STEINHOFF INVESTMENT HOLDINGS LIMITED - Steinhoff Investments Clarification Announcement: Modified Audit Opinion

Steinhoff Investments Clarification Announcement: Modified Audit Opinion

Steinhoff Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1954/001893/06)
JSE Code: SHFF
ISIN: ZAE000068367
("Steinhoff Investments", "Company" or the "Group")

STEINHOFF INVESTMENTS CLARIFICATION ANNOUNCEMENT: MODIFIED AUDIT OPINION

Shareholders of the Company and holders of the cumulative, non-redeemable, non-participating,
variable rate preference shares issued by Steinhoff Investment Holdings Limited are referred to the
short form annual results announcement dated 29 May 2020. The Company advised, in that
announcement, that the annual results had been audited by the Company’s auditors, Mazars, who
expressed a modified audit opinion thereon. The Company wishes to clarify that the modified audit
opinion included:
    a) a disclaimer of opinion on the consolidated and separate financial performance and
        consolidated and separate cash flows;
    b) a qualified opinion on the consolidated and separate financial position;
    c) a paragraph on material uncertainty relating to going concern as a result of the material
        uncertainty as to the ultimate impact of litigation and claims and regulatory enforcement on
        the liquidity of the Group; and
    d) reportable irregularity in terms of the Auditing Profession Act which was reported to the
        Independent Regulatory Board for Auditors. As a result of the delay in publishing prior period
        financial statements, non-compliance of laws and regulations has been noted:
           i.    Non-compliance of Companies Act requirements as annual financial statements for
                 various individual entities have not been signed off within six months after year-end;
          ii.    Non-compliance of JSE Listing Requirements as Steinhoff Investments has not
                 published interim and final results for several years, and
          iii.   Non-compliance of the Income Tax Act as the Group has not filled annual income tax
                 returns for several entities as a result of the annual financial statements not being
                 finalised for past years.

Shareholders are referred to the auditors report forming part of the full annual financial statements
for a detailed understanding of the modifications. The full auditor’s report is available, along with the
annual financial statements, on the Company’s website (http://www.steinhoffinternational.com).

JSE Sponsor: PSG Capital
Stellenbosch, 8 June 2020

Date: 08-06-2020 01:00:00
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