Leverage Covenant Relief Extended to December 2027

The announcement

Leverage Covenant Relief Extended to December 2027

Sappi Limited
(Incorporated in the Republic of South Africa)
(Registration number 1936/008963/06
JSE share code: SAP
ISIN: ZAE000006284
"Sappi" or “the Company”

Leverage Covenant Relief Extended to December 2027

Shareholders are advised that Sappi has successfully concluded discussions with its banking group regarding the
leverage covenant provisions applicable to its international revolving credit facility ("RCF") and bank term debt. The
existing suspension of the leverage covenant testing, which was due to expire in March 2027, has been extended to
June 2027. In addition, Sappi and its lenders have agreed specific leverage covenant levels for the period following
the suspension, which gradually decrease over time and provide the Group with sufficient flexibility and headroom
through to December 2027. The amended arrangements support Sappi’s ongoing operational and strategic
objectives while maintaining a strong and collaborative relationship with its lenders.

Sappi will continue to engage constructively with its banking group regarding covenants from December 2027 as
appropriate.

25 September 2026

South African Corporate Advisor, Sponsor and Corporate Broker to Sappi
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 25/09/2026 08:40:00
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