SAPPI LIMITED - Sappi Limited Board and leadership teams implement pay cut ; confirm no short-term incentive bonuses for 2020

Sappi Limited Board and leadership teams implement pay cut ; confirm no short-term incentive bonuses for 2020

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")



Sappi Limited Board and leadership teams implement pay cut ; confirm no short-term
incentive bonuses for 2020


Following from its 30 March 2020 market update statement on the impact of global actions to
address the Coronavirus and Covid-19 impact, Sappi Limited wishes to announce that, in
recognition of the uncertain trading environment which will persist for some time, the board of
directors and the group and regional leadership teams (Europe, North America, Southern
Africa and Trading) have volunteered a 10 percent reduction in salaries or fees for the three
months ending June 2020. In addition, the leadership teams will receive no short-term
incentive bonuses for 2020 financial year. The company’s focus remains on the health and
safety of its staff and supporting its customers, suppliers and communities as the pandemic
and the actions to curb its spread continue to have significant negative trading and socio-
economic impacts. An update to the market will be provided at the time of Sappi’s second
quarter financial results announcement on 07 May 2020.


Johannesburg
08 April 2020

Sponsor : UBS South Africa (Pty) Ltd

Date: 08-04-2020 02:15:00
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