sanction of its section 155 proposal following
the overwhelming support obtained in all three creditors' meetings was originally scheduled
to be heard on an urgent basis on 30 September 2021.

As a result of the new interventions and opposition received following those creditors' meetings
by Trevo Capital Limited, certain parties affiliated with Messrs Van Huyssteen and Mostert and
(separately) Mr Lamprecht the matter was referred to the case management judge in the
Western Cape High Court (the "Court") on Wednesday 6 October 2021 to find alternative
dates. The Company has today been notified by the Court that the sanction application has
been set down for a hearing on 24 to 28 January 2022. The parties are required to agree a
timetable for the filing of further papers, prior to the hearing.

In the meantime, any persons who believe they are claimants under the Steinhoff global
settlement are reminded that they may still submit any claims to the verification process as
part of the SI55 Proposal. Details of the claim process can be found at:
https://www.steinhoffsettlement.com

Extension of Margin Lenders Support

On 15 February 2021, Steinhoff announced that an agreement had been reached, in principle,
between, among others, SIHNV, SIHPL, Conservatorium Holdings LLC ("Conservatorium") and
certain entities linked to Christo Wiese, subject to a number of conditions. The essential terms
of the agreement (the "Margin Lender Settlement Agreement") are summarised at paragraphs
1.36 - 1.40 of SIHPL's amended section 155 Proposal published on 11 August 2021 (the "S155
Proposal").

In light of the failure of one of its conditions (the requirement that Settlement Effective Date
occur by September 30, 2021), an amendment to the Margin Lender Settlement Agreement
has been agreed among the parties to it. The settlement proceeds on the terms summarised
in paragraph 1.37.2 of the S155 Proposal save that the relevant claims will be settled subject
to and upon the occurrence of the Settlement Effective Date in exchange for settlement
consideration calculated with reference to a base sum of €61 million which will now be paid
50% in cash (€30.5m) and, as previously, 50% in the cash value of PPH Shares at a deemed
settlement price of R15.00 per share but calculated as at 1 October 2021 with the result of
fixing the amount payable at €43.4m. The two components of the settlement consideration
will each be payable within a specified period following the Settlement Effective Date.

The terms of the Margin Lender Settlement Agreement otherwise remain substantially the
same. The quantum of reduction of the Intercompany Receivables following the Settlement
Effective Date referenced in paragraphs 1.37 and 1.39 of the S155 Proposal will remain
unchanged, so that the associated reduction of the value of SIHPL's assets shown in the S155
Proposal and in its projected balance sheet will be the same as previously. Further, it will remain
the case that, as per paragraph 1.38 of the S155 Proposal, the payment of the settlement
consideration and related transactions will have no effect on the settlement consideration
respectively payable pursuant to the S155 Proposal to Contractual Claimants and SIHPL Market
Purchase Claimants. Accordingly, no scheme creditor of or other claimant against SIHPL is
affected by the amendment.

Further updates on the progress towards implementation of the global litigation settlement will
be provided in due course.

The Company has a primary listing on the Frankfurt Stock Exchange and a secondary listing on
the JSE Limited.

Stellenbosch, South Africa

14 October 2021

JSE Sponsor: PSG Capital

Date: 14-10-2021 01:40:00
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