DGAP-News: Steinhoff International Holdings N.V. / Key word(s): Miscellaneous 
Steinhoff International Holdings N.V. : UPDATE ON SETTLEMENT IMPLEMENTATION PROGRESS AND AN INCREASED SETTLEMENT 
PROPOSAL 
2021-07-16 / 15:50 
The issuer is solely responsible for the content of this announcement. 
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STEINHOFF INTERNATIONAL HOLDINGS N.V. - UPDATE ON SETTLEMENT IMPLEMENTATION PROGRESS AND AN INCREASED SETTLEMENT 
PROPOSAL 
Overview 
Steinhoff International Holdings N.V. ("SIHNV" or the "Company", together with its subsidiaries, "Steinhoff" or the " 
Steinhoff Group") and the former South African holding company for such subsidiaries, Steinhoff International Holdings 
Proprietary Limited ("SIHPL"), are providing their respective stakeholders with updates on two important matters: 
1) Intention to progress implementation of the global settlement proposal 
The Steinhoff Group continues to progress the implementation of its global settlement proposal, notwithstanding the 
legal challenges in the period since its launch. To date, the Steinhoff global settlement proposal has received support 
from a substantial number of Contractual Claimants and Market Purchase Claimants, including four out of the six Active 
Claimant Groups ("ACGs") and the Vereniging van Effectenbezitters ("VEB"). The supporting ACGs and the VEB represent 
former shareholders and all have extensive international experience in the litigation and settlement of shareholder 
claims. 
Steinhoff continues to believe that the Steinhoff global settlement proposal, including the materially increased offer 
described below, represents a significantly better outcome for litigants and creditors relative to the outcomes in the 
event of no settlement. The settlement will resolve both legacy claims and, in SIHPL's case, the recent dispute 
regarding the SIHPL contingent payment undertaking. 
Both the SoP process (for SIHNV) and the section 155 process (for SIHPL) will provide claimants and/or their 
representatives with an opportunity to vote on the proposals. Steinhoff urges stakeholders to avoid further delay and 
to support progress of the proposals for approval by claimants and the courts. 
2) A material increase in the settlement offer 
There has been a material improvement in the underlying financial and operational performance of the Steinhoff Group 
since the announcement of the settlement proposal in July 2020, when both Covid-19 and adverse currency movements had 
negatively impacted the financial resources available to fund a global settlement. The Steinhoff global settlement 
proposal was constructed to present claimants with a better outcome than the likely alternative. In line with that 
approach, as the current value of the Steinhoff Group's investments has improved, Steinhoff is increasing the amount 
offered in settlement. 
The total amount of the offer for Market Purchase Claimants (SIHNV and SIHPL) and SIHNV Contractual Claimants will 
increase from EUR 370m to EUR 613m, an increase of EUR 243m (66 per cent). As a result, the total amount on offer to 
the SIHNV and SIHPL Market Purchase Claimants is now estimated to be approximately EUR 442m. A breakdown is provided in 
the table below. 
Other than by way of pro-rata payment under the SIHNV Hemisphere CPU, no amounts under the increased offer will be paid 
to financial creditors or to SIHPL Contractual Claimants. In the case of SIHPL Market Purchase Claimants, the increase 
will directly reduce the value that would previously have been available to SIHPL's financial creditors under the 
settlement proposal. 
Details in relation to both updates are set out below. As previously, this offer does not constitute an admission of 
liability by any member of the Steinhoff Group, or its directors, officers or employees in respect of any legal claims 
or litigation proceedings. 
Louis du Preez, Chief Executive Officer and Management Board member, said: "The resilience of the Group's performance 
since our settlement proposal was first announced in July 2020 allows us to materially increase the total available pot 
for settlement to EUR 1.2bn. The total amount of the offer for Market Purchase Claimants (SIHNV and SIHPL) and SIHNV 
Contractual Claimants will increase by 66 per cent. The revised proposal offers claimants a fair outcome, and the best 
opportunity to recover amounts in respect of any claims in the near term and with certainty. We urge all claimants to 
support the revised settlement proposal and work with us to conclude the approval process as soon as possible." 
Update on Settlement Implementation Progress 
SIHNV - Update on Dutch "Suspension of Payments" Process ("SoP") 
As previously announced, SIHNV applied for SoP proceedings on 15 February 2021 following which the District Court of 
Amsterdam (the "Amsterdam Court") appointed Mr. F. Verhoeven and Mr. C.R. Zijderveld as administrators ("Administrators 
"). 
