Roadbook

1. Roadbook delivering onstrategy • June 2019 • Sappi Limited 2019 Vision2020 next phasegrowth intentionalevolution

2. Forward-looking statements and Regulation G Forward-looking statements Certain statements in this release that are neither reported financial results nor other historical information, are forward-looking statements, including but not limited to statements that are predictions of or indicate future earnings, savings, synergies, events, trends, plans or objectives. The words “believe”, “anticipate”, “expect”, “intend”, “estimate”, “plan”, “assume”, “positioned”, “will”, “may”, “should”, “risk” and other similar expressions, which are predictions of or indicate future events and future trends and which do not relate to historical matters, identify forward‑looking statements. In addition, this document includes forward‑looking statements relating to our potential exposure to various types of market risks, such as interest rate risk, foreign exchange rate risk and commodity price risk. You should not rely on forward‑looking statements because they involve known and unknown risks, uncertainties and other factors which are in some cases beyond our control and may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward‑looking statements (and from past results, performance or achievements). Certain factors that may cause such differences include but are not limited to: The highly cyclical nature of the pulp and paper industry (and the factors that contribute to such cyclicality, such as levels of demand, production capacity, production, input costs including raw material, energy and employee costs, and pricing) The impact on our business of adverse changes in global economic conditions Unanticipated production disruptions (including as a result of planned or unexpected power outages) Changes in environmental, tax and other laws and regulations Adverse changes in the markets for our products The emergence of new technologies and changes in consumer trends including increased preferences for digital media Consequences of our leverage, including as a result of adverse changes in credit markets that affect our ability to raise capital when needed Adverse changes in the political situation and economy in the countries in which we operate or the effect of governmental efforts to address present or future economic or social problems The impact of restructurings, investments, acquisitions, dispositions and other strategic initiatives (including related financing), any delays, unexpected costs or other problems experienced in connection with dispositions or with integrating acquisitions or implementing restructurings or other strategic initiatives, and achieving expected savings and synergies, and Currency fluctuations. We undertake no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information or future events or circumstances or otherwise. Regulation G disclosure Certain non-GAAP financial information is contained in this presentation that management believe may be useful in comparing the company’s operating results from period to period. Reconciliation's of certain of the non-GAAP measures to the corresponding GAAP measures can be found in the quarterly results booklet for the relevant period. These booklets are available on our website: https://www.sappi.com/quarterly-reports.

3. Agenda • Overview • Products • Strategy • Results • Regions • Sappi Europe • Sappi North America • Sappi Southern Africa • Sustainability • Conclusions

4. Sappi at a glance Turnover US$5.8 billion in 2018 5.7 million tons paper 3.7 million tons pulp 12,645 employees Global network in 150 countries Market leader in three business divisions: 9 Mills Dissolving Wood Pulp Packaging and Speciality Papers Printing and Writing Papers

5. Sales analysis FYTD 2019 Sales by product* * Data reflects FYTD 2019

6. Sales analysis FYTD 2019 Coated paper • #2 Global producer of coated paper • EBITDA margins ~8% • Forecast** demand down 3%pa • Forecast** capacity down 3%pa * FYTD 2018 ** RISI WGPF May 2019

7. Printing and Writing paper grade structure Coated fine paper (CWF) Uncoated woodfree (UWF) Coated mechanical (CGW/LWC) Supercalendered (SC-A) Supercalendered (SC-B) Machine finished specialities (MFS) Improved newsprint Newsprint 100% Chemical pulp fibre furnish Increasing mechanical/recovered fibre content Fibre quality Image quality

8. Global coated woodfree demand Forecast* * Source: RISI May 2019

9. Sales analysis FYTD 2019 • Dissolving wood pulp • #1 Global Producer • EBITDA margins ~30% • Demand forecast**+7%pa • Capacity forecast** +5%pa * Data reflects results from FYTD 2019 ** Hawkins Wright March 2019

10. Dissolving Wood Pulp (DWP) • DWP is the most abundant natural organic polymer on earth and is found in all plant materials • The plant material (wood from certified forests or plantations) is processed and purified by applying specialised chemistry to extract the cellulose polymers from the wood • The purified natural wood cellulose fibres are further dissolved by our customers and regenerated or reformed for a host of applications

