SAPPI SOUTHERN AFRICA PROPRIETARY LIMITED - Amendments to Sappi's ZAR5 000 000 000 Domestic Medium Term Note Programme - SSA06

Amendments to Sappi's ZAR5 000 000 000 Domestic Medium Term Note Programme - SSA06

SAPPI SOUTHERN AFRICA LIMITED
Registration number 1951/003180/06
Incorporated in the Republic of South Africa
JSE Alpha code: SSAI
(“Sappi”)

AMENDMENTS TO SAPPI’S ZAR5 000 000 000 DOMESTIC MEDIUM TERM NOTE PROGRAMME

Noteholders are advised that Sappi has amended and updated its ZAR5 000 000 000 Domestic
Medium Term Note Programme (the “Programme Memorandum”) to incorporate various regulatory
amendments in order to align the Programme Memorandum with the most recent Debt Listings
Requirements.

The amendments to the Programme Memorandum primarily relate to updates of the following
sections:

-     documents incorporated by reference;
-     investors considerations/risk factors;
-     payment day;
-     the JSE’s responsibility paragraph;
-     the terms and conditions of the notes;
-     the process relating to meetings of noteholders/consent process;
-     the description of Sappi, its key risks and governance;
-     the sections relating to settlement, clearing and transfer of notes;
-     the South African taxation and exchange control sections to align with current legislation; and
-     the inclusion of additional definitions.

The amendments to the Programme Memorandum have been approved by the JSE and the updated
Programme Memorandum is available for inspection on Sappi’s website,
https://www.sappi.com/bond-and-insurance-captive-reporting-requirements#.

19 December 2018

Debt Sponsor
Nedbank Corporate and Investment Banking

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