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SAP - Sappi Limited - Cancellation of credit sale and combined option/deferred sale transactions Sappi Limited Reg No 1936/008963/06 (Incorporated in the Republic of South Africa) JSE Code SAP ISIN code ZAE 000006284 NYSE code SPP ("Sappi" or "the Company") CANCELLATION OF CREDIT SALE AND COMBINED OPTION/DEFERRED SALE TRANSACTIONS In terms of paragraph 3.63 of the Listings Requirements of the JSE Limited, we hereby provide the following information regarding the cancellation by Sappi of credit sale and combined option/deferred sales allocations under the Sappi Limited Share Incentive Scheme to the undermentioned directors of the Company and its major subsidiary companies: Date of transaction : 9 December 2010 Nature of transaction : Cancellation of credit sale and combined option/deferred sale allocations under the Sappi Limited Share Incentive Scheme Date of allocation : 13 February 2003 (*see below) Allocation price : R112.83 and R20.27 (*see below) Vesting period : Over 5 years, maximum 8 years, expiring 13 February 2011
The allocations concerned consisted of an initial allocation and then an allocation arising from entitlement in terms of the Sappi rights offer in December 2008, both of
which allocations were required to be taken up/paid for in conjunction with each other. The average price of the allocations is well above the current market price and the Board
has decided that it would not be in the best interests of the Company to enforce payment by the participants concerned. The purpose of the Share Scheme is to offer participants
an incentive and to force participants to pay for these allocations would impose a hardship on participants and serve as a disincentive. The allocations have
therefore been cancelled in terms of the rules of the Scheme. Class of security : Ordinary shares Extent of interest : Direct beneficial The necessary authority in terms of 3.66 was obtained and these were off-market transactions. DIRECTOR`S COMPANY ALLOCATION NUMBER ALLOCA-TION VALUE NAME DATE OF PRICE SHARES H de Jongh Sappi 13/2/2003 4 500 R112.83 R507 735.00 Southern Africa H de Jongh Sappi 5 400 *R 20.27 R109 458.00 Southern
Africa T S Hawkes Sappi 13/2/2003 1 400 R112.83 R157 962.00 Southern Africa
T S Hawkes Sappi 1 680 *R 20.27 R34 053.60 Southern Africa
R D Hope Sappi Fine 13/2/2003 15 000 R112.83 R1 692 450.00 Paper North America R D Hope Sappi Fine 18 000 *R 20.27 R364 860.00 Paper North America D M Mncube Sappi 13/2/2003 4 500 R112.83 R507 735.00 Southern Africa D M Mncube Sappi 5 400 *R 20.27 R109 458..00 Southern
Africa C M Mowatt Sappi 13/2/2003 3 500 R112.83 R394 905.00 Southern
Africa C M Mowatt Sappi 4 200 *R 20.27 R85 134.00 Southern Africa
L J Newman Sappi 13/2/2003 5 000 R112.83 R564 150.00 Internation al SA
L J Newman Sappi 6 000 *R 20.27 R121 620.00 Internation al SA
D J O`Connor Sappi 13/2/2003 3 000 R112.83 R338 490.00 (Company Limited Secretary) D J O`Connor Sappi 3 600 *R 20.27 R72 972.00 (Company Limited Secretary) DIRECTOR`S COMPANY ALLOCATION NUMBER ALLOCA-TION VALUE NAME DATE OF PRICE SHARES J Passler Sappi 13/2/2003 5 000 R112.83 R564 150.00 Internation
al SA J Passler Sappi 6 000 *R 20.27 R121 620.00 Internation al SA
G Pearce Sappi Fine 13/2/2003 600 R112.83 R67 698.00 Paper Europe
G Pearce Sappi Fine 720 *R 20.27 R14 594.40 Paper Europe
R Peelman Sappi 13/2/2003 500 R112.83 R56 415.00 Internation al SA R Peelman Sappi 600 *R 20.27 R12 162.00 Internation al SA A Rossi Sappi 13/2/2003 8 000 R112.83 R902 640.00 Southern Africa A Rossi Sappi 9 600 *R 20.27 R194 592.00 Southern
Africa Swartz LA Sappi 13/2/2003 15 000 R112.83 R1 692 450.00 Limited
Swartz LA Sappi 18 000 *R 20.27 R364 860.00 Limited M R Thompson Sappi 13/2/2003 15 000 R112.83 R1 692 450.00 Limited M R Thompson Sappi 18 000 *R 20.27 R364 860.00 Limited
G M van Sappi 13/2/2003 3 000 R112.83 R338 490.00 Aarde Southern Africa G M van Sappi 3 600 *R 20.27 R72 972.00 Aarde Southern Africa A J W van Sappi 13/2/2003 6 000 R112.83 R676 980.00 der Merwe Southern Africa A J W van Sappi 7 200 *R 20.27 R145 944.00 der Merwe Southern Africa * Allocations arising from rights offer December 2008 whose allocation date, in terms of the rules of the Share Scheme, is deemed to be the allocation date relating to those allocations from which the entitlements to the rights offer allocation arose. Denis O`Connor Group Secretary 10 December 2010 Sponsor: UBS South Africa (Pty) Ltd Date: 10/12/2010 10:30:01 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.