11. Viscose-grade DWP is used almost exclusively in textile applications Dissolving wood pulp market • Europe • Americas • China • Other • Products (examples) • Applications (examples) • Market size 2016 Mtpa • CAGR 2010-16 • % • Demand geography • DWP grade • Viscose • Textiles (viscose) • Non-wovens • Cellophane • Sausage skins • Rayon Grade • 5.3 • 7.8 • High-alpha/ • Speciality • Cellulose acetate tow • Cigarette filters • Paints and coatings • Films • Plastics • 0.6 • 1.9 • Cellulose ethers and MCC • Construction • Food additives • Medicine fillers • Cosmetics • 0.6 • 3.7 • Nitro-cellulose and other • Explosives • Inks • Lacquers • Nail polish • 0.2 • 1.7 • Total • 6.6 • ~6-7 Source: Hawkins Wright; Fibre Year 2017; RISI ‘Dissolving Pulp Monitor’ (Jan 2017) and ‘Outlook for the Global Dissolving Pulp Market’.

12. There is still significant headroom to increase the level of cellulosic fibre blending in most sub-categories • POLYESTER • COTTON • CELLULOSIC Today Future Gap Today Future Gap Today Future Gap Apparel • Denim • 5% • 5% • 0 • 95% • 95% • 0% • 0% • 0% • 0% • Shirts • 35% • 40% • +14% • 50% • 40% • -20% • 15% • 20% • +33% • T-shirts • 30% • 50% • +67% • 70% • 50% • -29% • 3% • 5% • 0% • Dresses • 10% • 10% • 0% • 35% • 25% • -29% • 55% • 65% • +18% • Suits • 35% • 40% • +14% • 25% • 20% • -20% • ~1% • ~2% • +100% • Sportswear • 85% • 85% • 0% • 0% • 0% • 0% • 15% • 15% • 0% • Casual wear • 45% • 50% • +11% • 45% • 35% • -22% • 10% • 15% • +50% Home textile • Towels • 5% • 5% • 0% • 80% • 75% • -6% • 15% • 20% • +33% • Bedding • 45% • 55% • +22% • 45% • 40% • -11% • 1% • 2% • +100% Source: Expert interviews.

13. Cellulosic fibre properties are superior to cotton and polyester for many textile applications • Key strength • Qualifies • Nonwovens/Technical textiles • Home textiles • Apparel Fibre properties and applications • Issue • Cellulosic fibres • Cotton • Polyester • On a pure property basis, cellulosic fibres are superior to cotton and differentiated on sustainability. • Polyester is differentiated on strength/durability versus cotton and cellulosic fibres. • Applications • 7 • 21 • 28 • 27 • 52 • 17 • 62 • 66 • 20 • Function and feel • Appearance • Sustainability • Natural and attractive, ‘greener’ alternative to cotton • Natural, functional and well established • Cheap, durable and versatile • Overall value proposition Source: IHS Global, RISI, Hawkins Wright.

14. Why dissolving wood pulp? Capitalizing on MEGA TRENDS • Global population growth from 6.9B to 8.3B by 2030 • Increasing need for food and clothing • Increasing need for more comfortable clothing • Rising urbanization and standard of living in the greater Asian region. • Asian middle class population is likely to grow from current 1.9B to 2.7B by 2030 • Asian consumers are likely to spend $32T/year by 2030 = 43% of global consumption

15. Cellulose Gap theory Dissolving wood pulp share of the textiles market is expected to grow further • Production of cotton is forecast to remain stagnant or shrink • Growth in total fibre consumption will be covered by man-made fibres • However, certain moisture management properties of cellulose fibres cannot be substituted by oil-based synthetic fibres, enhancing opportunity for cellulosics Forecast “Cellulose Gap” Source: Lenzing

16. Competition Top 10 producers by grade* *Source: HW, March 2019

17. Textile fibre prices* US$/ton * Source: CCF group.

18. Sales analysis FYTD 2019 Speciality paper EBITDA margins ~14% Demand +1% to +6% * Data reflects results from FYTD 2019

