Arctic Paper S.A.

Board/Management Information • Aug 31, 2017

Current report number 17/2017

Dated: 31 August 2017

Subject: Changes in the Management Board.

Legal basis:

Article 56, clause 1, item 2 - current and periodic disclosure

Content:

The Management Board of Arctic Paper S.A. (the "Company", the "Issuer")informs herewith that during the meeting dated 30th of August 2017, theSupervisory Board of the Company released Mrs. Małgorzata Majewska-Śliwafrom the position of the Management Board Member of the Companyeffective as at 1st of September 2017. She will also leave the positionas CFO of the Company at the same date.

In appreciation of her nearly 4 years' service, the Supervisory Boardwould like to thank Mrs. Małgorzata Majewska-Śliwa for her contributionto the 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 September 2017,Mr. Göran Eklund as Management Board Member of the Company. He will alsoact as CFO of the Company.

Mr. Göran Eklund graduated from the University of Karlstad, Departmentof Business Administration and Economics. He has got 22 years ofexperience in management of the companies, including financedepartments. From 2010 until 2016 he worked for AB Geveko as CEO andCFO. Before that, he worked as Finance Director in the European GMdivision of Lear Corporation, as Managing Director and Finance Directorin Lear Corporation Sweden AB, and also as Director of Finance, HR andIT in Autoliv´s textiles division.

Mr. Göran Eklund is not involved in any activities competitive towardsArctic Paper S.A., is not a partner in any competitive company orundertaking, a member of governing bodies of any capital company or anyother legal entity in competition with Arctic Paper S.A. Göran Eklund isnot entered in the register of bad debtors maintained pursuant to theact on the National Court Register.

Specific legal basis:

§ 5 section 1 point 21 and 22 of the Minister of Finance Regulation oncurrent and periodic disclosures provided by securities issuers andconditions under which the disclosures required by laws applicable innon-Member States may be recognised as equivalent.