Arctic Paper S.A.

Report Publication Announcement • Apr 9, 2018

Current report number 8/2018

Dated: April 9th 2018

Subject: Arctic Paper S.A. Management Board's recommendation on thepayment of dividend and covering the net loss of 2017.

General legal basis:

Art. 17 sec. 1 of MAR - inside information

Content:

The Management Board of Arctic Paper S.A. (the "Company") hereby informsthat on 9th of April 2018 it adopted a resolution to submit 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 will be a subject of the opinionof the Company's Supervisory Board.

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