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Sappi to Split Chairman / CEO Role

Press release from the issuing company

JOHANNESBURG, South Africa--Nov. 12, 2001--The board of Sappi Limited, the world's largest producer of coated fine paper, today announced that Sappi would split the roles of Chairman and Chief Executive when Eugene van As retires towards the end of 2002. Mr. van As, who reaches normal retirement age next year, has agreed to continue in the role of non-executive chairman after the new Chief Executive has been appointed. The board will evaluate both external and internal candidates to ensure the best person for the CEO position is appointed to lead this global company and expects to be able to make a further announcement towards the middle of next year. Sappi Limited is the largest producer of coated free sheet paper in the world and produces fine papers in South Africa, the United Kingdom, Austria, Belgium, The Netherlands, Germany and in the United States. Sappi's net operating assets of approximately R29 billion are located mainly in Europe (41%), North America (31%) and Southern Africa (28%). Sappi ordinary shares trade on the Johannesburg Stock Exchange and may be accessed on Bloomberg under the symbol SAP SJ, and on the Reuters Equities 2000 Service under SAPJ.J. In the US its ADRs trade on the New York Stock Exchange under the ticker symbol SPP (each ADR is equal to one ordinary share). Sappi shares are also traded in London and Frankfurt.