Acquisition by Sappi of Matane mill from the Rayonier Advanced Materials Group - fulfillment of conditions precedent 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") Johannesburg Announcement 04 November 2019 Acquisition by Sappi of Matane mill from the Rayonier Advanced Materials Group - fulfillment of conditions precedent and notice to shareholders in terms of section 45(5)(a) of the South African Companies Act, 2008 Shareholders are referred to the announcement released by Sappi on the Stock Exchange News Service of the JSE on 01 August 2019 regarding the acquisition of the Matane high- yield hardwood pulp mill in Quebec, Canada from Rayonier Advanced Materials Inc (“the acquisition”). The Board of directors of Sappi wishes to advise shareholders that all conditions precedent relating to the acquisition have now been fulfilled at an adjusted purchase price of approximately $158 million with the closing completed on 03 November 2019. Notice is also hereby given to shareholders in terms of section 45(5)(a) of the South African Companies Act, 2008 that the Board of Sappi, in order to give effect to the acquisition, has adopted resolutions to provide financial assistance in the form of a guarantee to a related company as contemplated in section 45(2) of the Companies Act, the total value of which exceeds one-tenth of 1% of Sappi’s net worth. ENDS Sponsor : UBS South Africa (Pty) Ltd Date: 04/11/2019 03:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.