SAZ Sappi

    SAP - Sappi - Acquisition by Sappi of M-real corporation's coated graphic paper
business

Not for distribution in the United States, Japan, Australia or Canada

Sappi Limited

Incorporated in the Republic of South Africa

Registration Number: 1936/008963/06

ISIN Number: ZAE000006284

JSE Share Code: SAP

("Sappi" or "the Company")

This document is not an offer of securities for sale in the United States.
Securities may not be offered or sold in the United States absent registration
with the United States Securities and Exchange Commission or an exemption from
registration. There has been, and will be, no public offering of any securities
in the United States. This document is not for distribution in the United
States, Japan, Australia or Canada.

ANNOUNCEMENT REGARDING COMPLETION OF ACQUISITION BY SAPPI OF M-REAL
CORPORATION'S COATED GRAPHIC PAPER BUSINESS

Shareholders of Sappi are referred to the announcements released by Sappi on
SENS on 29 September 2008, 2 October 2008 and 10 October 2008, and the press
advertisements published on 1 October 2008, 3 October 2008 and 13 October 2008
regarding the proposed acquisition by Sappi of the coated graphic paper
business of M-real Corporation (the "Acquisition").

The Acquisition was subject to various conditions precedent referred to in the
announcements released on SENS on 29 September 2008 and 2 October 2008 and
published in the South African press on 1 October 2008 and 3 October 2008.

Sappi shareholders are advised that all the conditions precedent to the
Acquisition have been fulfilled and that the Acquisition completed on
31 December 2008.

Johannesburg

31 December 2008

Financial adviser to Sappi

Morgan Stanley & Co. Ltd.

Transaction sponsor

Morgan Stanley South Africa (Proprietary) Limited

Investment Bankers to Sappi

Citigroup Global Markets Limited

JP Morgan Securities Ltd

South African legal adviser to Sappi

Bowman Gilfillan

English legal adviser to Sappi
Linklaters LLP

US legal adviser to Sappi

Cravath, Swaine & Moore LLP

Reporting accountants and Due Diligence to Sappi

Deloitte & Touche

Financial adviser to M-real

Goldman Sachs International

South African legal adviser to M-real

Werksmans

English legal adviser to M-real
Slaughter and May

Sponsor to Sappi

UBS South Africa (Proprietary) Limited

Reporting accountants to M-real

PricewaterhouseCoopers

This document is not an offer of securities for sale in the United States.
Securities may not be offered or sold in the United States absent registration
with the United States Securities and Exchange Commission or an exemption from
registration. There has been, and will be, no public offering of any securities
in the United States. This document is not for distribution in the United
States, Japan, Australia or Canada.



END

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