SAPPI LIMITED - SAPPI LIMITED DIVIDEND NUMBER 81

SAPPI LIMITED - SAPPI LIMITED DIVIDEND NUMBER 81                                
Sappi Limited                                                                   
(Registration number 1936/008963/06)                                            
(Incorporated in the Republic of South Africa)                                  
Share code: SAP     ISIN: ZAE000006284)                                         
("Sappi" or the "Company")                                                      
DIVIDEND EXCHANGE RATE                                                          
With reference to the dividend announcement of 8 November 2004, we set out below
the exchange rates to be applied for payment of the dividend :                  
US$1 - R5.6678  (ie dividend R1,7003 per share)                                 
US$1 - GBP0,5169 (ie dividend of GBP0,1551 per share).                          
The relevant dates pertaining to the dividend are as follows :                  
Last day to trade to qualify for dividend - Friday, 31 December 2004.           
Date on which shares commence trading ex-dividend - Monday, 3 January 2005.     
Deadline for South African nominee companies to submit details of the number of 
shares held on behalf of South African resident and non-resident beneficial     
shareholders so that dividend payments in and South African Rands and United    
States Dollars respectively may be calculated - 12h00 (South African time),     
Tuesday 4  January 2005.  (Note that there is no currency election).  Dividends 
payable from the Johannesburg transfer office will be paid in South African     
Rands except that dividends paid to nominee shareholders in respect of shares   
which they hold on behalf of non-residents of the Republic of South Africa will 
be paid in United States Dollars.                                               
Dividends payable from the London transfer office will be paid in British pounds
sterling or in the case of shareholders with registered addresses in the USA, in
United States Dollars.                                                          
Record date - Friday, 7 January 2005.                                           
Payment date - Monday, 10 January 2005.                                         
There will not be any de-materialisation nor re-materialisation of Sappi share  
certificates from Monday, 3 to Friday, 7 January 2005, both days inclusive.     
Johannesburg                                                                    
21 December 2004                                                                
Sappi Management Services (Pty) Limited                                         
Secretaries : per D J O"Connor                                                  
48 Ameshoff Street                                                              
Braamfontein, Johannesburg, 2001                                                
Date: 21/12/2004 04:25:06 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department