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                                   WERKSMANS
                                   ---------
                                   ATTORNEYS

        THIRD DEED OF AMENDMENT TO SAPPI LIMITED SHARE INCENTIVE SCHEME

                                    between

                                 SAPPI LIMITED

                                      and

                              DAVID CHARLES BRINK

                                      and

                                MEYER FELDBERG

                         ---------------------------

<PAGE>

TABLE OF CONTENTS

1 INTRODUCTION.......................................................1

2 AMENDMENT..........................................................2

3 GENERAL............................................................2

<PAGE>

THIRD DEED OF AMENDMENT TO SAPPI LIMITED SHARE INCENTIVE SCHEME

between

SAPPI LIMITED

and

DAVID CHARLES BRINK

and

MEYER FELDBERG

1       INTRODUCTION

1.1     On 5 March 1997, the trust deed ("DEED") constituting the scheme was
        adopted by the company.

1.2     The deed was amended by way of -

1.2.1   a deed of amendment dated 19 January 1998;

1.2.2   a deed of amendment dated 9 March 2000.

        The deed as amended by such amendments is referred to herein as the
        "AMENDED DEED".

1.3     Clause 30 of the amended deed provides that it shall be competent for
        the board of the directors of the company ("BOARD") and the trustees
        to amend the scheme subject to the prior approval of the Johannesburg
        Securities Exchange South Africa ("JSE") and of any other competent
        authority; provided that the amendments affecting certain matters
        shall not be competent unless sanctioned by the company in general
        meeting.

                                     - 1 -
<PAGE>

1.4     The board and the trustees have agreed to amend the amended deed in
        the manner set out below.

1.5     It is recorded that this deed of amendment has, or will shortly, be
        approved by the JSE and that it does not require the sanction of the
        company in general meeting.

2       AMENDMENT

        The amended deed is hereby amended by -

2.1     the addition of the following new words after the words "mutatis
        mutandis" where they appear at the end of clause 14.2 -

             ";provided that the 30 day period for acceptance of offers in
             10.3.1 may be extended by such period as the secretary of the
             company may from time to time determine is practicable for
             administrative purposes";

2.2     the addition of the  following  new clause 18.3 immediately after
        clause 18.2 -

             "18.3 Notwithstanding anything to the contrary contained in this
             deed, the board shall be entitled, in its discretion, to apply
             terms and conditions which are more favourable to a participant
             than those stipulated in 18.2.".

3       GENERAL

3.1     Unless the context clearly indicates the contrary intention, words and
        expressions in the amended deed shall bear the meanings in this deed
        of amendment.

                                     - 2 -

<PAGE>

3.2     Save for the amendments in 2, the provisions of the amended deed shall
        remain unaltered and in full force and effect.

3.3     If there is any conflict between the provisions of the amended deed
        in this deed of amendment, the provisions of this deed of amendment
        shall prevail.

Signed at                           on 26 November                        2004

                                    for Sappi Limited

                                    /s/ Jonathan Leslie
                                    ------------------------------------------
                                    who warrants that he is duly
                                    authorised hereto

Signed at                           on 26 November                        2004

                                    /s/ David Charles Brink
                                    ------------------------------------------
                                    David Charles Brink

Signed at                           on 26 November                        2004

                                    /s/ Meyer Feldberg
                                    ------------------------------------------
                                    Meyer FeldbergRESOLUTION PASSED BY THE DIRECTORS OF
                                 SAPPI LIMITED
                       (REGISTRATION NO. 1936/08963/06)

                                  31 MAY 2000

                           CONDITIONS OF EMPLOYMENT

RESOLVED:

