September 2015

Group Head Investor Relations and Sustainability

Graeme Wild

Sappi Limited

UBS Global Paper & Forest Products Conference

2

Forward-looking statements

Certain statements in this release that are neither reported financial results nor other historical information, are forward-looking statements, including but not limited tostatements that are predictions of or indicate future earnings, savings, synergies, events, trends, plans or objectives. The words ‘believe’, ‘anticipate’, ‘expect’, ‘intend’,‘estimate’, ‘plan’, ‘assume’, ‘positioned’, ‘will’, ‘may’, ‘should’, ‘risk’ and other similar expressions, which are predictions of or indicate future events and future trendsand which do not relate to historical matters, and may be used to identify forward-looking statements. You should not rely on forward-looking statements because theyinvolve known and unknown risks, uncertainties and other factors which are in some cases beyond our control and may cause our actual results, performance orachievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements (and frompast results, performance or achievements). Certain factors that may cause such differences include but are not limited to:

� the highly cyclical nature of the pulp and paper industry (and the factors that contribute to such cyclicality, such as levels of demand, production capacity,production, input costs including raw material, energy and employee costs, and pricing);

� the impact on our business of a global economic downturn;

� unanticipated production disruptions (including as a result of planned or unexpected power outages);

� changes in environmental, tax and other laws and regulations;

� adverse changes in the markets for our products;

� the emergence of new technologies and changes in consumer trends including increased preferences for digital media;

� consequences of our leverage, including as a result of adverse changes in credit markets that affect our ability to raise capital when needed;

� adverse changes in the political situation and economy in the countries in which we operate or the effect of governmental efforts to address present or futureeconomic or social problems;

� the impact of restructurings, investments, acquisitions, dispositions and other strategic initiatives (including related financing), any delays, unexpected costs orother problems experienced in connection with dispositions or with integrating acquisitions or implementing restructuring and other strategic initiatives andachieving expected savings and synergies; and

� currency fluctuations.

We undertake no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information or future events or circumstancesor otherwise.

Regulation G disclosure

Certain non-GAAP financial information is contained in this presentation that management believe may be useful in comparing the company’s operating results fromperiod to period. Reconciliation's of certain of the non-GAAP measures to the corresponding GAAP measures can be found in the quarterly results booklet for therelevant period. These booklets are located in the ‘Investors | Financial information’-section of www.sappi.com.

Forward-looking statements and Regulation G

3

Agenda

� Overview� Products

� Strategy

� Divisions� Sappi Europe

� Sappi North America

� Sappi Southern Africa

� Conclusions

4

Sappi Limited

� #2 Global producer of coated paper (59% of sales)

Forecast: Capacity and demand down 1.5% through 2019*

Overview

� #1 Global producer of dissolving wood pulp (17% of sales)

Forecast: Demand up 6% and capacity up 3.3% through 2016**

* EMGE March 2015 ** RISI April 2015

5

Sales Analysis

* Data reflects results from FYTD 2015

50%

25%

25%

Sales by source* (US$)

EuropeNorth AmericaSouthern AfricaAsia and other

42%

23%

12%

23%

Sales by destination* (US$)

59%

5%

10%

7%

17%

1% 1%

Sales by product* (US$)

Coated paperUncoated paperSpeciality paperCommodity paperDissolving wood pulpPaper pulpOther

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Sales Analysis

59%17%

10%

7%5%

1% 1%

Coated Paper Dissolving Pulp

Speciality Paper Commodity Paper

Uncoated Paper Paper Pulp

Other

FYTD 2015 Coated Paper

• #2 Global Producer of Coated Paper• EBITDA Margins ~7%• Forecast* demand down 2% to 4% pa. • Forecast* capacity down 2%

*Source: RISI

7

Sappi Ltd. Sales Analysis

59%17%

10%

7%5%

1% 1%

Coated Paper Dissolving Pulp

Speciality Paper Commodity Paper

Uncoated Paper Paper Pulp

Other

FYTD 2015

• #1 Global Producer of Dissolving Pulp• EBITDA Margins ~30%• Demand forecast* up 5% pa. • Capacity forecast* up 2%

• Speciality Paper• EBITDA Margins ~12%• Demand up 4%

• Commodity Paper • EBITDA Margins ~17%• Demand up 6%

*Source: Hawkins Wright

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Product contribution split - LTM

Specialised cellulose

43%Paper57%

EBITDA excluding special items*

Specialised cellulose

62%

Paper38%

Operating profit excluding special items

* Refer to the supplementary information in this presentation for a reconciliation of EBITDA to reported operating profit and page 21 in our Q3 2015 results booklet (available on www.sappi.com) for a definition of special items. Data above excludes treasury operations and insurance captive.

