Arctic Paper S.A.

Audit Report / Information • Aug 8, 2024

Translation note:

This version of our report is a translation from the original, which was prepared in Polish language. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation.

Independent registered auditor's report on the review of the interim condensed financial statements

To the Shareholders and the Supervisory Board of Arctic Paper S.A.

Introduction

We have reviewed the accompanying interim condensed financial statements of Arctic Paper S.A. (hereinafter called the Company), comprising the interim condensed standalone statement of financial position as at June 30, 2024, and interim condensed standalone statement of profit and loss, interim condensed standalone statement of comprehensive income, interim condensed standalone statement of cash flows, and interim condensed standalone statement of changes in equity for the period from January 1 to June 30, 2024 and a summary of significant accounting policies and other explanatory notes.

Management is responsible for the preparation and presentation of these interim condensed financial statements in accordance with the International Accounting Standard 34 Interim Financial Reporting as adopted by the European Union. Our responsibility is to express a conclusion on these interim condensed financial statements based on our review.

Scope of review

We conducted our review in accordance with the National Standard on Review Engagements 2410 in the wording of the International Standard on Review Engagements 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity as adopted by the National Council of Certified Auditors. A review of interim condensed financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with National Standards on Auditing. Consequently, it does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp. k., Nowy Rynek, ul. Wierzbięcice 1A, 61-569 Poznań, Polska T: +48 (61) 851 1500, F: +48 (61) 851 1501, www.pwc.com

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements have not been prepared, in all material respects, in accordance with the International Accounting Standard 34 Interim Financial Reporting as adopted by the European Union.

Conducting the review on behalf of PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp.k., a company entered on the list of Registered Audit Companies with the number 144:

Krzysztof Zech

Key Registered Auditor No. in the registry 13917

Poznań, 8 August 2024