SAPPI LIMITED - Sappi Chief Executive Officer and Chief Financial Officer changes and dealing in securities by directors

Sappi Chief Executive Officer and Chief Financial Officer changes and dealing in securities by directors

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


27 June 2014


SAPPI CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER CHANGES
AND DEALING IN SECURITIES BY DIRECTORS


1. Shareholders are referred to the announcement released on SENS on 15 January
   2014, wherein shareholders were advised that Mr Ralph Boëttger, the Sappi Chief
   Executive Officer (“CEO”) will be leaving the services of the company on 30 June
   2014 due to reasons of ill-health. Subsequently an announcement was made on
   10 February 2014 that Mr Steve Binnie, the Chief Financial Officer (“CFO”) of the
   company had been appointed as the company’s CEO in succession to Mr Boëttger
   effective 1 July 2014. Shareholders are advised that Mr Binnie will assume his
   CEO responsibilities on the effective date, following a successful transition period.

   As announced on 17 March 2014, Mr Glen Pearce, will assume the position of
   Chief Financial Officer and executive director of the company in succession to Mr
   Binnie on 1 July 2014 following a successful transition period.

   As a consequence of Mr Boëttger’s leaving the company, it has been agreed that
   the unvested 595 000 conditional share awards to Mr Boëttger in terms of the
   Sappi Limited Performance Share Incentive Plan as previously announced on
   SENS on

   •   6 December 2010 (195 000 awards)
   •   6 December 2011 (200 000 awards)
   •   7 December 2012 (200 000 awards)

   will lapse with effect from 27 June 2014.

   Mr Boëttger's exit compensation, taking into account the lapsed unvested
   conditional share awards referred to above, will be finalised as part of his broader
   compensation package which will be dependent partly on meeting certain
   performance criteria for the year ended 30 September 2014. Details regarding the
   final compensation package will be included in the annual report of the company,
   in accordance with normal regulatory requirements.
2. In terms of paragraph 3.63 of the Listings Requirements of the JSE Limited, we hereby
   provide the following information regarding the granting of Conditional Share Awards by
   Sappi to a director of one of the Company’s major subsidiary companies. The necessary
   authority in terms of paragraph 3.66 was obtained and this was an off-market transaction :

    Director’s name                    : S R Binnie

    Company                            : Sappi Limited

    Nature of transaction              : Grant of Conditional Share Awards in terms of the Sappi
                                         Limited Performance Share Incentive Plan

    Date of grant                      : 27 June 2014

    Number of Conditional              : 200 000
    Share Awards granted

    Total notional value               : R7 762 999.00

    Strike price                       : Nil (no consideration)

    Vesting date for                   : 27 June 2018
    Conditional Share Awards

    Class of security                  : Ordinary shares

    Extent of interest                 : Direct beneficial


Denis O’Connor
Group Secretary
Sappi Limited
Tel +27 (0)11 407 8072; Fax +27 (0)11 339 1881
Denis.OConnor@Sappi.com

Sponsor : UBS South Africa (Pty) Ltd

Date: 27/06/2014 11:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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