9

Agenda

� Overview� Products

� Strategy

� Divisions� Sappi Europe

� Sappi North America

� Sappi Southern Africa

� Conclusions

0

5 000

10 000

15 000

20 000

25 000

30 000

35 000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

North America Europe Far East Latin America Africa/Middle East Oceania

10

Coated Woodfree demand leveling-off

* Source: RISI World Graphic Paper Report

Forecast*

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Dissolving Wood Pulp (DWP)

� DWP is the most abundant natural organic polymer on earth and is found in all plant materials

� The plant material (wood from certified forests or plantations) is processed and purified by applying specialised chemistry to extract the cellulose polymers from the wood

� The purified natural wood cellulose fibres are further dissolved by our customers and re-generated or re-formed for a host of applications

Cellulose45%

Hemi-cellulose

30%

Lignin23%

Resins1%

Inorganics1%

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Why Dissolving Wood Pulp (DWP)Capitalising on MEGA-TRENDS

� Global population growth from a current 6.9bn to 8.3bn by 2030

� Increasing need for food and clothes

� Increasing need for more comfortable clothing

� Rising urbanisation and standard of living in the greater Asian region� Asian middle class population is likely to

grow from current 1.9bn to 2.7bn people by 2030

� Asian consumers are likely to spend US$32 trillion/year by 2030, accounting for 43% of total global consumption

39%

70%

94%

112%

26%

49%

70%85%

0%11%

20%27% 32%

-5% -10% -14% -18%

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

2010 2020 2030 2040 2050

Textile fibres Food

65.8

72.5

86.8

100.7

113.3

123.5

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

2005 2010 2015 2020 2025 2030

Textile fibres consumptionMillion metric tons

13

Agenda

� Overview� Products

� Strategy

� Divisions� Sappi Europe

� Sappi North America

� Sappi Southern Africa

� Conclusions

14

Strategic focus

� Recognising the decreasing demand for graphic paper, we manage our capacity to strengthen our leadership position in these markets, realising their strategic importance to the group and maximising their significant cash flow generation

� Cessation of coated paper production in South Africa

� Husum volumes to be transferred to our assets in H2 2015

15

Focus areasRationalise and optimise declining businesses

� We work to lower fixed and variable costs, increase cost efficiencies and invest for cost advantages

� Cloquet Mill’s kraft campaigns

� Somerset Mill’s natural gas conversion

� Gratkorn Mill’s paper machine and pulp mill upgrade

� Kirkniemi Mill’s power plant

� Group procurement initiatives

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Focus areasAchieve cost advantages

� We will make smaller investments in existing areas with strong potential growth, including pulp, speciality grades and packaging papers

� Investment in lightweight recycled packaging paper at Enstra Mill

� Upgrades to Tugela and Ngodwana pulp mills

� Nanocellulose pilot plant in The Netherlands

17

Focus areasGrow through moderate investments

� Continue to pursue the sale of Twello

� Sale of Enstra and Cape Kraft Mills announced

� Refinancing and debt reduction has led to lower finance cost

18

Focus areasGenerate cash to strengthen the balance sheet

� Over the next two years we will continue our focus on having a cleaner, stronger balance sheet so that we can then accelerate our growth in adjacent businesses� Speciality packaging

� New business – lignins, sugars

� Longer term DWP capacity expansion

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Focus areasAccelerate growth in adjacent businesses from a strong base

20

Agenda

� Overview� Products

� Strategy

� Divisions� Sappi Europe

� Sappi North America

� Sappi Southern Africa

� Conclusions

� Leading European coated paper producer� FY14 Net sales: US$3.1b

� FY14 EBITDA: US$249m

� 3.5m tons per annum of paper capacity

� 1.2m tons per annum of pulp capacity (integrated)

