Statement re. Announcement

Steinhoff Europe AG recommended cash offer for Poundland Group plc

On 13 July 2016, the boards of Steinhoff International Holdings N.V. and Poundland Group PLC ("Poundland") announced the terms of a recommended cash offer pursuant to which Steinhoff Europe AG ("SEAG") or a wholly owned subsidiary of SEAG (with the support of its ultimate parent company, Steinhoff International Holdings N.V., together "Steinhoff") would acquire the entire issued or to be issued share capital of Poundland not already directly or indirectly owned by it (the "Offer").

That announcement referred to an irrevocable undertaking entered into by Canada Life Investments in respect of a total of 4,075,404 Poundland shares representing approximately 1.5 per cent. of Poundland's issued share capital.

As announced on 14 July 2016, Canada Life Limited and Canada Life Asset Management Limited sold 3,139,552 Poundland shares on 13 July 2016. This sale was made in error and Canada Life Limited and Canada Life Asset Management Limited intend to remedy this error by purchasing shares in the market up to the level of its previously stated holding.

The Panel Executive has ruled that Canada Life Limited and Canada Life Asset Management Limited are not acting in concert with Steinhoff as a result of this proposed share purchase and therefore such dealings will carry no consequences under rules 6, 9 and 11 of the City Code on Takeovers and Mergers. Steinhoff, Poundland and their respective advisers (including Poundland's Rule 3 Adviser) have agreed to this ruling.