Arctic Paper S.A.

Report Publication Announcement • Jul 25, 2019

Current report number 16/2019

Dated: July 25th 2019

Subject: Publication of interim 2Q 2019 report by subsidiary company

General legal basis:

Art. 17 sec. 1 of MAR - inside information

Content:

Management Board of Arctic Paper S.A.("Company", "Issuer") herewithannounces that on 25th July 2019 the Management of the Company'ssubsidiary Rottneros AB ("Rottneros"), which is listed on NASDAQStockholm, has published the interim 2Q 2019 report with the followingparameters:

YTD 2Q 2019MLN SEK MLN PLN

Revenues 1,212

EBITDA* 298

Net result 185MLN PLN

Revenues 495

EBITDA* 122

Net result 76

*) Operating income before depreciation, amortization and impairmentcharges.

Management Board of Arctic Paper S.A. indicates that above Company'ssubsidiary results will constitute a significant part of Arctic PaperGroup's consolidated interim 2Q2019 results.

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.