1.   that the Board exercises the power conferred on it in terms of clauses
     11.3, 16.1 and 20.2.3 of the Trust deed embodying The Sappi Limited Share
     Incentive Scheme ("the Scheme") to accelerate the benefits under the
     Scheme of employees of the group who participate in the Scheme in the
     event of a change of control of the company becoming effective

     i)   unless the change of control is initiated by the Board; or

     ii)  if, in concluding the change of control, the Board in office at the
          time immediately prior to the proposed change of control being
          communicated to the Board ceases to be able to determine the future
          employment conditions of the group's employees,

     on the basis that any such employee shall be entitled to require such
     acceleration by written notice within a period of 90 days after the date
     upon which such change of control becomes effective. For such purpose,
     "control" shall include all circumstances where a party (or parties
     acting in concert), directly on indirectly, obtains

     1.1  the de facto control of the company, or

     1.2  the beneficial ownership of the specified percentage or more of the
          company's issued equity shares, or

     1.3  the control of the specified percentage or more of the voting rights
          at meetings of the company. For the purpose of 1.2 and 1.3, the
          expression "specified percentage" shall bear the meaning assigned to
          it from time to time in the South African Securities Regulation Code
          on Takeovers and Mergers of the Securities Regulation Panel read
          with the South African Companies Act No 61 of 1973, as amended,
          presently being 35%, or

     1.4  the right to control the management of the company or the
          composition of the company's board of directors ("board"), or

     1.5  the right to appoint or remove directors holding a majority of
          voting rights at board meetings.

                                  Page 1 of 2

<PAGE>

A "change of control" shall also include the approval by the company's
shareholders of, or the consummation of, a merger or consolidation of the
company with any other business or entity, or upon a sale of the whole or a
major part of the company's assets;

2.  that to give effect to resolution 1, the company enter into a letter
    agreement with employees who participate in the Scheme;

3.  that Mr. Eugene van As in his capacity as Executive Chairman of the
    company or, failing him, any other director of the company is authorised
    to do whatever may be necessary and to sign such documents as may be
    necessary to give effect to resolutions 1 and 2.

                                  Page 2 of 2RESOLUTION PASSED BY THE MEMBERS OF THE HUMAN RESOURCES
              COMMITTEE OF SAPPI LIMITED (REG NO 1936/008963/06)
                          ON FRIDAY 19 NOVEMBER 2004

------------------------------------------------------------------------------

AMENDMENTS TO THE SAPPI LIMITED SHARE INCENTIVE SCHEME
("THE SCHEME")

1. VARIATION OF VESTING PERIODS
   ----------------------------

   RESOLVED THAT :

   the vesting periods for scheme shares, share options and allocation shares
   granted to participants on or after 4 November 2004 shall be 25% per year
   commencing on the first anniversary after the acceptance date, instead of
   20% per year commencing on the first anniversary after the acceptance date
   as applicable to grants made prior to 4 November 2004.

/s/ E Van As
----------------------              )
E VAN AS                            )
                                    )
                                    )
                                    )
/s/ D C Brink                       )
----------------------              )       COMMITTEE MEMBERS
D C BRINK                           )
                                    )
                                    )
                                    )
/s/ M Feldberg                      )
----------------------              )
M FELDBERG                          )

2. BOARD DISCRETION
   ----------------

   RESOLVED THAT :

   the rules of the Scheme be amended to allow the board discretion to treat
   scheme participants under the option method more favourably on termination
   of their employment, than the rules provide.

/s/ E Van As
----------------------              )
E VAN AS                            )
                                    )
                                    )
                                    )
/s/ D C Brink                       )
----------------------              )       COMMITTEE MEMBERS
D C BRINK                           )
                                    )
                                    )
                                    )
/s/ M Feldberg                      )
----------------------              )
M FELDBERG                          )

                                     - 2 -

<PAGE>

3. ACCEPTANCE OF OFFERS
   --------------------

   RESOLVED THAT :

   the rules of the scheme be amended so as to enable the board to waive the
   30 day acceptance period in respect of offers to participants under the
   option method of the Scheme.

/s/ E Van As
----------------------              )
E VAN AS                            )
                                    )
                                    )
                                    )
/s/ D C Brink                       )
----------------------              )       COMMITTEE MEMBERS
D C BRINK                           )
                                    )
                                    )
                                    )
/s/ M Feldberg                      )
----------------------              )
M FELDBERG                          )

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