STEINHOFF ENTERS JOINT VENTURE WITH LA-Z-BOY INC

STEINHOFF INTERNATIONAL HOLDINGS LIMITED
  (Incorporated in the Republic of South Africa)
  (Registration number 1998/003951/06)
  Share code: SHF  ISIN: ZAE000016176
  ("Steinhoff")
LA-Z-BOY INCORPORATED
  (Incorporated in the United States of America)
  ("La-Z-Boy Inc")
STEINHOFF ENTERS JOINT VENTURE WITH LA-Z-BOY INC
RELATING TO THE FORMATION OF LA-Z-BOY EUROPE
INTRODUCTION

Gensec Bank Limited is authorized to announce that an agreement has been
concluded between Steinhoff Europe AG (a wholly-owned subsidiary of

Steinhoff) ("Steinhoff Europe") and La-Z-Boy Inc in terms of which a joint
venture will be established in Continental Europe for the design,

manufacture, marketing and distribution of motion furniture throughout
Europe under the "La-Z-Boy" trademark ("the JV" or "the La-Z-Boy JV"). The
JV will be incorporated and headquartered in The Netherlands, whilst

initially utilizing Steinhoff's manufacturing facilities based in Germany.
RATIONALE

Steinhoff Europe and La-Z-Boy Inc ("the JV partners") will each have a 50%
ownership interest in the JV which will be named "La-Z-Boy Europe". The main
objective of the JV will be to design, manufacture, market and sell,

furniture products under the "La-Z-Boy" name and in accordance with La-Z-Boy
Inc's standards and quality requirements.

   The formation of the JV combines the strength and goodwill attaching to
the La-Z-Boy brand with Steinhoff's substantial technical, manufacturing and
distribution capabilities, which should ideally position the JV to optimally
exploit the opportunities available to it in Europe. Steinhoff is envisaged
to benefit significantly as a result of the incremental business it will
realise from offering its European customers top quality products under the
world-known La-Z-Boy brand.
MANAGEMENT OF THE JV

The JV will be managed by a board of directors comprising an equal number of
representatives to be nominated by each of the JV partners. While a managing
director has yet to be named, Messrs Ralph Rengshausen and Tom Zollar have
been appointed as executive directors of the JV.
INFORMATION ON LA-Z-BOY INC AND STEINHOFF

La-Z-Boy Inc is a public company incorporated in the State of Michigan
U.S.A.

   With annual sales in excess of ZAR20 billion (US$2 billion), La-Z-Boy Inc
is one of the world's largest residential furniture producers, with

manufacturing operations in ten American states and four other foreign
countries. The La-Z-Boy Inc family of companies produce furniture for every
room of the home and office under the brand names Alexvale, American Drew,
Bauhaus, Centurion, Clayton Marcus, England, Hammary, HickoryMark, Kincaid,
La-Z-Boy, La-Z-Boy Contract Furniture Group, Lea, Pennsylvania House and Sam
Moore. In addition, La-Z-Boy Inc is a leading manufacturer of contract
furniture for the hospitality and assisted-living markets under the American
of Martinsville brand name. La-Z-Boy Inc's shares are listed on the New York
and Pacific Stock Exchanges under the trading symbol: "LZB". Its current
market capitalisation amounts to ZAR13,2 billion (US$ 1,266 billion).
Additional information on La-Z-Boy Inc is available at www.lazboy.com.
   Steinhoff was founded in Westerstede, Germany, in 1964 and is one of the
largest lifestyle product suppliers in Europe, Australia and South Africa.
Steinhoff has more than 90 production facilities and employs approximately
21 000 employees worldwide. Its business comprises an integrated (and to a
large extent self-sufficient in respect of raw materials) manufacturer and
distributor of lifestyle products, including upholstered furniture and beds.
   Steinhoff's own non-South African logistics interests and investment in
the logistics joint venture with Unitrans Limited, provide for the expedient
distribution of goods and the La-Z-Boy JV will also benefit from this
distribution capability. Steinhoff was listed on the JSE Securities Exchange
South Africa in 1998 and its current market capitalisation is approximately
ZAR6,8 billion. Additional information on Steinhoff is available at
www.steinhoffinternational.com.
FINANCIAL EFFECTS

Although the formation of the JV will have no immediate effect on the
headline earnings and tangible net asset value per share of Steinhoff,
substantial benefits are expected to be derived therefrom in the medium to
longer term.
GENERAL

This announcement is published in South Africa solely for information
purposes, given its strategic importance to Steinhoff.
   4 December 2001
   Wynberg, Sandton
Sponsor to Steinhoff in South Africa
  Gensec Bank Limited
  (Registration number 1996/004744/06)