Dealing in securities by Directors and company secretaries 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 AND COMPANY SECRETARIES VESTING AND SALE OF CONDITIONAL SHARE AWARDS TO DIRECTORS OF LISTED COMPANY AND COMPANY SECRETARY In terms of paragraph 3.63 of the Listings Requirements of the JSE Limited (“Requirements”), we hereby provide the following information regarding the vesting and sale of conditional share awards by directors of the Company and its major subsidiary companies and company secretary. The necessary authority in terms of paragraph 3.66 of the Requirements was obtained. VESTING These were off-market transactions : Date of notification of transaction to : 07 December 2019 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 : 07 December 2015 Implied price : R42.50 (closing price on 06 December 2019) Vesting period : 4 years from date of grant Percentage of grants vested : 90% Class of security : Ordinary shares Extent of interest : Direct beneficial NUMBER OF NOTIONAL SHARES VALUE NAME COMPANY SUBJECT TO CONDITIONAL (R) AWARDS SR Binnie Sappi Limited 171 000 7 267 500.00 S Blyth Sappi Europe SA 29 700 1 262 250.00 GR Bowles Sappi North America, Inc 81 000 3 442 500.00 M Gardner Sappi North America Inc/Sappi Papier Holding 94 500 4 016 250.00 MG Haws Sappi North America Inc/Sappi Papier Holding 27 000 1 147 500.00 B Köhldorfer Sappi Papier Holding 11 700 497 250.00 S Manchester Sappi North America, Inc (Company Secretary) 27 900 1 185 750.00 MI Mansoor Sappi North America, Inc 13 500 573 750.00 FCS Marupen Sappi North America, Inc 63 000 2 677 500.00 PG Moodley Sappi Southern Africa 5 310 225 675.00 J Pässler Sappi Papier Holding 29 700 1 262 250.00 GT Pearce Sappi Limited 81 000 3 442 500.00 B Riegler Sappi Papier Holding 2 250 95 625.00 AvC Thiel Sappi Southern Africa 94 500 4 016 250.00 M van Hoven Sappi North America, Inc 76 500 3 251 250.00 BJ Wiersum Sappi Papier Holding 94 500 4 016 250.00 S Wurdinger Sappi Europe SA 11 700 497 250.00 SALE OF SHARES Date of transaction : 09 December 2019 Nature of transaction : Sale of shares (on market) to settle tax liability arising from vesting of conditional share awards as listed above. Directors’ names and number of shares : Various, see table below sold Volume weighted average selling price per : R42.8155 (high R43.13; low R42.70) share Class of security : Ordinary shares Extent of interest : Direct beneficial NOTIONAL NUMBER OF VALUE NAME COMPANY SHARES SOLD (R) SR Binnie Sappi Limited 96 000 4 110 288.00 S Blyth Sappi Europe SA 15 295 654 863.07 GR Bowles Sappi North America, Inc 37 665 1 612 645.81 M Gardner Sappi North America Inc/Sappi Papier Holding 94 500 4 046 064.75 B Köhldorfer Sappi Papier Holding 5 700 244 048.35 S Manchester Sappi North America, Inc (Company Secretary) 27 900 1 194 552.45 FCS Marupen Sappi North America, Inc 29 295 1 254 280.07 PG Moodley Sappi Southern Africa 2 469 105 711.47 J Pässler Sappi Papier Holding 29 700 1 271 620.35 GT Pearce Sappi Limited 37 665 1 612 645.81 M van Hoven Sappi North America, Inc 42 240 1 808 526.72 S Wurdinger Sappi Europe SA 11 700 500 941.35 Johannesburg 11 December 2019 Sponsor: UBS South Africa (Pty) Ltd Date: 11-12-2019 03:00:00 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.