� Well-invested assets in the heart of the European market

Divisional overviewSappi Europe

21

22

Sappi Europe

0%

2%

4%

6%

8%

10%

12%

0

20

40

60

80

100

1Q2013

2Q2013

3Q2013

4Q2013

1Q2014

2Q2014

3Q2014

4Q2014

1Q2015

2Q2015

3Q2015

US

$ m

illio

n

EBITDA* EBITDA Margin*

* EBITDA and EBITDA margin shown excluding special items. Refer to the supplementary information in this presentation for a reconciliation of EBITDA to reported operating profit and page 21 in our 3Q 2015 results booklet (available on www.sappi.com) for a definition of special items.** Source: RISI World Graphic Paper Forecast July 2015 and Sappi estimates

� Alfeld Speciality Paper conversion progressing well

� Gratkorn PM rebuild

� Kirkniemi power plant rebuild completed

� Nano-cellulose Pilot Plant – Netherlands – 2016

-9%

-8%

-7%

-6%

-5%

-4%

-3%

-2%

-1%

0%2012 vs 2011 2013 vs 2012 2014 vs 2013 2015 vs 2014 2016 vs 2015

CWF CM Forecast

Demand development**

� Leading North American coated freesheet paper producer� FY14 Net sales: US$1.5b

� FY14 EBITDA: US$92m

� 1.1m tons per annum of coated paper capacity

� 700,000 tons per annum of integrated paper pulp capacity

Divisional overviewSappi North America

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24

Sappi North America

0%

2%

4%

6%

8%

10%

12%

14%

0

10

20

30

40

50

1Q2013

2Q2013

3Q2013

4Q2013

1Q2014

2Q2014

3Q2014

4Q2014

1Q2015

2Q2015

3Q2015

US

$ m

illio

n

EBITDA* EBITDA Margin*

* EBITDA and EBITDA margin shown excluding special items. Refer to the supplementary information in this presentation for a reconciliation of EBITDA to reported operating profit and page 21 in our 3Q 2015 results booklet (available on www.sappi.com) for a definition of special items.** Source: RISI World Graphic Paper Forecast July 2015 and Sappi estimates

� Cloquet DWP conversion

� Somerset Mill conversion to natural gas

� Westbrook coater modernization

� Cloquet lime-kiln shell rebuild

� Industry consolidation in coated woodfree papers

Demand development**

-5%

-4%

-3%

-2%

-1%

0%

1%

2%2012 vs 2011 2013 vs 2012 2014 vs 2013 2015 vs 2014 2016 vs 2015

CWF

Forecast

� Leading South African graphic and packaging paper producer� FY14 Net sales: US$1.4b

� FY14 EBITDA: US$312m

� 1m tons per annum of dissolving wood pulp (DWP) capacity

� 950,000 tons per annum of graphic and packaging paper production

� 750,000 tons per annum of pulp production (integrated)

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Divisional overviewSappi Southern Africa

26

Sappi Southern Africa

0%

5%

10%

15%

20%

25%

30%

0

20

40

60

80

100

1Q2013

2Q2013

3Q2013

4Q2013

1Q2014

2Q2014

3Q2014

4Q2014

1Q2015

2Q2015

3Q2015

US

$ m

illio

n

EBITDA* EBITDA Margin*

* EBITDA and EBITDA margin shown excluding special items. Refer to the supplementary information in this presentation for a reconciliation of EBITDA to reported operating profit and page 21 in our 3Q 2015 results booklet (available on www.sappi.com) for a definition of special items.** Source: CCF

� Ngodwana pulp mill conversion to DWP

� Tugela and Ngodwana pulp mill upgrades

� Sale of Cape kraft Mill and Enstra recycled fibre packaging business

� On-going Land Sales

Staple grade dissolving pulp (US$/ton)**

770

780

790

800

810

820

830

840

850

04 J

an 2

015

16 J

an 2

015

30 J

an 2

015

13 F

eb 2

015

06 M

ar

2015

20 M

ar

2015

03 A

pr

2015

17 A

pr

2015

30 A

pr

2015

15 M

ay 2

015

29 M

ay 2

015

12 J

un 2

015

26 J

un 2

015

10 J

ul 2

015

24 J

ul 2

015

27

Agenda

� Overview� Products

� Strategy

� Divisions� Sappi Europe

� Sappi North America

� Sappi Southern Africa

� Conclusions

28

Conclusions

� We are making real progress

� Reduction in capital spending and refinanced debt

� Costs remain a chief priority

� Cash generative paper business to fund growth in:

� Cellulose-based solutions

� Speciality packaging papers

� Complementary products

� Committed to accelerating value for shareholders through:� Improved profit

� Strategic positioning

� Debt reduction

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Thank you