STEINHOFF RESULTS OF GENERAL MEETING,RIGHTS OFFERS,OFFERS TO CORNICK

STEINHOFF INTERNATIONAL HOLDINGS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 98/03951/06)
("STEINHOFF")

RESULTS OF GENERAL MEETING, RIGHTS OFFER AND OFFERS TO THE SHAREHOLDERS OF
CORNICK GROUP LIMITED
THE BUSINESS BANK IS AUTHORISED TO ANNOUNCE THAT:

-  ALL OF THE RESOLUTIONS PROPOSED AT THE GENERAL MEETING OF STEINHOFF
SHAREHOLDERS HELD ON FRIDAY, 25 JUNE 1999 WERE APPROVED BY THE REQUISITE
MAJORITIES OF SHAREHOLDERS AND THE SPECIAL RESOLUTION HAS SUBSEQUENTLY BEEN
REGISTERED WITH THE REGISTRAR OF COMPANIES;

-  SHAREHOLDERS OF CORNICK GROUP LIMITED ("CORNICK")  HOLDING AN AGGREGATE OF
32 809 231 CORNICK SHARES ELECTED TO RECEIVE THE SHARE ALTERNATIVE OF ONE FULLY
PAID STEINHOFF SHARE AT 425 CENTS PER SHARE FOR EACH CORNICK SHARE HELD AND
SHAREHOLDERS HOLDING AN AGGREGATE OF 9 769 045 CORNICK SHARES ELECTED TO
RECEIVE THE CASH ALTERNATIVE OF 382,5 CENTS PER SHARE PURSUANT TO THE VOLUNTARY
WINDING UP OF CORNICK. CONSEQUENTLY THE PURCHASE CONSIDERATION PAID BY
STEINHOFF FOR THE ACQUISITION OF CORNICK'S OPERATING AND OTHER SUBSIDIARIES
AMOUNTS TO R176 805 829, BEING AN AMOUNT OF R139 439 232 SATISFIED BY THE
ALLOTMENT OF 32 809 231 STEINHOFF SHARES AT 425 CENTS PER SHARE AND A CASH
PAYMENT OF R37 366 597; AND

-  THE RIGHTS OFFER TO STEINHOFF SHAREHOLDERS AND THE RELATED NON-RENOUNCEABLE
OFFER TO CORNICK SHAREHOLDERS ATTRACTED APPLICATIONS FOR 4998592 STEINHOFF
SHARES (INCLUSIVE OF EXCESS APPLICATIONS) IN THE AGGREGATE. THE BALANCE OF THE
RIGHTS OFFER HAS BEEN SUBSCRIBED FOR BY THE UNDERWRITER AND ITS NOMINEES.
EXCESS APPLICATIONS HAVE BEEN ALLOCATED IN FULL.

SHARE CERTIFICATES IN RESPECT OF THE RELEVANT STEINHOFF SHARES WILL BE POSTED
TO SHAREHOLDERS ENTITLED THERETO TODAY. CHEQUES IN RESPECT OF THE CORNICK CASH
ALTERNATIVE HAVE BEEN POSTED ON TUESDAY, 29 JUNE 1999.
EPPING
2 JULY 1999
MERCHANT BANK
THE BUSINESS BANK
A NEW FORCE IN MERCHANT BANKING
ATTORNEYS
DYASON ATTORNEYS
AUDITORS
DELOITTE & TOUCHE
CHARTERED ACCOUNTANTS

DELOITTE & TOUCHE CORPORATE FINANCE (PROPRIETARY) LIMITED
REGISTRATION NUMBER 96/00034/07
UNDERWRITER
INVESTEC GUINNESS FLIGHT
GLOBAL ASSET MANAGEMENT
SPONSORING BROKERS
BOE SECURITIES (PTY) LIMITED
(REGISTRATION NUMBER 96/15589/07)
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
PSG SECURITIES LIMITED
(REGISTRATION NUMBER 96/00509/06)
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
STANDARD EQUITIES (PTY) LIMITED
(REGISTRATION NUMBER 72/08305/07)
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE