JSE SAPDBHSAPDBU
DEUT
DEUT - Deutsche Bank - Sappi Ltd Warrants Notice
Deutsche Bank AG
(incorporated under the law of the Federal Republic of Germany)
acting through its London branch
Holders of the Warrants below are referred to the notice to shareholders of
SAPPI LTD "SAP", regarding the corporate action.
In terms of the Rights Offer announcement, SAP share holders will receive rights
to take up 6 SAP shares at a price of R20.27 for every 5 SAP shares held.
With regard to this corporate action, the following adjustments will be made to
SAP warrants effective Tuesday the 18 November 2008.
Existing Parameters
Warrant Underlying Expiry ISIN Strike Issue Call American
Code Code Date Price Cover Size / Put /
Ratio European
SAPDBH SAP 2009- DE000DB0TU26
Mar-12 85.0 20 50000000 C A
SAPDBU SAP 2009- DE000DB0TU34
Mar-12 72.0 20 50000000 P E
Amended Parameters
Warrant Underlying Expiry ISIN Strike Issue Call American
Code Code Date Price Cover Size / Put /
Ratio European
SAPDBH SAP 2009- DE000DB0TU26
Mar-12 54.8 12.88 50000000 C A
SAPDBU SAP 2009- DE000DB0TU34
Mar-12 46.4 12.88 50000000 P E
The above adjustments have been made from the start of trading on 18 November
2008.
The effects of the adjustments will place the holders in the same position, had
the corporate action not taken place.
For further information contact Deutsche Securities (Pty) Limited, 3 Exchange
Square, 87 Maude Street, Sandton: (Tel (011) 775-7994 or e-mail x-
markets@db.co.za)
Date: 18/11/2008 09:44:01 Produced by the JSE SENS Department.
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