SAPPI LIMITED

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<strong>SAPPI</strong> NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 27. POST-EMPLOYMENT BENEFITS—PENSIONS AND OTHER BENEFITS (Continued) 1,200 1,000 800 600 400 200 - 1,200 1,000 800 600 400 200 - Defined benefit pension plans Other defined benefit plans Regional split of liabilities (US$m) Regional split of liabilities (US$m) 369 326 1,136 Southern Africa Europe (incl UK) North America 1,116 2010 2009 564 503 1,200 1,000 800 600 400 200 0 2010 2009 6DEC201016283831 6DEC201018532996 2010 2009 6DEC201016283431 6DEC201016284097 90 6DEC201016284635 88 92 87 South Africa North America Defined benefit pension plans Defined benefit pension plans Regional split of assets (US$m) Regional split of balance sheet (US$m) 399 367 935 Southern Africa Europe (incl UK) North America 910 2010 2009 474 418 30 Southern Africa Other defined benefit plans Regional split of balance sheet (US$m) Southern Africa (90) (88) 2010 2009 F-69 North America (95) (91) 41 Europe (incl UK) North America (201) (212) (90) (85)
<strong>SAPPI</strong> NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 27. POST-EMPLOYMENT BENEFITS—PENSIONS AND OTHER BENEFITS (Continued) 2010 2009 2008 Defined benefit Other defined Defined benefit Other defined Defined benefit Other defined pension plans benefit plans pension plans benefit plans pension plans benefit plans (US$ million) Periodic pension/benefit costs recognised in income statements Current service costs ....... 27 4 21 2 26 4 Past service costs ......... 1 — — — 1 — Interest costs ............ Expected returns on plan 107 11 103 10 97 11 assets** .............. Amortization of past service (114) — (104) — (115) — (credits) costs .......... Gains on curtailments and (6) (1) 1 (1) 1 (1) settlements ............ Net periodic pension/benefit cost charged to costs of sales and selling, general — — — (1) (1) — and administrative expenses 15 14 21 10 9 14 Actual returns on plan assets 184 — 151 — Actual returns on plan assets (%) ................. 10.9% — 9.9% — Amounts recognised in the statements of other comprehensive income Actuarial (losses) gains ...... (73) 2 (207) (22) Cumulative actuarial gains and losses recognised in the statements of other comprehensive income Actuarial (losses) gains ...... (407) (52) (334) (54) ** Net of administration costs. Assumptions Financial assumptions are derived by reference to market financial data and established methods recommended by actuaries. In determining the expected long-term return assumption on plan assets, Sappi considers the relative weighting of plan assets to various asset classes, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. F-70
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As filed with the Securities and Ex
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Item 7. Major Shareholders and Rela
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References to ‘‘NBSK’’ are
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PART I ITEM 1. IDENTITY OF DIRECTOR
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Risk Factors In addition to other i
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For further information, see ‘‘
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terms of the debt being refinanced.
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The inability to recover increasing
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A large percentage of our employees
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merge or consolidate with other com
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we operate. The transaction was app
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currencies as we can benefit from i
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Major Product Categories Pulp: Desc
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for coated mechanical paper decline
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The chart below represents our oper
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The following table sets out the ap
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The following table sets forth sale
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Kangas. As a direct result of the g
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Customers Sappi Fine Paper sells it
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The following chart sets forth cert
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Construction on the expansion proje
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lease extendable to 2089. The locat
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North America Wood In connection wi
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Pulp Sappi Fine Paper Europe produc
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ENVIRONMENTAL AND SAFETY MATTERS En
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and management of forests are all r
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ORGANIZATIONAL STRUCTURE Sappi Limi
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Approximate Secured / Location Use
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than we use. By region, the South A
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‘‘—Markets’’ for a furthe
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'000 metric tonnes 8,000 7,000 6,00
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The price of NBSK and Bleached Hard
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ZAR/US$ 16.00 14.00 12.00 10.00 8.0
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The fiscal period average three-mon
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employees from the beginning of 200
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The Sappi Southern Africa reportabl
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Movements in operating profit and o
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Operating profit in fiscal 2009 was
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Sappi Southern Africa Key figures:
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Comparing fiscal 2010 with fiscal 2
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This comparison includes the closur
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African operations into the US doll
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Sappi Fine Paper North America Comp
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Taxation 2010 2009 (US$ million) 20
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elation to inventory levels and rec
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Capital expenditure by region is as
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Over the past three years the relat
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Group’s securitization programs,
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Credit Facility terminate on May 31
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quarters ending from January 2012 t
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As no default event has occurred, n
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In addition, Sappi Fine Paper North
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areas where our South African busin
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Recoveries in equity markets couple
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Impairment of assets other than goo
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The gains or losses, which are reco
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The Group’s policy is to recogniz
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ITEM 6. DIRECTORS, SENIOR MANAGEMEN
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Deenadayalen (Len) Konar Sappi boar
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Mohammed Valli (Valli) Moosa Other
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Rudolf Thummer Sappi board committe
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Executive Officers The Executive Di
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companies have to comply with domes
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average more than 45% of the employ
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For a detailed description of the S
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Pursuant to the Companies Amendment
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Post transaction shareholding struc
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Dividends We consider dividends on
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ITEM 9. THE OFFER AND LISTING Offer
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ITEM 10. ADDITIONAL INFORMATION Mem
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holder of the beneficial interest i
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Voting Rights Subject to any rights
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provision of the New Act by any oth
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South African Companies Act, 2008 A
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state securities laws. The securiti
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documents are the agent for the new
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Dividends There are no restrictions
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STC STC is imposed on South African
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with any connected persons) held mo
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of our ordinary shares or ADSs, as
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of gain recognized on a sale or oth
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integrated operations could be adve
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PART II ITEM 13. DEFAULTS, DIVIDEND
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(d) Changes in Internal Control ove
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PART III ITEM 17. FINANCIAL STATEME
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4.13 Credit Agreement, dated August
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SIGNATURES The registrant hereby ce
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REPORT OF THE INDEPENDENT REGISTERE
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SAPPI GROUP STATEMENT OF COMPREHENS
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SAPPI GROUP CASH FLOW STATEMENT for
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SAPPI NOTES TO THE GROUP ANNUAL FIN
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SAPPI CONDENSED SAPPI LIMITED COMPA
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SAPPI NOTES TO THE CONDENSED SAPPI
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SAPPI LIMITED

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