SAPPI LIMITED

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<strong>SAPPI</strong> NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 29. FINANCIAL INSTRUMENTS (Continued) Derivative financial instruments with maturity profile The following tables indicate the different types of derivative financial instruments for 2010 and 2009, included within the various categories on the face of the balance sheet. Classes of derivative financial Fair Value Cash flow Maturity analysis* Undiscounted cash flows instruments September 2010 Assets Fair value of derivatives by risk factor Interest rate risk Total Hedge Hedge 6M 1Y 2Y 5Y Interest rate swaps ....... 19 — 19 — 1 1 17 — receiving leg .......... 422 — 422 18 18 36 372 — paying leg ........... (403) Foreign exchange risk — (403) (18) (17) (35) (355) — FX forward contracts ...... 15 — — 17 — — — — receiving leg .......... 265 — — 267 — — — — paying leg ........... (250) — — (250) — — — — Liabilities Fair value of derivatives by risk factor Interest rate risk Interest rate swaps ....... — — — — — — — — paying leg ........... 6 — — 3 3 — — — receiving leg .......... Foreign exchange risk (6) — — (3) (3) — — — FX forward contracts ...... 3 — — 2 1 — — — paying leg ........... 135 — — 130 5 — — — receiving leg .......... (132) — — (128) (4) — — — * The reported maturity analysis is calculated on an undiscounted basis. F-101
<strong>SAPPI</strong> NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 29. FINANCIAL INSTRUMENTS (Continued) Classes of derivative financial Fair Value Cash flow Maturity analysis* Undiscounted cash flows instruments September 2009 Assets Fair value of derivatives by risk factor Interest rate risk Total Hedge Hedge 6M 1Y 2Y 5Y Interest rate swaps ....... 10 10 — 10 — — — — receiving leg .......... 130 130 — 130 — — — — paying leg ........... (120) Foreign exchange risk (120) — (120) — — — — FX forward contracts ...... 10 — — 11 — — — — receiving leg .......... 260 — — 262 — — — — paying leg ........... (250) — — (251) — — — — Liabilities Fair value of derivatives by risk factor Interest rate risk Interest rate swaps ....... 24 — 24 1 1 2 17 1 paying leg ........... 453 — 453 19 19 38 425 1 receiving leg .......... (429) Foreign exchange risk — (429) (18) (18) (36) (408) — FX forward contracts ...... 14 — — 14 — — — — paying leg ........... 619 — — 620 — — — — receiving leg .......... (605) — — (606) — — — — * The reported maturity analysis is calculated on an undiscounted basis. Fair values All financial instruments are carried at fair value or amounts that approximate fair value except for the non-current interest-bearing borrowings at fixed rates of interest. The carrying amounts for cash, cash equivalents, accounts receivable, certain investments, accounts payable and current portion of interestbearing borrowings approximate fair value due to the short-term nature of these instruments. Where these fixed rates of interest have been hedged into variable rates of interest and fair value hedge accounting has been applied, then the non-current interest-bearing borrowings are carried at fair value calculated by discounting all future cash flows at market data valid at closing date. The same data is used to value the related hedging instrument. F-102
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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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10. PLANTATIONS SAPPI NOTES TO THE
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SAPPI LIMITED

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