Arctic Paper S.A.

Capital/Financing Update • Nov 8, 2023

Current report number 19/2023

Date: 8th November 2023

Subject: Conclusion of an amendment agreement to the agreement regardingsignificant financing for the Issuer's Group

General legal basis:

Art. 17 sec. 1 of MAR - inside information

Content:

With reference to current report no. 14/2023 dated 9th of August 2023,the Management Board of Arctic Paper S.A. (_quot;Company_quot;, _quot;Issuer_quot;) herebyinforms that on 8th of November 2023, the Company as a borrower and theCompany's subsidiaries as guarantors concluded an agreement with theconsortium of banks composed of: Bank Polska Kasa Opieki S.A., BNPParibas Bank Polska S.A. and Santander Bank Polska S.A. (jointly: the_quot;Lenders_quot;) as, among others, Lenders, an amendment agreement (_quot;AmendmentAgreement_quot;) to the term and revolving facilities agreement dated 2nd ofApril 2021 (as amended) ("Facilities Agreement_quot;) concluded between theCompany as a borrower and the subsidiaries of the Company as guarantorsand Bank Polska Kasa Opieki S.A., BNP Paribas Bank Polska S.A. andSantander Bank Polska S.A. as Lenders and hedge providers under whichthe Lenders granted the Company additional term facility on the termsdescribed in current report no. 14/2023 dated 9th of August 2023 up tothe total amount of EUR 20,000,000 (_quot;Additional Facility_quot;) to financethe construction of a biomass drying and pellet production plant, whichwill be located in Grycksbo on a property owned by Arctic Paper GrycksboAB, and extended the repayment date of the revolving facilities underthe Facilities Agreement until 31st of March 2026 (_quot;Extension of the RCFRepayment Date_quot;).

67,5% of the Additional Facility will be repaid in equal instalmentspaid every six months starting from March 2026. The remaining part willbe repaid on the final maturity date of the Additional Facility;

The disbursement of funds under the Additional Facility and theExtension of the RCF Repayment Date is conditional on the fulfilment ofconditions precedent provided in the Amendment Agreement.

The terms and conditions of the Amendment Agreement do not differ fromthe provisions commonly used for this type of agreements.

Specific legal basis:

Art. 17 sec. 1 of Regulation (EU) No. 596/2014 of the EuropeanParliament and of the Council of 16 April 2014 on market abuse (marketabuse regulation) and repealing Directive 2003/6/EC of the EuropeanParliament and of the Council and Commission Directives 2003/124/EC,2003/125/EC and 2004/72/EC.