SAPPI LIMITED - DEALING IN SECURITIES BY DIRECTORS OF LISTED COMPANIES

SAPPI LIMITED - DEALING IN SECURITIES BY DIRECTORS OF LISTED COMPANIES          
SAPPI LIMITED                                                                   
(Registration number 1936/008963/06)                                            
Issuer Code: SAVVI                                                              
JSE Code: SAP                                                                   
ISIN Code: ZAE000006284                                                         
DEALING IN SECURITIES BY DIRECTORS OF LISTED COMPANIES                          
In terms of paragraph 3.63 of the Listing Requirements of the JSE Securities    
Exchange, we hereby provide the following information regarding dealing in      
securities of Sappi by directors of the Company and by directors of the         
Company"s major subsidiary companies, viz:                                      
Director"s Name:              Wolfgang Pfarl                                    
Company:                      Sappi Limited                                     
Date of transaction:          6 February 2004                                   
Nature of transaction:        Acceptance of Share Options in terms of the Sappi 
Limited Share Incentive Scheme                    

Number of share options                                                         
accepted:                     30 000                                            
Strike price:                 R79,25 per share option (Ex-dividend closing price
on the day before Group Remuneration Committee    

                              approval)                                         
Vesting dates for exercise                                                      
of share options:             6 000 share options on 5 February 2005            
6 000 share options on 5 February 2006            

                              6 000 share options on 5 February 2007            
                              6 000 share options on 5 February 2008            
                              6 000 share options on 5 February 2009            
Any options not exercised by 5 February 2012 will 

                              lapse.                                            
Class of security:            Ordinary shares                                   
Extent of interest:           Direct beneficial                                 
Director"s Name:              Donald Gert Wilson                                
Company:                      Sappi Limited                                     
Date of transaction:          6 February 2004                                   
Nature of transaction:        Acceptance of Share Options in terms of the Sappi 
Limited Share Incentive Scheme                    

Number of share options                                                         
accepted:                     30 000                                            
Strike price:                 R79,25 per share option (Ex-dividend closing price
on the day before Group Remuneration Committee    

                              approval)                                         
Vesting dates for exercise                                                      
of share options:             6 000 share options on 5 February 2005            
6 000 share options on 5 February 2006            

                              6 000 share options on 5 February 2007            
                              6 000 share options on 5 February 2008            
                              6 000 share options on 5 February 2009            
Any options not exercised by 5 February 2012 will 

                              lapse.                                            
Class of security:            Ordinary shares                                   
Extent of interest:           Direct beneficial                                 
Director"s Name:              John Leonard Job                                  
Company:                      Sappi Limited                                     
Date of transaction:          6 February 2004                                   
Nature of transaction:        Acceptance of Share Options in terms of the Sappi 
Limited Share Incentive Scheme                    

Number of share options                                                         
accepted:                     15 000                                            
Strike price:                 R79,25 per share option (Ex-dividend closing price
on the day before Group Remuneration Committee    

                              approval)                                         
Vesting dates for exercise                                                      
of share options:             3 000 share options on 5 February 2005            
3 000 share options on 5 February 2006            

                              3 000 share options on 5 February 2007            
                              3 000 share options on 5 February 2008            
                              3 000 share options on 5 February 2009            
Any options not exercised by 5 February 2012 will 

                              lapse.                                            
Class of security:            Ordinary shares                                   
Extent of interest:           Direct beneficial                                 
Director"s Name:              Johathan Charles Alexander Leslie                 
Company:                      Sappi Limited                                     
Date of transaction:          6 February 2004                                   
Nature of transaction:        Acceptance of Share Options in terms of the Sappi 
Limited Share Incentive Scheme                    

Number of share options                                                         
Accepted:                     100 000                                           
Strike price:                 R79,25 per share option (Ex-dividend closing price
on the day before Group Remuneration Committee    

                              approval)                                         
Vesting dates for exercise                                                      
of share options:             20 000 share options on 5 February 2005           
20 000 share options on 5 February 2006           

                              20 000 share options on 5 February 2007           
                              20 000 share options on 5 February 2008           
                              20 000 share options on 5 February 2009           
Any options not exercised by 5 February 2012 will 

                              lapse.                                            
Class of security:            Ordinary shares                                   
Extent of interest:           Direct beneficial                                 
In terms of paragraph 3.63 of the Listing Requirements of the JSE Securities    
Exchange, we hereby provide the following information regarding dealing in      
securities of Sappi by directors of the Company and by directors of the         
Company"s  major subsidiary companies.   The dealing which is in terms of the   
Sappi Limited Share Incentive Scheme, and for which clearance was received in   
terms of Listings Requirement 3.74, is as follows:                              
Director"s Name:              Doeko Bosscher                                    
Company:                      Sappi Fine Paper Plc                              
Date of transaction:          5 February 2004                                   
Nature of transaction:        Sale of shares arising from exercise of Share     
                              Options in terms of the Sappi Limited Share       
                              Incentive Scheme                                  
Number of share options                                                         
exercised/shares sold:        20 000                                            
Date options granted and                                                        
options exercise price:       16 000 share options - R53,85 - 22 December 1999  
4 000 share options - R49,00 - 15 January 2001   

Vesting period:               Over 5 years                                      
Selling price:                R91,65                                            
Class of security:            Ordinary shares                                   
Extent of interest:           Direct beneficial                                 
Date: 06/02/2004 05:05:07 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department