SAPPI: Step-Up Margin Notification
SAPPI SOUTHERN AFRICA LIMITED
Registration number 1951/003180/06
Incorporated in the Republic of South Africa
JSE Alpha code: SSAI
("Sappi Southern Africa" or "the Company")
STEP-UP MARGIN NOTIFICATION: SSA10, SSA11 AND SSA12
Capitalised terms and expressions are as defined in the applicable pricing supplements for SSA10,
SSA11 and SSA12 ("APSs") and have the same meanings unless otherwise defined in this
announcement.
Noteholders are referred to Appendix 1 of the APSs and are advised that a Margin Adjustment Event
has occurred for instruments SSA10, SSA11 and SSA12 following achievement of the relevant KPI's
decrease in specific GHG emissions and sourcing of certified fibre performance targets as set out in
the Sustainability Performance Target Table of the relevant APSs.
As a result of the above, the Initial Margin will be increased by the Step-Up Margin resulting in a revised
margin ("Revised Margin") for SSA10, SSA11 and SSA12 as follows:
Instrument Initial Margin Step-Up Margin Revised Margin Margin
(%) (2025) 2025 Adjustment
(%) (%) Date
SSA10 1.17 0.025 1.195 13 April 2026
SSA11 1.33 0.025 1.355 13 April 2026
SSA12 1.47 0.025 1.495 13 April 2026
The Revised Margins will be applied for the forthcoming interest periods of 13 April 2026 to 13 July
2026 for SSA10, SSA11 and SSA12.
The Sustainability Certificates for SSA10, SSA11 and SSA12 are available on Sappi Southern Africa's
website at https://www.sappi.com/en-za/investors/bond-and-insurance-captive-reporting-
requirements#2162445897-1225731313
17 December 2025
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 17-12-2025 12:40:00
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