SAPPI SOUTHERN AFRICA LIMITED - SAPPI: Step-Up Margin Notification

SAPPI: Step-Up Margin Notification

SAPPI SOUTHERN AFRICA LIMITED
Registration number 1951/003180/06
Incorporated in the Republic of South Africa
JSE Alpha code: SSAI
("Sappi Southern Africa" or "the Company")

STEP-UP MARGIN NOTIFICATION: SSA10, SSA11 AND SSA12

Capitalised terms and expressions are as defined in the applicable pricing supplements for SSA10,
SSA11 and SSA12 ("APSs") and have the same meanings unless otherwise defined in this
announcement.

Noteholders are referred to Appendix 1 of the APSs and are advised that a Margin Adjustment Event
has occurred for instruments SSA10, SSA11 and SSA12 following achievement of the relevant KPI's
decrease in specific GHG emissions and sourcing of certified fibre performance targets as set out in
the Sustainability Performance Target Table of the relevant APSs.

As a result of the above, the Initial Margin will be increased by the Step-Up Margin resulting in a revised
margin ("Revised Margin") for SSA10, SSA11 and SSA12 as follows:


 Instrument               Initial Margin     Step-Up Margin       Revised Margin                Margin
                                     (%)             (2025)                 2025            Adjustment
                                                        (%)                  (%)                    Date
 SSA10                              1.17              0.025                1.195           13 April 2026
 SSA11                              1.33              0.025                1.355           13 April 2026
 SSA12                              1.47              0.025                1.495           13 April 2026

The Revised Margins will be applied for the forthcoming interest periods of 13 April 2026 to 13 July
2026 for SSA10, SSA11 and SSA12.

The Sustainability Certificates for SSA10, SSA11 and SSA12 are available on Sappi Southern Africa's
website at https://www.sappi.com/en-za/investors/bond-and-insurance-captive-reporting-
requirements#2162445897-1225731313

17 December 2025

Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 17-12-2025 12:40:00
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