Arctic Paper S.A.

Registration Form • Jun 27, 2016

Current report number 14/2016

Dated: 27 of June 2016

Subject: Registration of amendments to the Articles of Association ofArctic Paper S.A.

General legal basis:

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

Contents:

The Management board of Arctic Paper S.A. ("Company", "Issuer") herewithannounces that on 27th of June 2016, based on information correspondingto the current excerpt from the Register of Entrepreneurs, downloadedunder Article 4.4aa of the Polish Act on the National Court Register of20th August 1997, which presents the situation as at 27th of June 2016,the Company was informed about the decision of the District Court inPoznań, VIII Commercial Division of the National Court Register, onregistering amendments to the Articles of Association of the Company on27th of June 2016, passed by the Ordinary Shareholders Meeting of ArcticPaper S.A. on 2nd of June 2016 by means of the resolution no. 21/2016presented in the current report no.12/2016 of 2nd of June 2016.

The Company's Management Board hereby encloses the hitherto wording ofthe Company's Articles of Association and the registered amendments.

Specific legal basis:

Regulation of the Minister of Finance of February 19, 2009 on currentand periodic information submitted by issuers of securities andconditions of recognizing information required by law of a non-EU stateas equivalent § 38 section 1 item 2.