STEINHOFF INTERNATIONAL HOLDINGS N.V. - Steinhoff Progress On Resolving Challenge To The Implementation Of The SEAG CVA

Steinhoff – Progress On Resolving Challenge To The Implementation Of The SEAG CVA

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 – PROGRESS ON RESOLVING CHALLENGE TO THE IMPLEMENTATION OF THE SEAG CVA

Steinhoff International Holdings N.V. (the “Company” and with its subsidiaries, the “Group”)

Defined terms used but not otherwise defined in this announcement shall have the same
meaning as in the company voluntary arrangement proposed in relation to SEAG (the "SEAG
CVA") and/or the company voluntary arrangement proposed in relation to SFHG (the "SFHG
CVA") (as applicable and as the context dictates).

As reported previously, the SEAG CVA and the SFHG CVA were both approved by significant
majorities of their respective creditors and by their members at meetings held on 14 December
2018. The SEAG CVA documentation and SFHG CVA documentation can be downloaded at
www.lucid-is.com/steinhoff.

As reported on 11 January 2019 and referred to in subsequent announcements, on 10 January
2019 SEAG was notified of an application issued by LSW, a company claiming to be a creditor
of SEAG, challenging the SEAG CVA (the “Application”).

On 21 March 2019, SEAG and SFHG launched CVA Consent Request No. 2 which proposed
certain amendments and modifications to the SEAG CVA, the SFHG CVA and certain of the
Restructuring Documents in order to address certain of the grounds of challenge asserted by
LSW in the Application. The requisite majority of creditors of SEAG and SFHG provided their
consent to the proposed amendments set out in CVA Consent Request No. 2. Accordingly,
the SEAG CVA, the SFHG CVA and the relevant Restructuring Documents have been
amended and restated and will be available at www.lucid-is.com/steinhoff.

On 28 March 2019, the Company and LSW agreed that the Application be dismissed on
consensual terms. The parties accordingly filed with the court a Consent Order giving effect
(if and when approved by the court) to that agreement.

Once the court has approved the Consent Order, the Supervisors and SFHG Supervisors will
update the CVA Creditors and SFHG Creditors (as applicable) pursuant to the terms of the
CVA and the SFHG CVA (as applicable).

It remains the objective of the Group to complete the Restructuring as soon as possible.
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, 29 March 2019

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