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Press release from PR Newswire

Vesting of Conditional Share Awards Granted to Directors of Listed Company, Sappi Limited

Tuesday, December 21, 2010

Vesting of Conditional Share Awards Granted to Directors of Listed Company, Sappi Limited09:56 EST Tuesday, December 21, 2010JOHANNESBURG, Dec. 21, 2010 /PRNewswire/ -- In terms of paragraph 3.63 of the Listings Requirements of the JSE Limited, we hereby provide the following information regarding the vesting of conditional share awards granted by Sappi to the undermentioned directors of the Company and its major subsidiary companies:(Logo:  http://photos.prnewswire.com/prnh/20090826/NE66332LOGO )31 May 2007 and 15 December 2008 conditional share awards vestingNature of transaction:Vesting of grants of conditional share awards in terms of the Sappi Limited Performance Share Incentive Plan.Date of transaction:20 December 2010 (date participants informed of vesting)Number of conditional Share awards granted:Various, see table belowDate of share awards:31 May 2007 and 15 December 2008 (6 additional grants for every 5 existing grants at R20,27 to take cognisance of Sappi Limited rights offer).   Applicable to 4 year period 1 October 2006 to 30 September 2010Vesting period:4 years from date of grantPercentage of grants vested:50%, see table belowClass of security:Ordinary sharesExtent of interest:Direct beneficialDirector's Name:M GardnerCompany :Sappi Fine Paper North America of which he is a directorConditionalshare awardRights issue onshare awardShare awards granted13,000shares15,600sharesShare awards vesting6,500shares7,800sharesShare awards lapsed(6,500)shares(7,800)sharesPayment for original conditional share award nil-Payment in shares in settlement of rights issue shares at R20.27 per rights issue share.-(4,678)shares at R33.80 per shareNumber of shares to participant6,500shares3,122sharesTotal number of shares to participant = 9,622 sharesDirector's Name:S G ManchesterCompany :Sappi Fine Paper North America of which she is a directorConditionalshare awardRights issue onshare awardShare awards granted15,000shares18,000sharesShare awards vesting7,500shares9,000sharesShare awards lapsed(7,500)shares(9,000)sharesPayment for original conditional share award nil-Payment in shares in settlement of rights issue shares at R20.27 per rights issue share.-(5,397)shares at R33.80 per shareNumber of shares to participant7,500shares3,603sharesTotal number of shares to participant = 11,103 sharesDirector's Name:J MillerCompany :Sappi Fine Paper North America of which she is a directorConditionalshare awardRights issue onshare awardShare awards granted8,000shares9,600sharesShare awards vesting4,000shares4,800sharesShare awards lapsed(4,000)shares(4,800)sharesPayment for original conditional share award nil-Payment in shares in settlement of rights issue shares at R20.27 per rights issue share.-(2,879)shares at R33.80 per shareNumber of shares to participant4,000shares1,921sharesTotal number of shares to participant = 5,921 shares10 September 2007 and 15 December 2008 conditional share awardsNature of transaction:Vesting of grants of conditional share awards in terms of the Sappi Limited Performance Share Incentive Plan.Date of transaction:20 December 2010 (date participants informed of vesting)Number of conditional Share awards granted:See table belowDate of share awards:19 September 2007 and 15 December 2008 (6 additional grants for every 5 existing grants at R20,27 to take cognisance of Sappi Limited rights offer).   Applicable to 4 year period 1 October 2006 to 30 September 2010Vesting period:4 years from date of grantPercentage of grants vested:50%, see table belowClass of security:Ordinary sharesExtent of interest:Direct beneficialDirector's Name:M GardnerCompany :Sappi Fine Paper North America of which he is a directorConditionalshare awardRights issue onshare awardShare awards granted25,000shares30,000sharesShare awards vesting12,500shares15,000sharesShare awards lapsed(12,500)shares(15,000)sharesPayment for original conditional share award nil-Payment in shares in settlement of rights issue shares at R20.27 per rights issue share.-(8,996)shares at R33.80 per shareNumber of shares to participant12,500shares6,004sharesTotal number of shares to participant = 18,504 sharesSOURCE Sappi LimitedFor further information: Denis O'Connor, Group Secretary, Sappi Limited, Tel +27 11 407 8111, Fax +27 11 339 1881, Denis.O'Connor@sappi.com, or Andre F Oberholzer, Group Head Corporate Affairs, Sappi Limited (Reg No 1936/008963/06), Tel +27 (0)11 407 8044, Fax +27 (0)11 403 8236, Mobile +27 (0)83 235 2973, Andre.Oberholzer.sappi.com