SAPPI LIMITED

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addition, approximately 18% of United States consumption is supplied by foreign producers, primarily Asian and European. Europe The market leaders in coated woodfree paper production in Europe are Sappi, Stora Enso, Burgo- Marchi Group, UPM-Kymmene and Lecta (which is owned by an affiliate of CVC Partners). <strong>SAPPI</strong> SOUTHERN AFRICA Overview Sappi Southern Africa, headquartered in Johannesburg, South Africa, is an integrated pulp, packaging paper, coated, uncoated and speciality paper, crepe tissue and timber products producer. Sappi Southern Africa operates seven pulp and paper mills and one sawmill. The segment is managed in three divisions: Sappi Paper and Paper Packaging, Sappi Chemical Cellulose and Sappi Forests. Sappi Southern Africa is a major pulp and paper producer in Africa, with a production capacity of 830,000 tonnes of packaging paper products, 350,000 tonnes of woodfree paper products, 800,000 tonnes of chemical cellulose and 1,025,000 tonnes of paper pulp per annum. It is also a major timber grower and manages directly and indirectly approximately 555,000 hectares of forestland. Currently, we have access to approximately 404,000 hectares of plantable forestland; however, due to forest fires and timing differences between felling and planting activities, approximately 378,000 hectares is planted with primarily pine and eucalyptus. Approximately 67% of our southern African pulpwood and sawlog requirements are from our managed, owned and leased plantations. The term ‘‘directly manages’’ relates to plantations in southern Africa established on land that we either own or lease from a third party. The term ‘‘indirectly manages’’ relates to plantations in southern Africa established on land held by independent commercial farmers, where we provide technical assistance in the form of advice on the growing and tending of trees. 32
The following chart sets forth certain information with respect to the mills and principal products of Sappi Southern Africa as of September 2010. Sappi Chemical Cellulose Saiccor Chemical cellulose Sappi Southern Africa Sappi Paper And Paper Packaging Ngodwana (1) Kraft linerboard White top linerboard Newsprint Bleached kraft pulp Tugela (1) Kraft linerboard Corrugating medium Sackkraft Industrial kraft Cape Kraft Linerboard Corrugating medium Coated packaging products Sappi ReFibre Waste paper recycling Enstra Uncoated fine paper Stanger Coated fine paper Coated label paper Tissue Adamas Specialty paper Business paper Sappi Forests Pulpwood Sawlogs Lomati Sawmill Structural timber Industrial timber 9DEC201017182001 (1) Both the 60,000 tonne containerboard machine at Tugela mill and of parts of the Ngodwana pulp mill, from which production was temporarily suspended in October 2009, were restarted in the third fiscal quarter of 2010 (second calendar quarter). 33
Page 1 and 2: As filed with the Securities and Ex
Page 3 and 4: Item 7. Major Shareholders and Rela
Page 5 and 6: References to ‘‘NBSK’’ are
Page 7 and 8: PART I ITEM 1. IDENTITY OF DIRECTOR
Page 9 and 10: Risk Factors In addition to other i
Page 11 and 12: For further information, see ‘‘
Page 13 and 14: terms of the debt being refinanced.
Page 15 and 16: The inability to recover increasing
Page 17 and 18: A large percentage of our employees
Page 19 and 20: merge or consolidate with other com
Page 21 and 22: we operate. The transaction was app
Page 23 and 24: currencies as we can benefit from i
Page 25 and 26: Major Product Categories Pulp: Desc
Page 27 and 28: for coated mechanical paper decline
Page 29 and 30: The chart below represents our oper
Page 31 and 32: The following table sets out the ap
Page 33 and 34: The following table sets forth sale
Page 35 and 36: Kangas. As a direct result of the g
Page 37: Customers Sappi Fine Paper sells it
Page 41 and 42: Construction on the expansion proje
Page 43 and 44: lease extendable to 2089. The locat
Page 45 and 46: North America Wood In connection wi
Page 47 and 48: Pulp Sappi Fine Paper Europe produc
Page 49 and 50: ENVIRONMENTAL AND SAFETY MATTERS En
Page 51 and 52: and management of forests are all r
Page 53 and 54: ORGANIZATIONAL STRUCTURE Sappi Limi
Page 55 and 56: Approximate Secured / Location Use
Page 57 and 58: than we use. By region, the South A
Page 59 and 60: ‘‘—Markets’’ for a furthe
Page 61 and 62: '000 metric tonnes 8,000 7,000 6,00
Page 63 and 64: The price of NBSK and Bleached Hard
Page 65 and 66: ZAR/US$ 16.00 14.00 12.00 10.00 8.0
Page 67 and 68: The fiscal period average three-mon
Page 69 and 70: employees from the beginning of 200
Page 71 and 72: The Sappi Southern Africa reportabl
Page 73 and 74: Movements in operating profit and o
Page 75 and 76: Operating profit in fiscal 2009 was
Page 77 and 78: Sappi Southern Africa Key figures:
Page 79 and 80: Comparing fiscal 2010 with fiscal 2
Page 81 and 82: This comparison includes the closur
Page 83 and 84: African operations into the US doll
Page 85 and 86: Sappi Fine Paper North America Comp
Page 87 and 88: 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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22. PROVISIONS SAPPI NOTES TO THE G
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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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