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Mon 5 Dec 2005, 9:36 Deutsche - Steinhoff International Holdings Ltd Wa
Deutsche - Steinhoff International Holdings Ltd Waves And Warrants Notice       
Deutsche Bank AG                                                                
(incorporated under the law of the Federal Republic of Germany)                 
acting through its London branch                                              
Steinhoff International Holdings Ltd Waves And Warrants Notice                  
Holders of the WAVEs and WARRANTS below are referred to the notice to           
shareholders of Steinhoff International Holdings LTD, regarding the payment of a
special dividend.                                                               
Deutsche Bank AG will make the following adjustments to the terms and conditions
of the WAVEs and WARRANTS below: -                                              
WAVES                                                                           
Code    ISIN Code      Type   Expiry      Previous  Adjuste Previou  Adjusted   
                                          Strike    d       s Cover  Cover Ratio
                                          Price     Strike  Ratio               
                                                    Price                       
SHFDBA  ZAE000073284   EC     21/07/06    20.00     19.66   5        4.915254   
SHFDBP  ZAE000073268   EP     21/07/06    18.00     17.69   5        4.915254   
SHFDWB  ZAE000075255   EC     27/10/06    16.50     16.22   2        1.966102   
SHFDWR  ZAE000075263   EP     27/10/06    22.0      21.63   2        1.966102   
The above adjustments will be made from the start of trading on 5 December 2005 
2005.                                                                           
The effects of the adjustments will place the holders in the same position, had 
the corporate action not taken place.                                           
For further information contact Deutsche Securities (Pty) Limited, 3 Exchange   
Square, 87 Maude Street, Sandton: (Farhan Qureshi - Tel (011) 775-7824 or e-mail
farhan.qureshi@db.com)                                                          
Date: 05/12/2005 09:36:30 AM Produced by the JSE SENS Department                
                                                                                
                                                                                
                                                                                
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