Arctic Paper S.A.

AGM Information • Apr 20, 2018

Current report number 09/2018

Dated: April 20th 2018

Subject: Arctic Paper S.A. Supervisory Board's opinion on the ManagementBoard's recommendation on the payment of dividend and covering the netloss of 2017.

General legal basis:

Art. 17 sec. 1 of MAR - inside information

Content:

In reference to the current report no. 08/2018 dated 9th of April 2018the Management Board of Arctic Paper S.A. (the "Company") hereby informsthat on 20th of April 2018 the Company's Supervisory Board adopted aresolution and expressed a positive opinion on the submission arecommendation to the Ordinary Shareholders Meeting in following subject:

(i) on the payment of a dividend to the Company's shareholders from thenet profits from past years accumulated on the other reserves in theamount of 13,857,556.60 PLN - 0.20 PLN per share;

(ii) on the covering the 2017 net loss in the amount of 39,662 thousandzlotys by the Company's reserve capital.

The Management Board's recommendation and the Supervisory Board'sopinion will be presented as a subject of the resolution of the OrdinaryShareholders Meeting.

The final decision in reference to the payment of a dividend andcovering the net loss of 2017 will be taken by the Ordinary ShareholdersMeeting.