Dealing In Securities By Directors And Company Secretary Sappi Limited Reg No 1936/008963/06 (Incorporated in the Republic of South Africa) JSE Code SAP ISIN code ZAE000006284 (“Sappi” or “the Company”) 2 December 2015 DEALING IN SECURITIES BY DIRECTORS AND COMPANY SECRETARY VESTING OF CONDITIONAL SHARE AWARDS GRANTED TO DIRECTORS OF A LISTED COMPANY In terms of paragraph 3.63 of the Listings Requirements of the JSE Limited, we hereby provide the following information regarding the vesting of conditional share awards granted by Sappi to the undermentioned directors of the Company, its major subsidiary companies and company secretary. The necessary authority in terms of paragraph 3.66 was obtained and these were off-market transactions: Nature of transaction : Vesting of grants of conditional share awards in terms of the Sappi Limited Performance Share Incentive Plan. Date of transaction : 2 December 2015 (date participants informed of vesting) Number of conditional : Various, see table below Share awards granted Date of Grants : 2 December 2011 Implied price : R62.95 per share (closing price on 1 December 2015) Vesting period : 4 years from date of grant Percentage of grants : 50% vested Class of security : Ordinary shares Extent of interest : Direct beneficial Director’s name : G R Bowles Company of which he is a : Sappi Southern Africa director Number of grants vested Value R 26 500 R1 668 175.00 Director’s name : M Gardner Company of which he is a : Sappi North America director Value Number of grants vested R 52 500 R3 304 875.00 Director’s name : T Hawkes Company of which he is a : Sappi Southern Africa director Value Number of grants vested R 12 000 R755 400.00 Director’s name : N N Maelane Company of which he is a : Sappi Southern Africa director Value Number of grants vested R 26 500 R1 668 175.00 Director’s name : S Manchester (Company Secretary) Company of which she is a : Sappi North America director Value Number of grants vested R 20 000 R1 259 000.00 Director’s name : P B McGrady Company of which he is a : Sappi Southern Africa director Value Number of grants vested R 26 500 R1 668 175.00 Director’s name : C M Mowatt Company of which he is a : Sappi Southern Africa director Value Number of grants vested R 14 000 R881 300.00 Director’s name : G T Pearce Company of which he is a : Sappi Limited, Sappi North America, director Sappi Southern Africa Value Number of grants vested R 27 750 R1 746 862.50 Director’s name : A Thiel Company of which he is a : Sappi Southern Africa director Number of grants vested Value R 50 000 R3 147 500.00 Director’s name : G M van Aarde Company of which he is a : Sappi Southern Africa director Value Number of grants vested R 14 000 R881 300.00 Director’s name : M van Hoven Company of which he is a : Sappi North America, Sappi Southern Africa director Value Number of grants vested R 22 500 R1 416 375.00 Director’s name : B Wiersum Company of which he is a : Sappi Europe director Value Number of grants vested R 52 500 R3 304 875.00 Amanda J Tregoning Group Secretary & Corporate Counsel Sappi Limited Tel +27 (0)11 407 8174 Fax +27 (0)11 339 1881 amanda.tregoning@sappi.com Sponsor: UBS South Africa (Pty) Ltd Date: 02/12/2015 04:45:00 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.