Sappi to Launch a US Dollar Denominated Bond Offering

Sappi to Launch a US Dollar Denominated Bond Offering                           
Sappi Limited                                                                   
Not for release or distribution in the United States, Japan, France, Canada     
or Australia                                                                    
Johannesburg, 29 May 2002.                                                      
Sappi Papier Holding AG, Guaranteed by Sappi Limited and Sappi International    
SA, to Launch a US Dollar Denominated Bond Offering                             
Sappi Papier Holding AG ("SPH") is planning to launch an inaugural benchmark    
US dollar denominated bond offering subject to market conditions.  The bonds    
are expected to be fully and unconditionally guaranteed on an unsecured         
basis by Sappi Limited and Sappi International SA.  SPH intends to use the      
proceeds of the issue to repay borrowings under existing credit facilities      
and for general corporate purposes.                                             
Application has been made to list the bonds on the Luxembourg Stock             
Exchange.                                                                       
The joint-lead underwriters and bookrunners for the offering are JP Morgan      
and Salomon Smith Barney, with Morgan Stanley acting as joint-lead manager.     
end                                                                             
Not for release or distribution in the United States, Japan, France, Canada     
or Australia                                                                    
This announcement does not constitute an offer of securities for sale in the    
United States.  The securities referred to herein have not been and will not    
be registered under the US Securities Act of 1933, as amended, and may not      
be offered or sold in the United States absent registration or an exemption     
from registration.  The Company does not intend to conduct a public offering    
of securities in the United States.                                             
There shall not be any offer, solicitation or sale of these securities in       
any jurisdiction in which such offer, solicitation or sale would be unlawful    
prior to registration or qualification under the securities laws of such        
jurisdiction.  Neither this announcement nor any copy hereof may be taken or    
transmitted into the United States, Japan, France, Canada or Australia or       
distributed directly or indirectly in the United States, Japan, France,         
Canada or Australia.                                                            
Issued by:                                                                      
Sappi Limited                                                                   
For further information:                                                        
Andre Oberholzer                                                                
Corporate Affairs & Communication Manager                                       
Sappi Limited                                                                   
Tel +27 (0) 11 407 8044                                                         
Fax +27 (0) 11 403 8236                                                         
Cel +27 (0) 82 906 0638                                                         
Andre.oberholzer@za.sappi.com                                                   
Date: 29/05/2002 05:41:00 PM Produced by the SENS Department