SAPPI LIMITED

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into the management systems and all mills of Sappi Fine Paper Europe comply with health and safety legislation and are OHSAS 18001 certified. In South Africa, we must comply with a number of laws regulating workers’ compensation for injuries and health and safety within the workplace, the most important of which is the Occupational Health and Safety Act and related regulations. Our South African businesses are audited every two years to evaluate compliance with this legislation. All Pulp and Paper mills, as well as Sappi Forests’ plantations, are both OHSAS 18001:2007 and ISO 14001:2004 certified for health and safety management systems and environmental management systems, respectively. 46
ORGANIZATIONAL STRUCTURE Sappi Limited is the ultimate holding company of the Sappi Group. The following table sets forth significant subsidiaries and joint ventures owned directly or indirectly by Sappi Limited at September 2010. % Country of Name Southern Africa Trading Name Held* Incorporation Nature of Business Sappi Management Services (Pty) Ltd . Sappi Management Services 100 South Africa Management services Sappi Southern Africa (Pty) Ltd (1) .... Sappi Southern Africa or 100 South Africa Pulp and paper Sappi Manufacturing or manufacturer and forestry Sappi Forest Products or Sappi Paper and Paper Packaging South Africa or Sappi Chemical Cellulose or Sappi Forests or Sappi ReFibre operations Lereko Property Company (Pty) Ltd America . . Lereko Property Company 100 South Africa Property holding S.D. Warren Company ........... Sappi Fine Paper 100 United States Pulp and paper manufacturer Sappi Cloquet LLC ............. Europe Sappi Fine Paper 100 United States Pulp and paper manufacturer PE Paper Escrow GmbH ......... PE Paper Escrow 100 Austria Finance Sappi Alfeld GmbH ............. Sappi Austria Produktions-GmbH & Sappi Fine Paper 100 Germany Pulp and paper manufacturer Co. KG ................... Sappi Fine Paper 100 Austria Pulp and paper manufacturer Sappi Deutschland GmbH ........ Sappi Fine Paper 100 Germany Sales and marketing Sappi Ehingen GmbH ........... Sappi Esus Sappi Fine Paper 100 Germany Pulp and paper manufacturer Beteiligungsverwaltungs GmbH .... Sappi Fine Paper 100 Austria Holding company Sappi Europe S.A .............. Sappi Fine Paper 100 Belgium European head office Sappi Finland l Oy ............. Sappi Fine Paper 100 Finland Pulp and paper manufacturer Sappisure Försäkrings AB ......... Sappisure 100 Sweden Captive Insurance company Sappi Gratkorn GmbH ........... Sappi Fine Paper 100 Austria Property company Sappi Holding GmbH ........... Sappi Holding 100 Austria Holding company Sappi International S.A ........... Sappi International 100 Belgium Treasury Sappi Lanaken NV ............. Sappi Fine Paper 100 Belgium Paper manufacturer Sappi Lanaken Press Paper NV ..... Sappi Fine Paper 100 Belgium Pulp and paper manufacturer Sappi Maastricht B.V ............ Sappi Fine Paper 100 The Netherlands Paper manufacturer Sappi Nijmegen B.V. ............ Sappi Fine Paper 100 The Netherlands Paper manufacturer Sappi Papier Holding GmbH ....... Sappi Papier Holding or 100 Austria Pulp and paper Sappi Fine Paper manufacturer Treasury and holding company Sappi Schweiz AG ............. Sappi Fine Paper 100 Switzerland Pulp and paper manufacturer Sappi Stockstadt GmbH .......... Asia Sappi Fine Paper 100 Germany Pulp and paper manufacturer Jiangxi Chenming Paper Co Ltd ..... Jiangxi Chenming 34 China Operating Joint Venture * Voting power is in the same proportion as the percentage ownership held. (1) On October 12, 2010 Sappi Manufacturing (Proprietary) Limited changed its name to Sappi Southern Africa (Proprietary) Limited. 47
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 and 38: Customers Sappi Fine Paper sells it
Page 39 and 40: The following chart sets forth cert
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 management of forests are all r
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
Page 89 and 90: elation to inventory levels and rec
Page 91 and 92: Capital expenditure by region is as
Page 93 and 94: Over the past three years the relat
Page 95 and 96: Group’s securitization programs,
Page 97 and 98: Credit Facility terminate on May 31
Page 99 and 100: quarters ending from January 2012 t
Page 101 and 102: As no default event has occurred, n
Page 103 and 104:
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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