SAPPI LIMITED - Dealing in securities by directors

Dealing in securities by directors

    Sappi Limited
    Reg No 1936/008963/06
    (Incorporated in the Republic of South Africa)
    JSE Code SAP
    ISIN code ZAE000006284

    (“Sappi” or “the Company”)


    DEALING IN SECURITIES BY DIRECTORS


    GRANTING AND VESTING OF CONDITIONAL SHARE AWARDS TO DIRECTORS OF LISTED COMPANY

    In terms of paragraph 3.63 of the Listings Requirements of the JSE Limited
    (“Requirements”), we hereby provide the following information regarding the allocation and
    vesting of conditional share awards by Sappi to the undermentioned directors of its major
    subsidiary companies. The necessary authority in terms of paragraph 3.66 of the
    Requirements was obtained and these were off-market transactions:
    GRANT :
    Date of notification of transaction to :     19 November 2018
    participant

    Nature of transaction                    :   Annual grants of conditional share awards in
                                                 terms of the Sappi Limited Performance
                                                 Share Incentive Plan

    Strike price                             :   Nil (no consideration)

    Vesting dates for conditional share :        19 November 2022
    awards

    Class of security                        :   Ordinary shares

    Extent of interest                       :   Direct beneficial



A
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                                                                    NUMBER OF     NOTIONAL
                                                                      SHARES
        NAME                           COMPANY                      SUBJECT TO     VALUE *
                                                                   CONDITIONAL
                                                                     AWARDS           (R)
GR   BOWLES           Sappi North America. Inc                         65 000     5 239 000.00
S    BLYTH            Sappi Europe SA                                  23 000     1 853 800.00
M    MANSOOR          Sappi North America. Inc                         39 000     3 143 400.00
B    RIEGLER          Sappi Papier Holding                              7 500       604 500.00
S    WURDINGER        Sappi Europe SA                                  23 000     1 853 800.00
     Based on an implied price of R 80.60 per share (closing price on 16 November
 *   2018)

     VESTING :
     Date of notification of transaction to :        04 December 2018
     participant

     Nature of transaction                      :    Vesting of grants of conditional share awards
                                                     in terms of the Sappi Limited Performance
                                                     Share Incentive Plan

     Number of conditional share awards :            Various, see table below
     granted

     Date of grant                              :    04 December 2014

     Implied price                              :    R77.00 (closing price on 03 December 2018)

     Vesting period                             :    4 years from date of grant

     Percentage of grants vested                :    100%

     Class of security                          :    Ordinary shares

     Extent of interest                         :    Direct beneficial

                                                                          NUMBER OF
                                                                                          NOTIONAL
                                                                           SHARES
                                                                                           VALUE
        NAME                               COMPANY                       SUBJECT TO
                                                                         CONDITIONAL
                                                                                              (R)
                                                                           AWARDS
GR   BOWLES               Sappi North America. Inc                          85 000         6 545 000.00
S    BLYTH                Sappi Europe SA                                   29 000         2 233 000.00
M    MANSOOR              Sappi North America. Inc                          11 000           847 000.00
B    RIEGLER              Sappi Papier Holding                               2 200           169 400.00
S    WURDINGER            Sappi Europe SA                                   12 000           924 000.00
                                      Page 3 of 3


 Johannesburg
 05 December 2018

Sponsor: UBS South Africa (Pty) Ltd

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