SAPPI LIMITED - Dealings in securities by directors, directors of major subsidiaries and company secretaries

Dealings in securities by directors, directors of major subsidiaries 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")

DEALINGS IN SECURITIES BY DIRECTORS, DIRECTORS OF MAJOR SUBSIDIARIES AND
COMPANY SECRETARIES

AUTOMATIC VESTING OF CONDITIONAL SHARE AWARDS BY DIRECTORS, DIRECTORS OF
MAJOR SUBSIDIARIES AND COMPANY SECRETARIES

In terms of paragraph 3.63 of the Listings Requirements of the JSE Limited ("Requirements"), we
hereby provide the following information regarding the automatic vesting of conditional share awards
by directors of the Company and its major subsidiary companies and company secretaries. The
necessary clearance in terms of paragraph 3.66 of the Requirements was obtained.

AUTOMATIC VESTING

These were off-market transactions:

 Date of notification of transaction to     :    18 November 2025
 participant

 Nature of transaction                      :    Automatic vesting of conditional share
                                                 awards in terms of the Sappi Limited
                                                 Performance Share Incentive Plan

 Date of grant                              :    18 November 2021

 Assumed price per conditional share        :    R22.58 (Sappi closing price on 17 November
 award                                           2025)

 Vesting period                             :    4 years from date of grant

 Percentage of grants vested                :    62.50%

 Class of security                          :    Ordinary shares

 Extent of interest                         :    Direct beneficial


                                                                         NUMBER OF                                                                                          
                                                                         SHARES            NOTIONAL                     
NAME                     COMPANY                                         SUBJECT TO        VALUE
                                                                         CONDITIONAL       (R)
                                                                         AWARDS
SR   Binnie              Sappi Limited                                   112 500           2 540 250
D    Daniel              Sappi Papier Holding                            11 250            254 025
M    Eikelenboom         Sappi Papier Holding                            62 500            1 411 250
MG   Haws                Sappi North America Inc                         62 500            1 411 250
B    Köehldorfer         Sappi Papier Holding                            7 000             158 060
L    Kruyshaar           Sappi North America, Inc                        31 250            705 625
A    Mahendranath        Sappi Limited (Group Company Secretary)         8 750             197 575
S    Manchester          Sappi North America, Inc (Company Secretary)    18 750            423 375
MI   Mansoor             Sappi North America, Inc                        37 500            846 750
FCS  Marupen             Sappi North America, Inc                        42 500            959 650
PG   Moodley             Sappi Southern Africa Limited                   18 750            423 375
J    Pässler             Sappi Papier Holding                            18 750            423 375
GT   Pearce              Sappi Limited                                   53 125            1 199 563
B    Riegler             Sappi Papier Holding                             7 000            158 060
M    van Hoven           Sappi North America, Inc                        50 000            1 129 000
G    Wild                Sappi Southern Africa Limited                   23 750            536 275


24 November 2025

Sponsor:
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 24-11-2025 02:29:00
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