SAPPI LIMITED - Sappi announces its intention to voluntarily delist from the New York Stock Exchange

Sappi announces its intention to voluntarily delist from the New York Stock Exchange


Sappi Limited
(Incorporated in the Republic of South Africa)
Registration number: 1936/008963/06
JSE share code: SAP
ISIN code: ZAE000006284
NYSE code: SPP
("Sappi" or the "Company")



Media Release
Johannesburg, 09 September 2013

SAPPI LIMITED ANNOUNCES ITS INTENTION TO VOLUNTARILY DELIST FROM
THE NEW YORK STOCK EXCHANGE

Sappi announces its intention to voluntarily delist its American Depositary Shares (“ADSs”),
which are evidenced by American Depositary Receipts (“ADRs”), from the New York Stock
Exchange (“NYSE”). Sappi will convert its current ADR programme into a Level I ADR
programme to give current ADR holders the option to continue to hold ADRs. Level I ADRs
are traded in the United States over-the-counter market as opposed to on a U S national
securities exchange.

The Company’s decision to delist from the NYSE is based on the low trading volume of its
ADSs on the NYSE as well as the high costs and administrative complexity associated with
maintaining its listing and registration in the U S. As of today, less than 1% of Sappi’s shares
are held through its ADR programme, and for the twelve months ended 28 August 2013, less
than 1% of Sappi’s average daily trading volume occurred on the NYSE, where the Company
has been listed since 1998.

Sappi believes that the resulting savings in costs and management time will benefit the
Company and its shareholders. Sappi is fully committed to its US shareholders and believes
that the continued trading of the Company’s ordinary shares on the JSE Limited (the “JSE”),
previously known as the Johannesburg Stock Exchange, will provide sufficient liquidity to its
shareholders, including its U S shareholders, and access to capital for the Company.

“Delisting from the NYSE is in line with Sappi’s strategy to reduce costs and improve
efficiency. As a South Africa-headquartered company, our primary listing will remain the JSE,
as it has been since 1937,” commented Sappi Limited Chief Executive Officer Ralph
Boëttger. “Sappi remains committed to high standards of corporate governance and
transparency in financial reporting.”

Sappi is subject to the JSE Listings Requirements, corporate governance standards as
reflected in the guidelines contained in the King Report on Governance for South Africa
2009, as well as laws applicable to publicly listed companies in South Africa. Sappi reiterates
its commitment to provide investors with timely information regarding significant business
and financial developments. The Company expects to continue to host regular investor
relations activities, including quarterly earnings reporting, earnings calls, analyst meetings
and investor roadshows.

Sappi delivered notice today to the NYSE that it intends to delist the ADSs. As disclosed in
the notice to the NYSE, Sappi expects to file a notification of removal from listing on the
NYSE via Form 25 with the U S Securities and Exchange Commission (the “SEC”) on or
about 19 September 2013. The delisting of the ADSs should be effective on 30 September
2013. The anticipated effective date may be delayed if the SEC postpones the effectiveness
of the application to delist or for other reasons.

Concurrent with the delisting from the NYSE, Sappi also intends to file with the SEC a
certification of termination of registration on Form 15F to terminate the registration of the
ADSs under the U S Securities Exchange Act of 1934 (the “Exchange Act”) and to suspend
Sappi’s reporting obligations with the SEC. Sappi expects that its obligation to file reports
with the SEC will be suspended immediately upon the delisting of the ADSs from the NYSE.
Sappi reserves the right to delay the filing of the Form 25 or Form 15F or withdraw either
Form for any reason prior to their effectiveness.

Sappi further announces that it has agreed with the Bank of New York Mellon to amend the
Deposit Agreement pursuant to which the ADRs were issued in connection with the
conversion to a Level I ADR programme. The amendment is expected to become effective
on or about 30 September 2013.


                                                                                       ENDS
Sponsor: UBS South Africa (Pty) Limited

 For further information             Issued by
                                                                        
 André F Oberholzer                  Brunswick
 Group Head Corporate Affairs        on behalf of Sappi Limited
                                                                        
 Sappi Limited                       Tel + 27 (0)11 502 7300
 Tel +27 (0)11 407 8044
 Mobile +27 (0)83 235 2973                                     
 Andre.Oberholzer@sappi.com

 Graeme Wild
 Group Head Investor Relations and
 Sustainability
 Sappi Limited
 Tel +27 (0)11 407 8391
 Mobile +27 (0)83 320 8624
 Graeme.Wild@sappi.com

For more information about the Company, please visit www.sappi.com.
                                                                                                Page 3 of 3

Forward-looking statements

Certain statements in this release that are neither reported financial results nor other historical information,
are forward-looking statements, including but not limited to statements that are predictions of or indicate
future earnings, savings, synergies, events, trends, plans or objectives.

The words “believe”, “anticipate”, “expect”, “intend”, “estimate”, “plan”, “assume”, “positioned”, “will”, “may”,
“should”, “risk” and other similar expressions, which are predictions of or indicate future events and future
trends, which do not relate to historical matters, identify forward-looking statements. You should not rely on
forward-looking statements because they involve known and unknown risks, uncertainties and other factors
which are in some cases beyond our control and may cause our actual results, performance or
achievements to differ materially from anticipated future results, performance or achievements expressed or
implied by such forward-looking statements (and from past results, performance or achievements). Certain
factors that may cause such differences include but are not limited to:

•          the highly cyclical nature of the pulp and paper industry (and the factors that contribute to such
           cyclicality, such as levels of demand, production capacity, production, input costs including raw material,
           energy and employee costs, and pricing);
•          the impact on our business of the global economic downturn;
•          unanticipated production disruptions (including as a result of planned or unexpected power
           outages);
•          changes in environmental, tax and other laws and regulations;
•          adverse changes in the markets for our products;
•          the emergence of new technologies and changes in consumer trends including increased
           preferences for digital media;
•          consequences of our leverage, including as a result of adverse changes in credit markets that
           affect our ability to raise capital when needed;
•          adverse changes in the political situation and economy in the countries in which we operate or the
           effect of governmental efforts to address present or future economic or social problems;
•          the impact of restructurings, investments, acquisitions, dispositions and other strategic initiatives
           (including related financing), any delays, unexpected costs or other problems experienced in connection with
           dispositions or with integrating acquisitions or implementing restructurings or strategic initiatives (including
dissolving wood pulp conversion projects), and achieving expected savings and synergies; and
•          currency fluctuations.
We undertake no obligation to publicly update or revise any of these forward-looking statements, whether to
reflect new information or future events or circumstances or otherwise.

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