SNH: STEINHOFF INTERNATIONAL HOLDINGS N.V. - Steinhoff - Liquidity update and Management Board changes

SNH: STEINHOFF INTERNATIONAL HOLDINGS N.V. - Steinhoff - Liquidity update and Management Board changes 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. o 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. o 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. o 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. o 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: o Preserving and procuring liquidity, to stabilise the relevant underlying businesses and to ensure that the intrinsic value of assets can be protected; o Completing the 2017 (and restated prior years) audited consolidated financial statements as soon as possible; and o 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 Date: 04/01/2018 05:44:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.