Arctic Paper S.A.

Earnings Release • Feb 26, 2021

Subject: Preliminary financial results of Arctic Paper S.A. and ArcticPaper Group for the Q4 of 2020 and 2020 and recommendation on dividendpayment

General legal basis:

Art. 17 sec. 1 of MAR - Inside information

Content:

Management Board of Arctic Paper S.A.("Company", "Issuer") in referencewith obtaining today an information about the value of preliminaryselected financial data, herewith announces selected preliminaryfinancial results of the Arctic Paper S.A. Group (the "Group") and theIssuer for the Q4 of 2020 and annual 2020:

Financial Results of Q4 2020:

Arctic Paper S.A. Group:

- Consolidated estimated sales revenues 714.7 mln PLN,

- Consolidated estimated net loss -14.8 mln PLN,

Arctic Paper S.A.

- Standalone estimated sales revenues 7.4 mln PLN,

- Standalone estimated net loss -1.0 mln PLN,

Financial Results of 2020:

Arctic Paper S.A. Group:

- Consolidated estimated sales revenues 2,847.5 mln PLN,

- Consolidated estimated net profit 103.6 mln PLN,

Arctic Paper S.A.

- Standalone estimated sales revenues 39.5 mln PLN,

- Standalone estimated net profit 3.4 mln PLN.

Detailed selected preliminary consolidated results of the Arctic PaperS.A. Group are presented in the attachment to this report.

The above financial results are estimates obtained during thepreparation of the financial statements for 2020. The final standaloneand consolidated results will be published in the annual report and may,to a limited extent, differ from the amounts presented above.

Publication of the Company's standalone annual report of 2020 andconsolidated annual report of the Arctic Paper S.A. Group of 2020,together with the auditor's opinions, will take place on March 16th,2021.

Taking into account the preliminary financial results of the Company andthe Arctic Paper S.A. Group of 2020, the Management Board of the Companydecided to recommend to the Annual General Meeting of the Company thepayment of dividend from the Company's net profit of 2020 in the amountof PLN 0.30 gross per share.

The final recommendation regarding the distribution of the net profit of2020 will be presented by the Management Board to the Annual GeneralMeeting after the publication of the Company's annual report of 2020,which will take place on March 16th, 2021. The Management Board'srecommendation will be a subject of the opinion of the Company'sSupervisory Board.

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.