Arctic Paper S.A.

Remuneration Information • Jul 12, 2022

Current report no. 12/2022

Date: July 11th 2022

Subject: Adoption by the Management Board of Arctic Paper S.A. dividendpolicy

General legal basis:

Art. 17 sec. 1 of MAR - inside information

The Management Board of Arctic Paper S.A. (_quot;Company_quot;) hereby informsthat on July 11th 2022 by a resolution of the Management Board, thedividend policy of Arctic Paper S.A. (_quot;Policy_quot;) was adopted.

The dividend policy will apply from the financial year ending onDecember 31st , 2022.

In accordance with the adopted Policy, the Management Board intends tosubmit to the General Meeting of the Company a proposal of dividendpayment in the amount of 20% to 40% of the consolidated net profit ofthe Company's Capital Group for a given financial year, subject to thecurrent provisions of loan agreements regarding financial covenants andrelated restrictions on profit distribution.

The dividend will be paid annually after approval of the Company'sfinancial statements by the General Meeting. When recommending thedistribution of profit, the Management Board of the Company will takeinto account the financial and liquidity situation, existing and futureliabilities (including potential limitations related to loan agreements)and an assessment of the Capital Group's prospects in specific marketand macroeconomic conditions.

The intention of the Company's Management Board is to create andmaintain a predictable dividend policy and the perception of ArcticPaper S.A. by the market as a dividend company.

Specific legal basis:

Art. 17 sec. 1 of Regulation (EU) No. 596/2014 of the EuropeanParliament and of the Council of April 16th 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.