SAPPI LIMITED - Sappi not to proceed with 250 million senior notes offering at this time due to market conditions

Sappi not to proceed with €250 million senior notes offering at this time due to market conditions

Sappi Limited
(Incorporated in the Republic of South Africa)
Registration number: 1936/008963/06
JSE share code: SAP
ISIN code: ZAE000006284
LEI Number: 549300SSI7XQH8ESJG95
("Sappi" or the "Company")

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7
OF THE MARKET ABUSE REGULATION (EU) 596/2014.

Sappi not to proceed with €250 million senior notes offering at this time due to market
conditions

Sappi has decided not to proceed with the proposed offering of €250 million senior notes at
this time due to unsatisfactory market conditions. Sappi has a long history of prudent and
proactive balance sheet management. Consistent with that and in light of the strong liquidity
position it already has, the Company is in a position to be flexible and proactive about its
approach to bond markets.


Johannesburg
15 May 2020

Sponsor : UBS South Africa (Pty) Ltd
                                                                                                    Page 2 of 2


Cautionary Statement
This press release is for information purposes only and does not constitute a prospectus or an offer to sell or the
solicitation of an offer to buy any security in the United States or in any other jurisdiction. The notes have not
been and will not be registered under the Securities Act or applicable state or foreign securities laws and may
not be offered or sold in the United States absent registration under federal or applicable state securities laws
or an applicable exemption from such registration requirements.

This press release shall not be considered an “offer of securities to the public” for purposes of the Luxembourg
law on prospectus for public offering dated 10 July 2005. Furthermore, this press release constitutes neither an
offer to sell nor a solicitation to buy securities nor shall it give rise to or require the publication of a prospectus
in the United Kingdom (the "UK") or any EU member state which has implemented Regulation (EU) 2017/1129
(as amended or superseded).

This announcement does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire
or dispose of any securities nor is it intended to be an inducement to engage in investment activity for the
purpose of Section 21 of the Financial Services and Markets Act 2000 of the United Kingdom.

The distribution of this press release into certain jurisdictions may be restricted by law. Persons into whose
possession this press release comes should inform themselves about and observe any such restrictions. Any
failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

No money, securities or other consideration is being solicited, and, if sent in response to the information
contained herein, will not be accepted.

MiFID II professionals/ECPs only/No PRIIPs KID – Manufacturer target market (MIFID II product governance) is
eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information
document (KID) has been prepared as not available to retail in EEA and the UK.

In addition, in the UK, this announcement is directed only at persons (i) who have professional experience in
matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (the “Financial Promotion Order”), (ii) who are high net worth
entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the
Financial Promotion Order, (iii) who are outside the UK or (iv) to whom an invitation or inducement to engage in
investment activities within the meaning of section 21 of the Financial Services and Markets Act 2000 (the
“FSMA”) in connection with the issue or sale of any notes may otherwise lawfully be communicated or caused
to be communicated (all such persons together being referred to as “relevant persons”). In the UK, any
investment activity to which this announcement relates is only available to relevant persons and will be
engaged in only with relevant persons. This announcement must not be acted on or relied on by persons who
are not relevant persons.

The offer of the notes does not, nor is it intended to, constitute an “offer to the public” (as that term is defined
in the South African Companies Act, 2008 (the “SA Companies Act”)) and does not, nor is it intended to,
constitute a prospectus prepared and registered under the SA Companies Act. No South African resident or
offshore subsidiary of a South African resident may subscribe for or purchase any of the notes or beneficially
own or hold any of the notes unless specific approval has been obtained from the South African Reserve Bank by
such person or such subscription, purchase or beneficial holding or ownership is pursuant to the SA Companies
Act, or is otherwise permitted under the South African Exchange Control Regulations or the rulings or policies
promulgated thereunder.

Date: 15-05-2020 02:00:00
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.