Dealing in Securities by Directors and Company Secretaries 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’) DEALING IN SECURITIES BY DIRECTORS AND COMPANY SECRETARIES Vesting of conditional share awards granted to directors of a listed company In terms of paragraph 3.63 of the Listings Requirements ("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 secretaries. The necessary authority in terms of paragraph 3.66 of the Requirements 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 Trust Date of transaction : 13 December 2017 Number of conditional : Various, see table below Share awards granted Date of grant : 13 December 2013 Implied price : R96.99 per share (closing price on 12 December 2017) Vesting period : 4 years from date of grant Percentage of grants : 100% vested Class of security : Ordinary shares Extent of interest : Direct beneficial Director’s name : S R Binnie Company of which he is a : Sappi Limited director Value Number of grants vested R 110 000 R10 668 900.00 Director’s name : M Gardner Company of which he is a : Sappi North America / Sappi Papier Holding GmbH director Value Number of grants vested R 110 000 R10 668 900.00 Director’s name : B Koehldorfer Company of which he is a : Sappi Papier Holding GmbH director Value Number of grants vested R 12 000 R1 163 880.00 Director’s name : S Manchester (Company Secretary) Company of which she is : Sappi North America Company Secretary Value Number of grants vested R 32 000 R3 103 680.00 Director’s name : P Moodley Company of which he is a : Sappi Southern Africa Limited director Value Number of grants vested R 5 200 R504 348.00 Director’s name : W Morrow Company of which he is a : Sappi Papier Holding GmbH director Value Number of grants vested R 5 200 R504 348.00 Director’s name : J Pässler Company of which he is a : Sappi Papier Holding GmbH director Value Number of grants vested R 27 000 R2 618 730.00 Director’s name : G T Pearce Company of which he is a : Sappi Limited director Value Number of grants vested R 33 000 R3 200 670.00 Director’s name : A Thiel Company of which he is a : Sappi Southern Africa Limited director Value Number of grants vested R 110 000 R10 668 900.00 Director’s name : A J Tregoning (Company Secretary) Company of which she is : Sappi Limited Company Secretary Value Number of grants vested R 15 000 R1 454 850.00 Director’s name : M van Hoven Company of which he is a : Sappi North America director Value Number of grants vested R 90 000 R8 729 100.00 Director’s name : B Wiersum Company of which he is a : Sappi Papier Holding GmbH director Value Number of grants vested R 110 000 R10 668 900.00 Sponsor: UBS South Africa (Pty) Ltd 14 December 2017 Date: 14/12/2017 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.