19. Sales analysis FYTD 2019 Commodity paper EBITDA margins ~20% Demand up 3% * Data reflects results from FYTD 2019

20. Speciality papers Global market sizes 25mtpa

21. Product Groups and Products

22. Trends in these markets Packaging and Specialities Papers Technology and Innovations Regulations Demographic Change Economic Concerns • Food safety – Mineral oil barriers • Plastic bans and waste directive • Traceable packaging • Customized packaging • Smart/active packaging • Easy opening • More functionality and convenience • Smaller pack sizes • Cost reduction (TCO) • Light weighting and • down gauging

23. Sappi Packaging and Specialities papers Global production sites with the ability to switch between graphics and packaging at various sites* Stockstadt Mill* (Germany) Flexible packaging and functional papers Carmignano Mill (Italy) Flexible packaging and functional papers Condino Mill (Italy) Flexible packaging and functional packaging Maastricht Mill* (The Netherlands) Paperboard Ehingen Mill* (Germany) Containerboard Cloquet Mill* (USA) Label papers Ngodwana Mill (South Africa) Containerboard Somerset Mill* (USA) Label paper and flexible packaging paper Tugela Mill (South Africa) Containerboard Westbrook Mill (USA) Release papers Alfeld Mill (Germany) Containerboard, flex-pack, label, paperboard, silicone base papers

24. Packaging and specialities European competitive landscape

25. Agenda • Overview • Products • Strategy • Results • Regions • Sappi Europe • Sappi North America • Sappi Southern Africa • Sustainability • Conclusions

26. Our group strategy At Sappi we do business with integrity and courage; making smart decisions which we execute with speed. Our values are underpinned by an unrelenting focus on and commitment to safety.

27. Our group strategy • We work to lower fixed and variable costs, increase cost efficiencies and invest for cost advantages. • Group efficiency and procurement initiatives US$60m target for 2019: +US$80m achieved in 2018 • Ongoing continuous improvement across all mills. • Investigate pulp integration opportunities in US and EU • Saiccor expansion will lead to lower variable costs • €30m upgrade to Gratkorn mill completed

28. Our group strategy • Recognising the decreasing demand for graphic paper, we manage our capacity to strengthen our leadership position in these markets, realising their strategic importance to the group and maximising their significant cash flow generation. • Downtime taken at mills to lower inventories • Progressive transition of Lanaken Mill out of LWC • Reduced CWF exposure at Maastricht Mill, Ehingen Mill and Somerset Mill PM1

29. Our group strategy • Maintain leverage below 2x Net debt:EBITDA • Finance costs US$60-70m/annum going forward • 7 yr €450m bond raised @3.125% - used to repay €450m 2022 bond

30. Our group strategy We will make investments in existing and adjacent areas with strong potential growth. • Debottlenecking of Saiccor, Ngodwana and Cloquet DWP complete • Expansion of Saiccor by 110kt/annum has started • Additional packaging at Ngodwana and Tugela Mills • Securing additional HW and SW timber supply • Biomaterials, bio-chemicals – lignins, sugars • Ramp-up of board grades at Maastricht and Somerset

31. Agenda • Overview • Products • Strategy • Results • Regions • Sappi Europe • Sappi North America • Sappi Southern Africa • Sustainability • Conclusions

32. Highlights – Q2 2019 Excluding special items* • Unexpectedly weak global market conditions for printing and writing papers • Downtime of ~85,000t graphic paper • US$23m EBITDA impact estimated • Our inventory levels have normalized • Good DWP sales volumes post debottlenecking EBITDA* -11% year-on-year Profit for the period US$72 million EPS 13 US cents Net debt +3% year-on-year * Refer to the supplementary information in this presentation for a reconciliation of EBITDA to reported operating profit and page 22 in our Q2 FY19 financial results booklet (available on www.sappi.com) for a definition of special items.

