Dealing in securities by directors 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 DIRECTORS GRANTING AND VESTING OF CONDITIONAL SHARE AWARDS TO DIRECTORS OF LISTED COMPANY In terms of paragraph 3.63 of the Listings Requirements of the JSE Limited (“Requirements”), we hereby provide the following information regarding the allocation and vesting of conditional share awards by Sappi to the undermentioned directors of its major subsidiary companies. The necessary authority in terms of paragraph 3.66 of the Requirements was obtained and these were off-market transactions: GRANT : Date of notification of transaction to : 19 November 2018 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 : 19 November 2022 awards Class of security : Ordinary shares Extent of interest : Direct beneficial A Page 2 of 3 NUMBER OF NOTIONAL SHARES NAME COMPANY SUBJECT TO VALUE * CONDITIONAL AWARDS (R) GR BOWLES Sappi North America. Inc 65 000 5 239 000.00 S BLYTH Sappi Europe SA 23 000 1 853 800.00 M MANSOOR Sappi North America. Inc 39 000 3 143 400.00 B RIEGLER Sappi Papier Holding 7 500 604 500.00 S WURDINGER Sappi Europe SA 23 000 1 853 800.00 Based on an implied price of R 80.60 per share (closing price on 16 November * 2018) VESTING : Date of notification of transaction to : 04 December 2018 participant Nature of transaction : Vesting of grants of conditional share awards in terms of the Sappi Limited Performance Share Incentive Plan Number of conditional share awards : Various, see table below granted Date of grant : 04 December 2014 Implied price : R77.00 (closing price on 03 December 2018) Vesting period : 4 years from date of grant Percentage of grants vested : 100% Class of security : Ordinary shares Extent of interest : Direct beneficial NUMBER OF NOTIONAL SHARES VALUE NAME COMPANY SUBJECT TO CONDITIONAL (R) AWARDS GR BOWLES Sappi North America. Inc 85 000 6 545 000.00 S BLYTH Sappi Europe SA 29 000 2 233 000.00 M MANSOOR Sappi North America. Inc 11 000 847 000.00 B RIEGLER Sappi Papier Holding 2 200 169 400.00 S WURDINGER Sappi Europe SA 12 000 924 000.00 Page 3 of 3 Johannesburg 05 December 2018 Sponsor: UBS South Africa (Pty) Ltd Date: 05/12/2018 05:00:00 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.