Arctic Paper S.A.

Capital/Financing Update • Jan 12, 2021

Current report no. 01/2021

Date of preparation: 12th January 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 and no. 27/2019 of October 22nd, 2019 and no.16/2020 of October27th 2020 about the technical extension of the validity period of therevolving loan ("Revolving Facility"), informs that today Lenders haveextended the availability of the Revolving Facility to the Company untilFebruary 28th, 2021, on the conditions 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 still working on the possibilities ofsimplifying the current structure of the Group's debt and furtheroptimization of the conditions and reduction of the costs of debtservice. A possible decision on the implementation of the refinancingprocess and the selection of its final structure will depend on theresults of discussions with potential partners, analyzes and the currentsituation on the financial market.

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.