DGAP-Adhoc

Steinhoff International Holdings N.V. : - Seite 3

For the avoidance of doubt, the Second Settlement Portion does not apply to the BVI and Cronje 7 SIHPL contractual claims (as defined and referred to in the S155 Proposal), the terms of which remain as announced by Steinhoff on 3 September 2021.

Amendments to the proposed SIHPL/Titan Loan

As described in the S155 Proposal, on the Settlement Effective Date SIHPL, Titan Premier Investments (Pty) Ltd ("Titan") and Thibault Square Financial Services (Pty) Ltd ("Thibault") will enter into a payment agreement on terms summarised in the S155 Proposal (the "Payment Agreement"). Subject to resolution of the litigation with Titan affiliates described above, SIHPL intends to amend, and SIHPL has sought (but not yet received) confirmation of sufficient support from SIHPL financial creditors in accordance with the proposed SIHPL Intercreditor Agreement (which will come into effect on Settlement Effective Date) to consent to amend, the terms of the Payment Agreement immediately following the Settlement Effective Date, as follows:

(1) the "Payment Date" under the Payment Agreement will be amended to the first business day after the tenth anniversary of the date of the Payment Agreement; and

(2) the applicable interest rate (referred to as the "Specified Rate") under the Titan Payment Agreement will be zero.

Other maturity and payment dates under the SIHPL finance documents (including the S155 Settlement Note) will be amended to remain at the originally expected date of 5 years 6 months after the Settlement Effective Date.

Update on Hamilton Support

SIHNV refers to its announcement of 11 August 2021, in which it confirmed the in-principle support of the active claimant group, Hamilton. Steinhoff confirms that Hamilton entities have now entered into a settlement support letter with SIHNV and SIHPL to confirm their support for the Steinhoff global settlement proposal. The settlement support terms agreed by Hamilton do not extend to the arrangements in place with the third parties (the former auditors and D&O insurers) which remain to be finalised between those parties. The Hamilton settlement support letter includes provision for a contribution of EUR 500,000 in respect of legal costs incurred by Hamilton in the course of the recent S.45 proceedings and the class composition proceedings before the High Court of South Africa.