Arctic Paper S.A.

AGM Information • Jul 25, 2019

Current report No. 15/2019

Dated: 24th July 2019

Subject: Closing of the meeting of bondholders

General legal basis:

Art. 17 sec. 1 MAR - inside information

In reference to the current report no. 13/2019 dated 2nd July 2019, theManagement Board of Arctic Paper S.A. (the "Company", "Issuer") herebyinforms that a meeting of bondholders of series A bonds of the Issuerwith ISIN code: PLARTPR00038, issued pursuant to the terms andconditions of issue of 30 September 2016 (the "Bonds")(the "Meeting ")was concluded on 24th July 2019.

The Meeting was attended by Bondholders representing 93,13% of the totalnominal value of the Bonds. The Bondholders present at the Meeting cast93,128 valid votes out of 93,128 all bonds represented at the Meeting ,of which 93,128 votes were "for", no votes were "against" and there wasno votes abstaining from voting, which means that the resolution on thewaiver by the Bondholders of their rights and claims associated with theoption to demand the convening of a Meeting of Bondholders and earlyredemption of the Bonds in connection with the occurrence of an EarlyRedemption Event (as defined in the Terms and Conditions), referred toin clause 10.16 (Violation of the Net Debt/EBITDA index) of the Termsand Conditions, consisting in the Issuer's violating the Net Debt/EBITDAindex (as defined in the Terms and Conditions) for the 12 monthspreceding the financial index calculation date as at 31st March 2019,has been adopted by majority of 100% valid votes cast.

Excerpt from the minutes of the Meeting will be published by the Issueronce it is prepared.