Arctic Paper S.A.

Audit Report / Information • Mar 21, 2016

INDEPENDENT AUDITORS' OPINION

To the Supervisory Board and the Shareholders' Meeting of Artcic Paper S.A.

• 1. We have audited the attached financial statements for the year ended 31 December 2015 of Arctic Paper S.A. ('the Company') located in Poznań at Dąbrowskiego 334A, containing balance sheet as at 31 December 2015, the income statement, the statement of comprehensive income, the statement of changes in equity, the cash flow statement for the period from 1 January 2015 to 31 December 2015 and the summary of significant accounting policies and other explanatory notes ('the attached financial statements').
• 1. The truth and fairness¹ of the attached financial statements, the preparation of the attached financial statements in accordance with the required applicable accounting policies and the proper maintenance of the accounting records are the responsibility of the Company's Management Board. In addition, the Company's Management Board and Members of the Supervisory Board are required to ensure that the attached financial statements and the Directors' Report meet the requirements of the Accounting Act dated 29 September 1994 (Journal of Laws 2013.330 with subsequent amendments – 'the Accounting Act'). Our responsibility was to audit the attached financial statements and to express an opinion on whether, based on our audit, these financial statements comply, in all material respects, with the required applicable accounting policies, whether they truly and fairly² reflect, in all material respects, the financial position and results of the operations of the Company and whether the accounting records that form the basis for their preparation are, in all material respects, properly maintained.
• 1. We conducted our audit of the attached financial statements in accordance with:
• chapter 7 of the Accounting Act;
• National Auditing Standards issued by the National Council of Statutory Auditors;

in order to obtain reasonable assurance whether these financial statements are free of material misstatement. In particular, the audit included examining, to a large extent on a test basis, documentation supporting the amounts and disclosures in the attached financial statements. The audit also included assessing the accounting principles adopted and used and significant estimates made by the Company's Management Board, as well as evaluating the overall presentation of the attached financial statements. We believe our audit has provided a reasonable basis to express our opinion on the attached financial statements treated as a whole.

1 Translation of the following expression in Polish: 'rzetelność i jasność'

² Translation of the following expression in Polish: 'rzetelnie i jasno'

• 1. In our opinion, the attached financial statements, in all material respects:
• present truly and fairly all information material for the assessment of the results of the Company's operations for the period from 1 January 2015 to 31 December 2015, as well as its financial position³ as at 31 December 2015;
• have been prepared in accordance with International Financial Reporting Standards as adopted by the EU and based on properly maintained accounting records;
• are in respect of the form and content, in accordance with legal regulations governing the preparation of financial statements and the Company's Articles of Association.
• 1. We have read the 'Directors' Report for the period from 1 January 2015 to 31 December 2015 and the rules of preparation of annual statements' ('the Directors' Report') and concluded that the information derived from the attached financial statements reconciles with these financial statements. The information included in the Directors' Report corresponds with the relevant regulations of art. 49 para 2 of the Accounting Act and the Decree of the Minister of Finance dated 19 February 2009 on current and periodic information published by issuers of securities and conditions for recognition as equivalent the information required by laws of non-EU member states (Journal of Laws 2014.133 with subsequent amendments).

on behalf of Ernst & Young Audyt Polska spółka z ograniczoną odpowiedzialnością sp. k. Rondo ONZ 1, 00-124 Warsaw Reg. No 130

Key Certified Auditor

Robert Klimacki certified auditor No. 90055

Warsaw, 21 March 2016

3 Translation of the following expression in Polish: 'sytuacja majątkowa i finansowa'