1. NAMPAK SA’s Leading Packaging Company Full Range of Packaging in Paper, Metal, Plastics & Glass

10. NAMPAK Current Share Price: R23 PE: 15 Dividend Yield: 3.7% New Top Management Good Recovery- Sold off Dogs Potential enhanced profit from Angolan Bevcan & local Corrugated Good Potential if Rand weakens Strong Share Price & Volume Movement since results announcement Worth considering over long run

11. SAPPI Leading World Producer of Coated Fine Paper Other Paper Products: Newsprint, Uncoated, Speciality, Packaging Wood Pulp Chemical Cellulose

12. SAPPI Product Range Production: Mil Tonnes: Paper 6.8 Pulp 3.3 Chem Cellulose 0.8

13. Geographic Spread Sales 7.9 Mil Tonnes $6.6 Billion

20. SAPPI DEBT PROBLEM Millions Nett Debt: $2221 Finance Costs: $ 255 Debt by Currency: % $ 48.4 Eur 34.1 ZAR 17.5 Debt Covenants: Nett Debt/EBITDA: < 6 EBITDA/ Interest: > 2 Dividend Restriction: Debt/EBITDA: >4:1 EBITDA/ Interest: <2:1 Dividend > 50% of Nett Profit

21. SAPPI SHARE INFO: No of Shares: 516 Million Market Cap: $2000 Million Shareholders: 12% N America 13% Europe & Rest of World 75% SA Major Shareholders: PIC: 8.4% OM 5.0% Fund Managers: Allan Gray: 30% OM: 13% RMB: 8% Share Price: 2/12/10: R35.20 P E: 47 YM: 6.0%

22. Strengths: Good Geographic Spread – Rand Hedge Good Assets & Product Technically Competent SA Profitable Saiccor Strength Weaknesses: Over Capacity in Paper Industry – Selling Prices constrained Advertising spend sensitivity IT Innovations threaten Paper usage Debt Burden Rising Input Costs: Energy Currently: Improved Pulp Prices Paper Prices following Strong demand Mills full