Notes 1. P/Es used for price projections are actual high and low P/Es
of Steinhoff International Holdings Ltd over the last 18 months. 2. Estimates for price projections used are high, low and
consensus as recorded in the table above. 3. Best-case projection is the high estimate and the highest
historical P/E enjoyed by the company. Worst-case projection is the
low estimate and the lowest historical P/E. 4. The table date is the date on which the most recent forecast
data was received.