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SAP - Sappi Limited - Cancellation of Credit Sale and Combined Option/Deferred Sale Transactions Sappi Limited Reg No 1936/008963/06 JSE Code SAP ISIN code ZAE000006284 NYSE code SPP LSE code SAZ 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 : 18 March 2010 Nature of transaction : Cancellation of credit sale and combined option/deferred sale allocations under the Sappi Limited Share Incentive Scheme Date of allocation : 28 March 2002 (*see below) Allocation price : R147,20 and R20,27 (*see below) Vesting period: Over 5 years, maximum 8 years, expiring 28 March 2010 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. DIRECTOR`S COMPANY ALLOCATION NUMBER ALLOCA- VALUE NAME DATE OF TION SHARES PRICE
H de Jongh Sappi Southern 28/3/2002 3 900 R147.20 R574 080 Africa H de Jongh Sappi Southern 4 680 *R 20.27 R94 863.60 Africa T S Hawkes Sappi Southern 28/3/2002 5 000 R147.20 R736 000.00 Africa T S Hawkes Sappi Southern 6 000 *R 20.27 R121 620.00 Africa R D Hope Sappi Fine 28/3/2002 15 000 R147.20 R2 208 000.00 Paper North
America R D Hope Sappi Fine 18 000 *R 20.27 R364 860.00 Paper North America
J H Sappi Southern 28/3/2002 12 500 R147.20 R1 840 000.00 Labuschagne Africa J H Sappi Southern 15 000 *R 20.27 R304 050.00 Labuschagne Africa VAR Lubbe Sappi Southern 28/3/2002 12 500 R147.20 R1 840 000.00 Africa
VAR Lubbe Sappi Southern 15 000 *R 20.27 R304 050.00 Africa D M Mncube Sappi Southern 28/3/2002 4 800 R147.20 R706 560.00 Africa D M Mncube Sappi Southern 5 760 *R 20.27 R116 755.20 Africa
C M Mowatt Sappi Southern 28/3/2002 3 500 R147.20 R515 200.00 Africa C M Mowatt Sappi Southern 4 200 *R 20.27 R85 134.00 Africa
DIRECTOR`S COMPANY ALLOCATION NUMBER ALLOCA-TION VALUE NAME DATE OF PRICE SHARES
L J Newman Sappi 28/3/2002 5 000 R147.20 R736000.00 International SA L J Newman Sappi 6 000 *R 20.27 R121620.00 International SA D J O`Connor Sappi Limited 28/3/2002 3 000 R147.20 R441600.00 (Company Secretary) D J O`Connor Sappi Limited 3 600 *R 20.27 R72 972.00 (Company Secretary) J Passler Sappi 28/3/2002 5 000 R147.20 R736000.00 International
SA G Pearce Sappi Fine 28/3/2002 2 500 R147.20 R368000.00 Paper Europe
G Pearce Sappi Fine 3 500 *R 20.27 R60 810.00 Paper Europe R Peelman Sappi 28/3/2002 2 500 R147.20 R368000.00 International SA R Peelman Sappi 3 000 *R 20.27 R60 810.00 International
SA A Rossi Sappi Southern 28/3/2002 4 000 R147.20 R588800.00 Africa
A Rossi Sappi Southern 4 800 *R 20.27 R97 296.00 Africa M R Thompson Sappi Limited 28/3/2002 7 500 R147.20 R1104000.00 M R Thompson Sappi Limited 9 000 *R 20.27 R182430.00 A D Tubb Sappi Southern 28/3/2002 8 000 R147.20 R1177600.00 Africa
A D Tubb Sappi Southern 9 600 *R 20.27 R194592.00 Africa G M van Sappi Southern 28/3/2002 2 500 R147.20 R368000.00 Aarde Africa G M van Sappi Southern 3 000 *R 20.27 R60 810.00 Aarde Africa
A J W van Sappi Southern 28/3/2002 6 000 R147.20 R883200.00 der Merwe Africa A J W van Sappi Southern 7 200 *R 20.27 R145944.00 der Merwe 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 18 March 2010 Sponsor: UBS South Africa (Pty) Ltd Date: 18/03/2010 15:45:05 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.