Since their appointment, the Administrators have engaged with SIHNV's stakeholders and the SIHNV management team. The 
Amsterdam Court requested that the documents supporting creditors' claims be submitted by 15 June 2021. The SIHNV 
claims administrator (Computershare) and the Administrators are now reviewing the claim documents received. 
On 28 May 2021 the Amsterdam Court confirmed the appointment of a committee of representation ("SoP Committee"). The 
SoP Committee has commenced its work and all legal challenges to the SoP Committee's appointment have been overcome or 
withdrawn. 
On 15 June 2021, SIHNV introduced a number of technical amendments to its composition plan (the "SoP Proposal"). The 
current version of the SoP Proposal can be found at: https://www.steinhoffinternational.com/ 
settlement-litigation-claims.php. 
On 25 June 2021, at the request of the Administrators, the supervisory judges in the SoP deferred the original date to 
vote on the SoP Proposal from 30 June 2021 to 3 September 2021(the "Voting Meeting"). At the Voting Meeting, the SoP 
Committee will consider and vote on the Scheme Proposal. 
Separately, and as previously notified, an application has been filed in the Western Cape High Court in South Africa 
for a South African provisional liquidation of SIHNV by parties related to the previous owners of the Tekkie Town 
businesses (the "Tekkie Town Parties") acquired by Steinhoff in 2016. SIHNV is opposing that application. In addition 
to SIHNV's opposition to the liquidation petition sought by the Tekkie Town Parties, it is also being opposed by 
SIHNV's financial creditors and separately by the Administrators. The Western Cape High Court has scheduled the SIHNV 
liquidation application to be heard between 1 and 3 September 2021. 
As part of the technical amendments made to the SoP Proposal on 15 June 2021, SIHNV confirmed that the SoP Proposal 
does not seek to compromise "in rem" claims, hence the Tekkie Town Parties will not be precluded from pursuing their 
claim for restitution of those businesses against SIHNV and/or Pepkor Holdings Limited ("PPH"). Both SIHNV and PPH will 
continue to defend such claims. To the extent the Tekkie Town Parties' claim results in a contractual damages or other 
monetary award then such claim or award will be subject to the SoP Proposal. 
SIHPL - Update on South African Section 155 Claim Process 
SIHPL launched its section 155 proposal on 16 February 2021 (the "Section 155 Proposal") and issued its proposal in 
accordance with the notice requirements stipulated by the South African High Court. On 25 March 2021, SIHPL gave notice 
that the documents supporting any claims be submitted by 5 May 2021. 
Following the claim submission deadline, SIHPL, with the assistance of its claims administrator, Computershare, has 
been reviewing the documents received to assess the claims for voting purposes. As part of that review, Computershare 
has requested clarifications and confirmations relating to data submitted as required. Creditors who wish to receive a 
distribution under the Section 155 Proposal can still submit their claims and related documentation until the bar date 
under the Section 155 Proposal which will be three months following the Settlement Effective Date. 
The next steps for the SIHPL claims administrator are to issue any "deficiency notifications" pursuant to the rules 
under the Section 155 Proposal, for SIHPL to publish revisions to the Section 155 Proposal and then to give notice of 
the proposed section 155 creditors' meeting. 
SIHPL - Update on Recent Disputes and Next Steps 
SIHPL has been subjected to two new disputes since it launched the Section 155 Proposal: 
S.45 Judgment: Trevo and Hamilton applied to the Western Cape High Court challenging both the guarantee granted by 
SIHPL in favour of the 2021 convertible bonds issued in 2014 (the "2014 Guarantee") and the SIHPL contingent payment 
undertaking issued in 2019 in favour of holders of the 2021 and 2022 convertible bonds (the "SIHPL CPU") on the basis 
that they contravened South African financial assistance provisions. In its decision handed down on 2 July 2021 (the" 
S.45 Judgment"), the Court of first instance confirmed the validity of the 2014 Guarantee, but in relation to the SIHPL 
CPU, found that financial assistance rules had been breached and held that the resolution of the SIHPL board 
authorising entry into the SIHPL CPU and the SIHPL CPU itself were void. 
SIHPL has been notified that a number of financial creditors with interests in the SIHPL CPU have appealed against the 
S.45 Judgment. In addition, those financial creditors have also asserted continuing debt claims and restitutionary 
claims against SIHPL which are independent of the determination of the appeal of the S.45 Judgment. 
SIHPL has considered the S.45 Judgment and its consequences. SIHPL contested the S.45 application made by Trevo because 
it believed the technical assertions made by Trevo were wrong and that the entry into the SIHPL CPU as part of the 2019

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