Steinhoff International Holdings N.V. : Management

Steinhoff - Management

Steinhoff International Holdings N.V. (the "Company")

The Company is providing the following update to its various announcements in December 2017 (December events).

Following the resignation of Dr Christo Wiese, as announced on 15 December 2017, herewith an update on the management and governance structure of Steinhoff International Holdings N.V. (Steinhoff). The Supervisory Board has appointed Ms. Heather Sonn as acting Chair of the company. She is also a member of the independent committee of the Supervisory Board charged with providing stable leadership and oversight to Steinhoff during this period. The other members of the independent committee are Dr. Johan van Zyl, who chairs the independent committee and Dr. Steve Booysen, who also chairs the Audit Committee of the Supervisory Board.

Steinhoff is structured according to the Dutch governance convention of a Supervisory Board of non-executive directors and a Management Board, comprising executive directors. The Supervisory Board of Steinhoff confirms that the Management Board of Steinhoff continues to exercise the executive function of the group.

The management board has been strengthened by the appointment of an acting Chief Executive officer (CEO) and deputy CEO and by the appointment of two additional members; Daniel Maree van der Merwe, formerly Chief Operating Officer, is appointed acting Chief Executive Officer of the group; Alexandre Nodale, CEO of Conforama is appointed as Deputy CEO of the group and will bring additional financial oversight and European retail experience to the board (Alexandre will remain CEO of Conforama). In addition Louis du Preez, an experienced attorney, specialising in corporate and commercial matters is appointed as Commercial Director.

The Management Board thus comprises Daniel Maree van der Merwe, (Acting Chief Executive Officer), Alexandre Nodale (Deputy CEO), Andries Benjamin la Grange (Chief Financial Officer), and Louis du Preez, (Commercial Director).

The Management Board is supported by the full range of executive functions, such as treasury, legal, secretarial, human resources and the like. This team has been working together for many years in assisting global group operations.

Stakeholders are reminded that the Steinhoff business is managed on a decentralised basis with competent, experienced, and local operational teams. Inter alia;

- The Conforama group operates decentralised in eight countries with both the CEO of France and the CEO of foreign (ex France) operations reporting to Alexandre Nodale.

- Andy Bond and his executive committee leads the European general merchandise and variety discount business, the fastest growing business in the Steinhoff stable.

- Leon Lourens, joined Pepkor 23 years ago and was recently promoted to CEO of STAR, having fulfilled the role of CEO of PEP (the biggest retail business within the STAR stable).

- Steve Stagner (executive chairman) and Ken Murphy (CEO) oversaw Mattress Firm's initial public offering in the United States of America in 2011 and guided the company's growth from $400 million in sales to over $3.5 billion in pro forma sales in 2015. The team is supported by Sean Summers.

- Michael Ford, a successful and respected business leader in Australia, was recently appointed as the CEO of the Asia Pacific business, and is supported by an experienced team of business specific CEO's most of which has been with the businesses in excess of 10 years.

- Peter Pohlman remains as chairman of ERM overseeing the household goods retail businesses in Austria, Central and Eastern Europe and Germany. Peter is supported by strong CEOs and their executive teams in both these countries.

The group confirms that the entire global team is focused on managing their businesses, and the group's 130 000 employees globally, through this time.