JOHANNESBURG, South Africa, Dec. 29 /PRNewswire-FirstCall/ -- Sappi (NYSE: SPP), the world's leading producer of coated fine paper, today announced the following information regarding vesting of conditional shares of Sappi by directors of one of the Company's major subsidiary companies. In terms of paragraph 3.63 of the Listings Requirements of the JSE Limited, we hereby provide the following information regarding the vesting of conditional share awards granted by Sappi to the undermentioned directors of the Company and its major subsidiary companies: Nature of transaction : Vesting of grants of conditional share awards in terms of the Sappi Limited Performance Share Incentive Plan. Date of transaction : 23 December 2008 (date participants informed of vesting) Number of conditional Share awards granted : Various, see table below Date of Grants : 13 December 2004 and 15 December 2008 (6 additional grants for every 5 existing grants at R20,27 to take cognizance of Sappi Limited rights offer). Applicable to 4 year period 1 October 2004 to 30 September 2008 Vesting period : 4 years from date of grant Percentage of grants vested : 75%, see table below Class of security : Ordinary shares Extent of interest : Direct beneficial Director's Name : M R Thompson Company of which he is a director : Sappi Limited Number of Number of Number of Payment for Number of Shares Grants Grants Grants original Grants to Participant Awarded Vested Lapsed nil/ settlement of additional Grants at R20,27 per Grant 6,000 4,500 1,500 Nil 4,500 7,200 5,400 1,800 2,983 shares 2,417 ----- ----- ----- ----- 13,200 9,900 3,300 6,917 ------ ----- ----- ----- Director's Name : B M Dick Company of which he is a director : Sappi Southern Africa Number of Number of Number of Payment for Number of Shares Grants Grants Grants original Grants to Participant Awarded Vested Lapsed nil/ settlement of additional Grants at R20,27 per Grant 3,000 2,250 750 Nil 2,250 3,600 2,700 900 1,491 shares 1,209 ----- ----- --- ----- 6,600 4,950 1,650 3,459 ----- ----- ----- ----- Director's Name : R D Hope Company of which he is a director : Sappi Fine Paper North America Number of Number of Number of Payment for Number of Shares Grants Grants Grants original Grants to Participant Awarded Vested Lapsed nil/ settlement of additional Grants at R20,27 per Grant 6,000 4,500 1,500 Nil 4,500 7,200 5,400 1,800 2,983 shares 2,417 ----- ----- ----- ----- 13,200 9,900 3,300 6,917 ------ ----- ----- ----- Director's Name : J H Labuschagne Company of which he is a director : Sappi Southern Africa Number of Number of Number of Payment for Number of Shares Grants Grants Grants original Grants to Participant Awarded Vested Lapsed nil/ settlement of additional Grants at R20,27 per Grant 3,000 2,250 750 Nil 2,250 3,600 2,700 900 1,491 shares 1,209 ----- ----- --- ----- 6 600 4,950 1,650 3,459 ----- ----- ----- ----- Director's Name : V A R Lubbe Company of which he is a director : Sappi Southern Africa Number of Number of Number of Payment for Number of Shares Grants Grants Grants original Grants to Participant Awarded Vested Lapsed nil/ settlement of additional Grants at R20,27 per Grant 6,000 4,500 1,500 Nil 4,500 7,200 5,400 1,800 2,983 shares 2,417 ----- ----- ----- Reduction for 13,200 9,900 3,300 Retirement -639 ------ ----- ----- ---- 6,278 ----- Director's Name : S G Manchester Company of which she is a director : Sappi Fine Paper North America Number of Number of Number of Payment for Number of Shares Grants Grants Grants original Grants to Participant Awarded Vested Lapsed nil/ settlement of additional Grants at R20,27 per Grant 3,000 2,250 750 Nil 2,250 3,600 2,700 900 1,491 shares 1,209 ----- ----- --- ----- 6,600 4,950 1,650 3,459 ----- ----- ----- ----- Director's Name : J Miller Company of which she is a director : Sappi Fine Paper North America Number of Number of Number of Payment for Number of Shares Grants Grants Grants original Grants to Participant Awarded Vested Lapsed nil/ settlement of additional Grants at R20,27 per Grant 4,000 3,000 1,000 Nil 3,000 4,800 3,600 1,200 1,988 shares 1,612 ----- ----- ----- ----- 8,800 4,950 2,200 4,612 ----- ----- ----- ----- Director's Name : D M Mncube Company of which he is a director : Sappi Southern Africa Number of Number of Number of Payment for Number of Shares Grants Grants Grants original Grants to Participant Awarded Vested Lapsed nil/ settlement of additional Grants at R20,27 per Grant 6,000 4,500 1,500 Nil 4,500 7,200 5,400 1,800 2,983 shares 2,417 ----- ----- ----- ----- 13,200 9,900 3,300 6,917 ------ ----- ----- ----- Director's Name : A Rossi Company of which he is a director : Sappi Fine Paper Europe Sappi Fine Paper North America Sappi Southern Africa Number of Number of Number of Payment for Number of Shares Grants Grants Grants original Grants to Participant Awarded Vested Lapsed nil/ settlement of additional Grants at R20,27 per Grant 6,000 4,500 1,500 Nil 4,500 7,200 5,400 1,800 2,983 shares 2,417 ----- ----- ----- ----- 13,200 9,900 3,300 6,917 ------ ----- ----- ----- Director's Name : A Tubb Company of which he is a director : Sappi Southern Africa Number of Number of Number of Payment for Number of Shares Grants Grants Grants original Grants to Participant Awarded Vested Lapsed nil/ settlement of additional Grants at R20,27 per Grant 6,000 4,500 1,500 Nil 4,500 7,200 5,400 1,800 2,983 shares 2,417 ----- ----- ----- ----- 13,200 9,900 3,300 6,917 ------ ----- ----- ----- Director's Name : A J W van der Merwe Company of which he is a director : Sappi Southern Africa Number of Number of Number of Payment for Number of Shares Grants Grants Grants original Grants to Participant Awarded Vested Lapsed nil/ settlement of additional Grants at R20,27 per Grant 2,000 1,500 500 Nil 1,500 2,400 1,800 600 994 shares 806 ----- ----- --- --- 4,400 3,300 1,100 2,306 ----- ----- ----- ----- About Sappi Limited A global leader in the pulp and paper industry, Sappi Limited conducts its business through two business units, Sappi Fine Paper and Sappi Forest Products. Sappi Fine Paper, operating in Europe, North America and South Africa, produces a wide range of coated fine paper brands with an international reputation for quality and innovation. The company also produces a range of uncoated graphic and business papers, coated and uncoated specialty papers, as well as casting release papers. Sappi Forest Products owns or manages approximately 540,000 hectares of plantations through Sappi Forests; is a leading Southern African fully integrated pulp, packaging paper and newsprint business through Sappi Kraft ; and is the world's leading producer of chemical cellulose used in the manufacture of viscose fibre through Sappi Saiccor; Sappi Trading, based in Hong Kong, operates a trading network for the international sales and distribution of the products of the two divisions outside their core operation regions. For more information, visit: http://www.sappi.com/. DATASOURCE: Sappi CONTACT: Denis O'Connor of Sappi, +27-11-407-807, Web Site: http://www.sappi.com/

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