STEINHOFF INTERNATIONAL HOLDINGS N.V. - Update on Steinhoff Global Settlement

            
SNH SHFF
Update on Steinhoff Global Settlement

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

Update on Steinhoff Global Settlement
Further to the announcement on 27 July 2020 (the July Announcement) by Steinhoff International
Holdings N.V. (SIHNV and together with its subsidiaries, Steinhoff) and, the former South African
holding company, Steinhoff International Holdings Proprietary Limited (SIHPL), of a proposal to
settle the various legacy litigation and claims against Steinhoff (the Proposed Settlement), Steinhoff
is providing the following updates on the settlement process:

Implementation Progress

Steinhoff has been in active discussions with litigants, their legal representatives, creditors and other
relevant parties throughout the period since the July Announcement. While the number of parties
involved, across multiple jurisdictions, has made the process more complex and time-consuming than
originally anticipated, real progress has now been made to clarify key points and to continue the
preparatory work necessary to implement the proposal and to settle the various claims against
Steinhoff. While further work is required to achieve this outcome, including securing the support of
certain counterparties who have not yet agreed to do so, the process remains on track.

Launch of Consent Request to Financial Creditors

As noted in the July Announcement, the Proposed Settlement requires the approval of Steinhoffs
financial creditors. A consent request has been launched today to obtain the formal support of the
financial creditors to the terms and proposed implementation of the settlement. The period in which
to obtain consents under the various finance documents is expected to last approximately three
weeks. Steinhoff anticipates that it will receive the necessary consents within this timeframe. For
certain of Steinhoffs financial instruments, all lender consent is required (although abstention is not
a vote against the proposal) and, in the event that the necessary consent levels are not achieved,
SIHNV will consider using a UK scheme of arrangement to obtain the required consents. Such a
scheme (if required) would take approximately eight weeks following the expiry of the lender consent
deadline.

Application to the South African Reserve Bank

Steinhoff has recently applied to the Financial Surveillance Department of the South African Reserve
Bank (Finsurv) for consent to the cross-border payments to be made as part of the Proposed
Settlement. There is no fixed timetable for Finsurv to respond to the application, but Steinhoff expects
to remain in active discussions with Finsurv on its application.

Louis du Preez, Chief Executive Officer and Management Board member, said:

Settlement of the legacy legal claims against Steinhoff remains our top priority and we are fully
focused on securing the route towards the implementation of our previously announced proposal.
Discussions with the various parties are progressing and the actions being announced today
demonstrate that headway is being made.

We remain confident that the proposed settlement is in the best interests of all stakeholders and we
look forward to receiving the levels of support necessary for implementation of the proposed
settlement.

Further Information

Further information on the Proposed Settlement, including a Frequently Asked Questions document,
is available on the following website: https://www.steinhoffinternational.com/settlement-litigation-
claims.php.

On this website, claimants may submit their contact and claim details, inform Steinhoff of their
intention to support the Proposed Settlement and register for updates. Alternatively, Steinhoffs
investor relations team can be contacted by email at settlement@steinhoff.co.za or
settlement@steinhoffinternational.com.

Further updates on progress to finalise and implement the Proposed Settlement will be provided in
due course.

JSE Sponsor: PSG Capital
Stellenbosch, South Africa

9 October 2020

Date: 09-10-2020 03:25:00
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