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Steinhoff Issues Update On Restructuring; Louis Du Preez Designated As CEO

Steinhoff International Holdings N.V. confirmed that it intends to launch shortly: a company voluntary arrangement in relation to Steinhoff Europe AG; and a consent solicitation process in respect of Steinhoff Finance Holding GmbH issued convertible bonds. The company confirmed that the Chapter 11 plan of its subsidiary Mattress Firm, Inc. was approved by the US Bankruptcy Court on 16 November 2018. Mattress Firm expects to exit from the Chapter 11 proceedings following satisfaction of the conditions precedent to the effectiveness of the Chapter 11 plan.

Danie van der Merwe, who has been Acting CEO since 19 December 2017, has decided to step down from the position effective 31 December 2018. He will be succeeded by Louis du Preez. Louis joined the Steinhoff group in mid-2017 and was nominated as Commercial Director and member of the Management Board on 19 December 2017.

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