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) Peer data and historical returns are reviewed to check for reasonableness and appropriateness. In addition, Sappi may consult with and consider the opinions of financial and other professionals in developing appropriate return benchmarks. 2010 2009 Southern North Southern North Africa Europe America Africa Europe America Weighted average actuarial assumptions at balance sheet date Discount rates (pensions) (%) ................ 8.25 4.05 4.90 9.00 4.90 5.50 Compensation increases (%)* ................ 6.20 2.40 3.50 6.70 2.60 3.50 Expected long-term returns on assets (%) ........ 9.15 4.20 8.00 9.90 5.30 8.00 Discount rates (other benefits) (%) ............. 8.25 — 4.40 9.00 — 5.20 Initial health care costs trend rates (%) .......... 6.50 — 7.00 7.25 — 8.00 —which gradually reduce to an ultimate rate of (%) . . 6.50 — 5.00 7.25 — 5.00 —over a period of (years) ................... — — 7 — — 5 Weighted average actuarial assumptions used to determine pension cost Discount rates (pensions) (%) ................ 9.00 4.90 5.50 9.00 6.90 7.60 Compensation increases (%)* ................ 6.70 2.60 3.50 6.45 3.10 3.50 Expected long-term return on assets (%) ......... 9.90 5.30 8.00 9.40 6.75 8.25 Discount rates (other benefits) (%) ............. 9.00 — 5.20 9.00 — 7.60 Initial health care costs trend rates (%) .......... 7.25 — 8.00 7.00 — 9.00 —which gradually reduce to an ultimate rate of (%) . . 7.25 — 5.00 7.00 — 5.00 —over a period of (years) ................... — — 5 — — 4 * Weighted average of plans that use a compensation assumption. 20 15 10 5 0 -5 - - Defined benefit pension plans Other defined benefit plans Regional split of pension costs Regional split of benefit costs (US$m) (US$m) (4) 13 15 Southern Africa Europe (incl UK) North America 13 2010 2009 2008 2 6 - 20 18 16 14 12 10 8 6 4 2 0 9 6 2010 2009 2008 6DEC201016283698 6DEC201018532853 F-71 8 5 4 South Africa North America 6
<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) Defined benefit pension plans Regional investment returns (%) 20 15 10 5 0 10 7 9 Southern Africa Europe (incl UK) North America 8 2010 2009 14 18 6DEC201019005795 Regional gains/losses other comprehensive income (US$m) 50 0 -50 -100 -150 -200 -250 Pension '10 Other '10 Pension '09 Other '09 North America (22) (6) (80) (12) Europe (incl UK) (27) - (99) - Southern Africa (24) 8 (28) (10) 6DEC201018533139 Demographic assumptions (the expected change in membership), are derived by reference to historic and likely future changes in membership data and using established methods recommended by actuaries. Changing life expectancy of members (particularly in retirement) can have a significant effect on defined benefit obligations. The group makes provision in its defined benefit obligations for realistic life expectancy by reference to established mortality tables. Further, where recommended by actuaries, extended provisions are included in the obligations to account for expected improvements in life expectancy that are likely to be experienced by future retirees. F-72
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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 CONDENSED SAPPI LIMITED COMPA
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SAPPI NOTES TO THE CONDENSED SAPPI
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SAPPI LIMITED

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