Steinhoff - Comments

Andy Bond’s departure from Pepco took us a little bit by surprise, but it makes sense in the grander scheme. He is stepping down for health reasons, but Steinhoff had been battling to keep him for a long time, as not only he was focused on the IPO. Now that the company is public, I would have expected him to run it for longer, but there will be many more retailers looking to hire him after the success he - and his team - have had at Pepco. So staying on may not be worth the toll on his health. The loss is that of Steinhoff / Pepco, but there is a broad base of talent at the E-European / British Discounter including COO Trevor Masters who will be taking over. We are not worried. Steinhoff remains our largest position.