33. EBITDA* reconciliation Q2 FY18 to Q2 FY19 US$ million Notes: 1. All variances were calculated excluding Sappi Forestry. 2. “Currency conversion” reflects translation and transactional effect on consolidation. 3. EBITDA = EBITDA excluding special tems

34. Product contribution split – LTM EBITDA excluding special items Operating profit excluding special items * Refer to the supplementary information in this presentation for a reconciliation of EBITDA to reported operating profit and page 22 in our Q2 FY19 financial results booklet (available on www.sappi.com) for a definition of special items. Data above excludes treasury operations and insurance captive.

35. Maturity profile* Fiscal years EUR450m bond EUR350m bond US$221m bond *The maturity profile is adjusted for the repayment of the 2022 bond post quarter-end and the resulting reduction in cash.

36. Capex development

37. Cash flow

38. EBITDA and operating profit Excluding special items* reconciliation to reported operating profit * Refer to page 22 in our Q2 FY19 results booklet (available on www.sappi.com) for a definition of special items.

39. Major sensitivities Some of the more important factors which impact the group’s EBITDA excluding special items, based on current anticipated revenue and cost levels, are summarised below:

40. Agenda • Overview • Products • Strategy • Results • Regions • Sappi Europe • Sappi North America • Sappi Southern Africa • Sustainability • Conclusions

41. Divisional overview Sappi Europe • Leading European coated paper producer • FY18 Net sales: US$2.9b • FY18 EBITDA: US$299m • 3.7m tons per annum of paper capacity • 1.1m tons per annum of pulp capacity (integrated) • Well-invested assets in the heart of the European market

42. Divisional overview Sappi Europe European CWF and CM capacity shares** * 18 producers * 10 producers ** Source: RISI GPCF Oct ‘18

43. Coated paper deliveries and prices Western Europe Western Europe shipments including export. Source: Cepifine, Cepiprint and RISI indexed to calendar 1Q 2008.

44. Cham speciality paper acquisition • Acquisition complete 28 February 2018 • Integration proceeding according to plan • Synergies of €10M expected within 2 years • Will add €30M of EBITDA at 15% margin post-synergies Carmignano mill Production: 100 000 tons p.a. Products: C1S flexpack, C1S label paper, base paper for digital imaging Condino mill Production: 60 000 tons p.a. Products: Glassine and super calendared flexible packaging paper

45. Projects Sappi Europe Alfeld Mill Speciality conversion (December 2013) Gratkorn and Kirkniemi Mills Pulp mill and paper machine upgrades, power plant rebuild Nanocellulose pilot plant (The Netherlands) Trial runs Maastricht, Ehingen, Alfeld and Lanaken Mills Projects Expanding our packaging and speciality offering, increasing flexibility to adapt to market dynamics

46. Sappi Europe Sales Tons +1% year-on-year • Market demand weaker than expected – necessitating 46,000t of downtime • Higher selling prices did not offset higher variable costs • Pulp prices have reduced, but remain elevated • Some packaging and speciality segments showed renewed growth, self-adhesives remains weak Sales +1.5% year-on-year EBITDA* -27% year-on-year * Refer to the supplementary information in this presentation for a reconciliation of EBITDA to reported operating profit and page 22 in our Q2 FY19 financial results booklet (available on www.sappi.com) for a definition of special items.

47. Summary Sappi Europe • Highly competitive in service, quality and cost in Europe • Strong cash flows • Intentionally right-sizing capacity away from declining markets into growing packaging and speciality markets • Highly attractive and growing specialities business – acquisitions and conversions leading to higher returns

48. Agenda • Overview • Products • Strategy • Results • Regions • Sappi Europe • Sappi North America • Sappi Southern Africa • Sustainability • Conclusions

49. Divisional overview Sappi North America • Leading North American coated freesheet paper producer • FY18 Net sales: US$1.4b • FY18 EBITDA: US$126m • 1.1m tons per annum of coated paper capacity • 865ktpa pulp capacity • World’s only integrated DWP/paper mill

50. Divisional overview Sappi North America Sappi North America saleable capacity (‘000tpa) US Coated freesheet capacity shares* ** Source: RISI GPCF Oct ‘18