SAPPI LIMITED

ITEM 9. THE OFFER AND LISTING
Offer and Listing Details
The table below sets forth, for the periods indicated, the high and low prices of trading activity in the
shares on the JSE, as reported by the JSE and adjusted for the dilution effects of the rights issue
discussed below; and the high and low prices of trading activity in the ADSs on the New York Stock
Exchange (‘‘NYSE’’), as reported by the NYSE and adjusted for the dilution effects of the rights issue
discussed below.
In November and December 2008, Sappi conducted a renounceable rights offer of 286,886,270
new ordinary shares of ZAR 1.00 each to qualifying Sappi shareholders recorded in the shareholders
register at the close of business on Friday November 21, 2008, at a subscription price of ZAR 20.27 per
rights offer share in the ratio of 6 rights offer shares for every 5 Sappi shares held. The rights offer was
fully subscribed and the shareholders received their shares on December 15, 2008. The rights offer
raised ZAR 5,815,184,693 (approximately US$ 575 million) which was used to partly finance the
Acquisition and related costs.
Shares ADSs
High (1) Low (1) High (1) Low (1)
(SA cents per
share)
(US$ per ADS)
Annual highs and lows
Fiscal 2010 ........................................ 3,792 2,539 5.14 3.27
Fiscal 2009 ........................................ 5,403 1,290 6.41 1.24
Fiscal 2008 ........................................ 7,661 4,700 9.98 5.72
Fiscal 2007 ........................................ 8,824 6,263 12.24 7.88
Fiscal 2006 ........................................
Quarterly highs and lows
2010
6,389 3,948 9.62 5.98
Fourth quarter ..................................... 3,685 2,877 5.14 3.70
Third quarter ...................................... 3,275 2,633 4.54 3.27
Second quarter ..................................... 3,792 2,875 5.08 3.74
First quarter .......................................
2009
3,700 2,539 4.91 3.40
Fourth quarter ..................................... 3,179 2,052 3.96 2.48
Third quarter ...................................... 3,029 1,620 3.77 1.80
Second quarter ..................................... 4,550 1,290 4.76 1.24
First quarter .......................................
Monthly highs and lows
2010
5,403 2,668 6.41 2.18
October .......................................... 3,631 3,406 5.23 4.91
September ........................................ 3,644 3,432 5.22 4.71
August ........................................... 3,685 3,234 5.13 4.34
July ............................................. 3,585 2,877 4.87 3.70
June ............................................ 3,143 2,800 4.10 3.60
May............................................. 3,275 2,633 4.38 3.27
(1) Historical share prices shown in the table above have been adjusted where applicable by 1.58 (an adjustment factor) for the
effect of the issuance of 286,886,270 new ordinary shares of ZAR 1.00 each, at a subscription price of ZAR 20.27 per rights
offer share in the ratio of 6 rights offer shares for every 5 Sappi shares held. The adjustment factor applied to historical share
prices was based on the theoretical ex-rights price (‘‘TERP’’) calculation explained below.
TERP is the [(Number of new shares multiplied by the Subscription price) plus the (Number of shares held multiplied by the
Ex-dividend share price)] all divided by the (Number of new shares plus the number of shares held prior to the rights offer).
The adjustment factor of 1.58 is calculated using the Pre-announcement price divided by the TERP.
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