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Dealings in securities by directors and directors of major subsidiaries and the 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 AND DIRECTORS OF MAJOR
SUBSIDIARIES AND THE COMPANY SECRETARIES
ACCEPTANCE OF CONDITIONAL SHARE AWARDS BY DIRECTORS AND DIRECTORS
OF MAJOR SUBSIDIARIES AND THE 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 acceptance of
conditional share awards granted by Sappi to the undermentioned directors of the Company,
its major subsidiary companies and company secretary. The necessary clearance in terms of
paragraph 3.66 of the Requirements was obtained in each instance, and these were all off-
market transactions:
Date of notification of transaction to : 04 December 2025
participant and acceptance of
conditional award
Nature of transaction : Grant and acceptance of conditional share
awards in terms of the Sappi Limited
Performance Share Incentive Plan
Assumed price per conditional share : R21.69 (closing price on 03 December 2025)
award
Vesting dates for conditional share : 04 December 2029
awards
Class of security : Conditional awards of ordinary shares
Extent of interest : Direct beneficial
NAME COMPANY NUMBER OF NOTIONAL
SHARES VALUE
SUBJECT TO
CONDITIONAL (R)
AWARDS
SR Binnie Sappi Limited 280 000 6 073 200
D David Sappi Papier Holding 30 000 650 700
M Eikelenboom Sappi Papier Holding 155 000 3 361 950
MG Haws Sappi North America, Inc 155 000 3 361 950
B Köhldorfer Sappi Papier Holding 11 500 249 435
L Kruyshaar Sappi North America, Inc 115 000 2 494 350
A Mahendranath Sappi Limited (Group Company Secretary) 15 500 336 195
S Manchester Sappi North America, Inc (Company Secretary) 45 000 976 050
MI Mansoor Sappi North America, Inc 95 000 2 060 550
FCS Marupen Sappi North America, Inc 115 000 2 494 350
P Moodley Sappi Southern Africa Limited 45 000 976 050
J Pässler Sappi Papier Holding 45 000 976 050
GT Pearce Sappi Limited 180 000 3 904 200
B Riegler Sappi Papier Holding 11 500 249 435
M Van Hoven Sappi North America, Inc 120 000 2 602 800
G Wild Sappi Southern Africa Limited 155 000 3 361 950
SALE OF SHARES BY DIRECTORS AND 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 sale of shares
by directors of the Company, its major subsidiary companies and company secretary. The
necessary clearance in terms of paragraph 3.66 of the Requirements was obtained.
This was an on-market transaction:
Date of transaction : 08 December 2025
Nature of transaction : Sale of shares (on market) to settle tax
liability arising from vesting of conditional
share awards as per SENS announcement
dated 24 November 2025.
Volume weighted average selling : R23.97 (high R24.38; low R23.75)
price per share
Class of security : Ordinary shares
Extent of interest : Direct beneficial
NAME COMPANY NUMBER OF VALUE
SHARES SOLD
(R)
D David Sappi Papier Holding 5 625 134 831.25
M Eikelenboom Sappi Papier Holding 31 250 749 062.50
B Köehldorfer Sappi Papier Holding 3 500 83 895.00
L Kruyshaar Sappi North America, Inc 15 625 374 531.25
A Mahendranath Sappi Limited (Group Company Secretary) 8 750 209 737.50
S Manchester Sappi North America, Inc (Company Secretary) 9 375 224 718.75
FCS Marupen Sappi North America, Inc 21 250 509 362.50
PG Moodley Sappi Southern Africa Limited 9 375 224 718.75
GT Pearce Sappi Limited 26 563 636 715.11
M van Hoven Sappi North America, Inc 25 000 599 250.00
G Wild Sappi Southern Africa Limited 11 875 284 643.75
10 December 2025
Sponsor:
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 10-12-2025 05:31:00
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