Arctic Paper S.A.

Board/Management Information • Dec 11, 2018

Current report number 22/2018

Dated: 11 December 2018

Subject: Changes in the Management Board of Arctic Paper SA

General legal basis:

Offering Act, article 56, clause 1, item 2 - current and periodicinformation

Contents:

The Management Board of Arctic Paper S.A. ("the Company", "the Issuer")herewith informs that during the meeting on 10th of December 2018 theSupervisory Board of the Company has decided to release Mr. Per Skoglundfrom the position of the President of the Management Board and ChiefExecutive Officer of the Company effective from January 31st 2019.

The background for the decision is the intention to change theleadership as the company enters into a new phase in implementing thenew strategy.

In appreciation of his service, the Supervisory Board would like tothank Mr. Per Skoglund for his successful leadership and contribution tothe Company's development.

At the same time the Management Board of Arctic Paper S.A. informs, thatthe Supervisory Board appointed, effective as at 1st of February 2019,Mr. Michał Jarczyński as President of the Management Board of theCompany. He will also act as Chief Executive Officer.

Mr. Michał Jarczyński was granted a title of mechanical engineer at theUniversity of Technology in Poznań and he graduated from postgraduateeducation related to finance and controlling at the Academy of Economicsin Poznań. Mr. Michał Jarczyński has performed several leading positionsin Polish industry, most recently as Chief Executive Officer of RadpolS.A., a stock-listed Polish technology company. From 2008-2013 he workedas Chief Executive Officer of Arctic Paper S.A. Mr. Michal Jarczyńskihas nearly 15 years of experience in the paper industry.

Mr. Michał Jarczyński is not involved in any activities competitivetowards Arctic Paper S.A., is not a partner in any competitive companyor undertaking, a member of governing bodies of any capital company orany other legal entity in competition with Arctic Paper S.A. MichałJarczyński is not entered in the register of bad debtors maintainedpursuant to the act on the National Court Register.

Legal basis for publication:

§ 5 item 4 and 5 of the Regulation of the Minister of Finance of 29March 2018 concerning current and periodical information published byissuers of securities and terms of recognizing as equivalent informationrequired by laws of a non-Member State (Journal of Laws 2018 item 757).