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Results of the general meeting
Sappi Limited
(Incorporated in the Republic of South Africa)
(Registration number 1936/008963/06
JSE share code: SAP
ISIN: ZAE000006284
"Sappi" or "the Company"
RESULTS OF THE GENERAL MEETING
1. INTRODUCTION
1.1 Shareholders are referred to the circular distributed on Thursday, 25 June 2026 (the "Circular"), and the related
announcement released on SENS on the same date, regarding the proposed formation of a joint venture
between Sappi and UPM in respect of their respective graphic paper and related operations in Europe and
certain other international jurisdictions. The Circular incorporated a notice of General Meeting of Shareholders
to consider and approve the resolutions necessary to authorise and implement the Proposed Transaction.
1.2 Capitalised terms not defined in this announcement have the meaning given to such terms in the Circular.
2. RESULTS OF THE GENERAL MEETING
2.1 Shareholders are hereby advised that at the General Meeting held on Thursday, 23 July 2026, the ordinary
resolutions required to authorise and implement the Proposed Transaction were approved by the requisite
majority of votes. Details of the results of the voting at the General Meeting are set out below:
Resolution Votes cast disclosed as a Number of Shares Shares voted Shares abstained
percentage of the total voted disclosed as a disclosed as a
number of Shares voted percentage of the percentage of the
at the meeting total issued total issued
Shares* Shares*
For Against
Ordinary 98.58 1.42 475 386 542 78.30 0.01
resolution
number 1:
Approval of
the Proposed
Transaction
Ordinary 98.58 1.42 475 382 642 78.30 0.01
resolution
number 2:
Authority of
Directors
*607 141 463 Shares in issue as at the Voting Record Date.
Commenting on the outcome of the General Meeting, Sappi's CEO, Steve Binnie said "We believe the
Proposed Transaction represents an important strategic milestone for Sappi and we are delighted that our
Shareholders have shown their support by approving the requisite resolutions. The Proposed Transaction
positions the Company to continue executing its strategy, strengthen its balance sheet and focus its resources
on higher-growth opportunities, while retaining participation in the future success of the proposed 50/50 Joint
Venture."
3. CONDITIONS PRECEDENT
As set out more fully in the Circular, the implementation of the Proposed Transaction is subject to the fulfilment
(or, where applicable, waiver) of a number of Conditions Precedent, which the parties continue to work towards
satisfying. The Company will keep Shareholders appraised, and a further announcement will be released on
SENS, regarding the fulfilment of the remaining Conditions Precedent and the implementation of the Proposed
Transaction.
Rosebank
23 July 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: 23-07-2026 03:20:00
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