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REPORT OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM<br />
To the board of directors and shareholders of Sappi Limited:<br />
We have audited the accompanying Group balance sheets of Sappi Limited and subsidiaries<br />
(the ‘‘Company’’) as of September 2010 and 2009 and the related Group income statements, Group<br />
statements of comprehensive income, Group statements of changes in equity and Group cash flow<br />
statements for each of the three years in the period ended September 2010 and related financial<br />
statement schedule included in Schedule I. These financial statements and related financial statement<br />
schedule are the responsibility of the Company’s management. Our responsibility is to express an<br />
opinion on these Group financial statements based on our audits.<br />
We conducted our audits in accordance with standards of the Public Company Accounting<br />
Oversight Board (United States). Those standards require that we plan and perform the audit to obtain<br />
reasonable assurance about whether the financial statements are free of material misstatement. An audit<br />
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial<br />
statements. An audit also includes assessing the accounting principles used and significant estimates<br />
made by management, as well as evaluating the overall financial statement presentation. We believe that<br />
our audits provide a reasonable basis for our opinion.<br />
In our opinion, the Group financial statements referred to above present fairly, in all material<br />
respects, the financial position of Sappi Limited and its subsidiaries as of September 2010 and 2009 and<br />
the results of their operations and cash flows for each of the three years in the period ended September<br />
2010 in conformity with International Financial Reporting Standards as issued by the International<br />
Accounting Standards Board. Also, in our opinion, the financial statement schedule, when considered in<br />
relation to the basic financial statements taken as a whole, presents fairly in all material respects the<br />
information set forth therein.<br />
We have also audited, in accordance with the standards of the Public Company Accounting<br />
Oversight Board (United States), the Company’s internal control over financial reporting as of<br />
September 2010, based on the criteria established in Internal Control-Integrated Framework issued by<br />
the Committee of Sponsoring Organizations of the Treadway Commission and our report dated<br />
December 13, 2010, expressed an unqualified opinion on the Company’s internal control over financial<br />
reporting.<br />
/s/ Deloitte & Touche<br />
Per M J Comber<br />
Partner<br />
December 13, 2010<br />
Johannesburg, South Africa<br />
National Executive: GG Gelink Chief Executive AE Swiegers Chief Operating Officer<br />
GM Pinnock Audit DL Kennedy Tax & Legal and Risk Advisory L Geeringh Consulting L Bam Corporate Finance<br />
CR Beukman Finance TJ Brown Clients & Markets NT Mtoba Chairman of the Board MJ Comber Deputy Chairman of the<br />
Board<br />
A full list of partners and directors is available on request<br />
F-2
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