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Update on the distribution of the circular to Sappi shareholders
Sappi Limited
(Incorporated in the Republic of South Africa)
(Registration number 1936/008963/06
JSE share code: SAP
ISIN: ZAE000006284
"Sappi" or "the Company"
UPDATE ON THE DISTRIBUTION OF THE CIRCULAR TO SAPPI SHAREHOLDERS
Sappi shareholders are referred to the announcements released on the Stock Exchange News Service of the JSE
Limited on 4 December 2025 and 2 February 2026, regarding the proposed formation of a joint venture between
Sappi Papier Holding GmbH and UPM-Kymmene Corporation ("UPM") for graphic paper in Europe (the
"Transaction").
As previously announced, the Transaction constitutes a Category 1 transaction for Sappi in terms of the JSE Listings
Requirements and is subject to approval by Sappi shareholders, which will be sought by way of ordinary resolutions
to be proposed at a general meeting detailed in a circular to be distributed to shareholders (the "Circular").
The distribution of the Circular is contingent upon the signing of definitive agreements in respect of the Transaction.
Sappi and UPM continue to make good progress and are working constructively towards the target timeline of signing
definitive agreements in respect of the Transaction during the first half of calendar year 2026, following which the
Circular will be published and distributed, in accordance with the JSE Listings Requirements.
Sappi shareholders will be advised in due course of the salient dates and times relating to the Transaction and the
general meeting to be convened in order to consider and vote on the resolutions required in respect of the
Transaction.
20 April 2026
South African Corporate Advisor, Sponsor and Corporate Broker to Sappi
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
South African Legal Advisor to Sappi
BOWMANS
Date: 20-04-2026 10:00:00
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