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") 11 December 2020 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 : 09 December 2020 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 : 09 December 2016 Implied price : R33.26 (closing price on 08 December 2020) Vesting period : 4 years from date of grant Percentage of grants vested : 50% Class of security : Ordinary shares Extent of interest : Direct beneficial Page 2 of 3 NUMBER OF NOTIONAL SHARES VALUE NAME COMPANY SUBJECT TO CONDITIONAL (R) AWARDS SR Binnie Sappi Limited 64 800* 2 155 248.00 S Blyth Sappi Europe SA 13 500 449 010.00 M Boles Sappi Papier Holding 2 350 78 161.00 GR Bowles Sappi North America, Inc 37 500 1 247 250.00 D Daniel Sappi Papier Holding 1 250 41 575.00 MG Haws Sappi North America Inc 13 000 432 380.00 B Köehldorfer Sappi Papier Holding 4 100 136 366.00 Sappi North America, Inc (Company 432 380.00 S Manchester 13 000 Secretary) MI Mansoor Sappi Papier Holding 7 550 251 113.00 FCS Marupen Sappi North America, Inc 30 000 997 800.00 PG Moodley Sappi Southern Africa 11 000 365 860.00 J Pässler Sappi Papier Holding 13 550 450 673.00 GT Pearce Sappi Limited 30 000* 997 800.00 B Riegler Sappi Papier Holding 1 050 34 923.00 AvC Thiel Sappi Southern Africa 45 000 1 496 700.00 M van Hoven Sappi North America, Inc 35 000 1 164 100.00 BJ Wiersum Sappi Papier Holding 45 000 1 496 700.00 S Wurdinger Sappi Europe SA 11 250 374 175.00 * The CEO, Mr Steve Binnie and the CFO, Mr Glen Pearce volunteered to take a 40% vesting of shares instead of a 50% after the group’s FY20 performance was severely impacted by the Covid-19 pandemic, related lockdowns and the economic aftereffect. SALE OF SHARES Date of transaction : 09 December 2020 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 : R32.5329 (high R33.50; low R32.50) share Class of security : Ordinary shares Extent of interest : Direct beneficial Page 3 of 3 NOTIONAL NUMBER OF VALUE NAME COMPANY SHARES SOLD (R) SR Binnie Sappi Limited 24 800 806 815.92 S Blyth Sappi Europe SA 6 277 204 209.01 GR Bowles Sappi North America, Inc 17 437 567 276.18 D Daniel Sappi Papier Holding 1 250 40 666.13 Sappi North America, Inc (Company 422 927.70 S Manchester 13 000 Secretary) FCS Marupen Sappi North America, Inc 13 950 453 833.96 PG Moodley Sappi Southern Africa 5 115 166 405.78 J Pässler Sappi Papier Holding 13 550 440 820.80 M van Hoven Sappi North America, Inc 16 275 529 472.95 Sponsor : UBS South Africa (Pty) Ltd Date: 11-12-2020 03:42:00 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.