Arctic Paper S.A.

Capital/Financing Update • Mar 23, 2021

Current report no. 10/2021

Date of preparation: 23rd March 2021

Subject: Revolving Credit Facility Extension - information update

General legal basis:

Art. 17 sec. 1 MAR - inside information

Contents:

The Management Board of Arctic Paper S.A. ("Company", "Issuer") inreference to the current report no.20/2016 dated September 9th, 2016regarding the conclusion between Arctic Paper S.A. and BNP Paribas BankPolska S.A., Santander Bank Polska S.A. and the European Bank forReconstruction and Development (the "Lender") of significant agreementsrelated to the refinancing process of the Company and its subsidiaries("Credit Agreement") and to the current reports no. 19/2019 of August30, 2019, no. 27/2019 of October 22nd, 2019, no.16/2020 of October 27th2020, no. 01/2021 of January 12th 2021 and no. 06/2021 of February 12th2021 about the technical extension of the validity period of therevolving loan ("Revolving Facility"), hereby informs that today it hasreceived an information that Lenders have extended the availability ofthe Revolving Facility to the Company until April 30th, 2021, on theconditions adopted so far.

The Revolving Facility was granted to the Company for a total value ofEUR 19,800,000 and PLN 20,000,000 and was made available for the purposeof refinancing of intra-group liabilities of the Company or financing ofintra-group loans.

The availability of the Revolving Facility has been extended by anadditional month.

The Company is negotiating a new facility agreement with selected banksin order to obtain funds for refinancing of the existing indebtedness ofthe Company and its subsidiaries, including refinancing of RevolvingFacility which was announced in the current report no. 04/2021 ofFebruary 5th 2021. Information on the completion of negotiations andtheir result will be provided by the Company in a separate currentreport.

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.