SAPPI LIMITED - ANNUAL GENERAL MEETING

SAPPI LIMITED - ANNUAL GENERAL MEETING                                          
SAPPI LIMITED                                                                   
JSE Code: SAP                                                                   
ISIN:     ZAE000006284                                                          
SAPPI"S ANNUAL GENERAL MEETING                                                  
Sappi"s Annual General Meeting was held in Johannesburg this morning and all    
resolutions as proposed were duly passed by the requisite majorities.           
The chairman, Mr Eugene van As, made the following statement at the meeting :   
"It is only a month since we released our results for the first fiscal quarter  
ended December 2003 and little has changed in our business since then.   As we  
expected, demand in Europe continues to grow year on year and we were able, as  
planned, to announce a price increase of 5% to 7% last week on coated fine paper
reels and sheets for implementation on 01 April.                                
As indicated in the first quarter report, our biggest turnaround opportunity    
remains in the United States where the paper sector has still not benefited from
the strength of GDP growth.                                                     
Despite continuing good demand, our southern African businesses continue to be  
affected by the Rand/Dollar exchange rate.                                      
Under the circumstances we still expect that earnings for the second quarter    
will be at a similar level to the first quarter before the impact of the        
Westbrook paper machine closure, major US maintenance shuts and one time charges
for staffing reductions in the US and European businesses."                     
As indicated in the annual report which was released in December 2003, Messrs J 
S Chalsty, T L de beer and D N A Hunt-Davis retired from the Sappi board at the 
meeting.                                                                        
For further information                                                         
Andre Oberholzer                                                                
Corporate Affairs and Communication Manager                                     
Tel +27 (0)11 407 8044                                                          
Fax +27 (0)11 403 8236                                                          
Andre.Oberholzer@sappi.com                                                      
Date: 01/03/2004 04:40:02 PM Supplied by www.sharenet.co.za                     
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