Dealing in Securities by Director of Subsidiary Sappi Limited Reg No 1936/008963/06 (Incorporated in the Republic of South Africa) JSE Code SAP ISIN code ZAE000006284 (“Sappi” or “the Company”) DEALING IN SECURITIES BY DIRECTOR OF SUBSIDIARY GRANTING OF CONDITIONAL SHARE AWARDS TO DIRECTOR OF SUBSIDIARY OF A LISTED COMPANY Further to the announcement dated 07 December 2017, and in terms of paragraph 3.63 of the Listings Requirements of the JSE Limited (“Requirements”), we hereby provide the following information regarding the granting of conditional share awards by Sappi to the undermentioned director of a subsidiary of the Company. The necessary authority in terms of paragraph 3.66 of the Requirements was obtained and this was an off-market transaction: Name : B Koehldorfer Subsidiary : Sappi Papier Holding Number of shares subject to : 7 350 conditional awards Notional value R716 331.00 (Based on an implied price of R97.46 per share (closing price on 01 December 2017) Date of notification of transaction to : 04 December 2017 participant Nature of transaction : Annual grants of conditional share awards in terms of the Sappi Limited Performance Share Incentive Plan Strike price : Nil (no consideration) Vesting dates for conditional share : 04 December 2021 awards Class of security : Ordinary shares Extent of interest : Direct beneficial Sponsor: UBS South Africa (Pty) Ltd 08 December 2017 Date: 08/12/2017 04:00:00 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.