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SAP - Sappi - Acquisition by Sappi of M-Real corporation`s coated graphic paper business Not for distribution in the United States, Japan, Australia or Canada Sappi Limited Incorporated in the Republic of South Africa Registration Number: 1936/008963/06 ISIN Number: ZAE000006284 JSE Share Code: SAP ("Sappi" or "the Company") This document is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration. There has been, and will be, no public offering of any securities in the United States. This document is not for distribution in the United States, Japan, Australia or Canada. ANNOUNCEMENT REGARDING COMPLETION OF ACQUISITION BY SAPPI OF M-REAL CORPORATION`S COATED GRAPHIC PAPER BUSINESS Shareholders of Sappi are referred to the announcements released by Sappi on SENS on 29 September 2008, 2 October 2008 and 10 October 2008, and the press advertisements published on 1 October 2008, 3 October 2008 and 13 October 2008 regarding the proposed acquisition by Sappi of the coated graphic paper business of M-real Corporation (the "Acquisition"). The Acquisition was subject to various conditions precedent referred to in the announcements released on SENS on 29 September 2008 and 2 October 2008 and published in the South African press on 1 October 2008 and 3 October 2008. Sappi shareholders are advised that all the conditions precedent to the Acquisition have been fulfilled and that the Acquisition completed on 31 December 2008. Johannesburg 31 December 2008 Financial adviser to Sappi Morgan Stanley & Co. Ltd. Transaction sponsor Morgan Stanley South Africa (Proprietary) Limited Investment Bankers to Sappi Citigroup Global Markets Limited JP Morgan Securities Ltd South African legal adviser to Sappi Bowman Gilfillan English legal adviser to Sappi Linklaters LLP US legal adviser to Sappi Cravath, Swaine & Moore LLP Reporting accountants and Due Diligence to Sappi Deloitte & Touche Financial adviser to M-real Goldman Sachs International South African legal adviser to M-real Werksmans English legal adviser to M-real Slaughter and May Sponsor to Sappi UBS South Africa (Proprietary) Limited Reporting accountants to M-real PricewaterhouseCoopers This document is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration. There has been, and will be, no public offering of any securities in the United States. This document is not for distribution in the United States, Japan, Australia or Canada. Date: 31/12/2008 12:50:34 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
