Arctic Paper S.A.

Regulatory Filings • Aug 24, 2017

Current report number 15/2017

Dated: 23 August 2017

Subject: Adjustment of the financial data for H1 2016 and for 2016

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 in reference to the ongoing review of thestandalone H1 financial statements for 2017 and as a result of itsreview by the auditor, a decision was taken regarding an adjustment tothe approved financial data for H1 2016 and for 2016.

The adjustments that were agreed with the auditor result from acceptanceof the method of calculation of the impairment charges to the investmentin Arctic Paper Investment AB (holding 100% of shares in Arctic PaperGrycksbo AB, "APG") indicated by the auditor, and refer to theadjustments to the calculation of the recoverable amount resulting fromthe impairment test by the amount of the financial liabilities.

The adjusted financial data of the Company regards the followingfinancial statements and periods:

In the 2016 annual report, in the financial statements - adjustment ofthe opening balance as at 1 January 2016 - regards an increase of theimpairment charge to the investment by PLN 61,136 thousand;

In the H1 2016 report, in the interim standalone financial statements -adjustment to the income statement H1 2016 - regards an increase of theimpairment charge to the investment by PLN 26,637 thousand;

In the 2016 annual report, in the financial statements - adjustment tothe income statement for 2016 - regards a decrease of the impairmentcharge to the investment by PLN 128 thousand (the impairment charge wasdecreased by PLN 26,765 thousand in the second half of 2016 which inconnection with the abovementioned adjustment to H1 2016 results in atotal net adjustment for 2016 of PLN 128 thousand).

The adjusted financial data for the above periods attached hereto.

At the same time, the Issuer informs that the consolidated financialstatements of the Arctic Paper S.A. Group will remain unaffected by theabove changes.

Specific legal basis:

§ 6 section 4 and 5 of the Minister of Finance Regulation on current andperiodic disclosures provided by securities issuers and conditions underwhich the disclosures required by laws applicable in non-Member Statesmay be recognised as equivalent.