SAPPI LIMITED - Sappis proposed graphic paper Joint Venture with UPM proceeds to phase II of EU merger control

Sappi’s proposed graphic paper Joint Venture with UPM proceeds to phase II of EU merger control

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

Sappi's proposed graphic paper Joint Venture with UPM proceeds to phase II of EU merger control

Sappi shareholders are referred to the announcements released on the Stock Exchange News Service of the JSE
Limited on 4 December 2025, regarding the proposed formation of a joint venture between Sappi Papier Holding
GmbH and UPM-Kymmene Corporation ("UPM") for graphic paper in Europe.

The proposed transaction remains subject to customary regulatory approvals, including merger control approval from
the European Commission.

On 28 April 2026, the European Commission confirmed that it has initiated a Phase II investigation into the proposed
transaction. The commencement of a Phase II review is part of the normal regulatory process where certain matters
require further detailed assessment following the initial Phase I review.

Sappi is cooperating fully with the European Commission and continues to engage constructively throughout this
phase of the review process to address the matters identified. Sappi remains confident in the rationale of the
proposed joint venture.

29 April 2026

South African Corporate Advisor, Sponsor and Corporate Broker to Sappi
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

South African Legal Advisor to Sappi
BOWMANS

Date: 29-04-2026 11:15:00
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