Arctic Paper S.A.

Report Publication Announcement • May 5, 2016

Current report number 11/2016

Dated: 05 May 2016

Subject: Contents of the draft resolutions of the Ordinary ShareholdersMeeting dated June 2, 2016, including proposed amendments to theCompany's Articles of Association.

General legal basis:

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

Contents:

The Management Board of Arctic Paper S.A. ("Company") submits thecontents of the draft resolutions, which will be subject to discussionof the Ordinary Shareholders Meeting dated June 2, 2016.

Concurrently with reference to the current report a list of proposedamendments to the Company's Articles of Association shall be forwardedtogether with justification for the draft resolution no. 20/2016 of theOrdinary Shareholders' Meeting of Arctic Paper S.A. regarding consent tothe establishment of a registered pledge over a collection of movablesand property rights of the Company.

Legal basis for publication:

Minister of Finance directive of February 19, 2009 on current andperiodic information provided by issuers of securities, and onconditions of equivalence of information required to be provided undernon-Member State law, §38, clause 1, item 2 and 3.

Attachment:

1.Draft resolutions of Ordinary Shareholders Meeting of Arctic PaperS.A. convened for June 2, 2016 - attachment no. 1 to current report11/2016 dated May 5, 2016.

2.Justification for the draft resolution no. 20/2016 of the OrdinaryShareholders' Meeting of Arctic Paper S.A. regarding consent to theestablishment of a registered pledge over a collection of movables andproperty rights of the Company - attachment no. 2 to current report11/2016 dated May 5, 2016.

3.Hitherto wording of joint stock company Arctic Paper Spółka AkcyjnaArticles of Association together with proposed amendments - attachmentno. 3 to current report 11/2016 dated May 5,2016.