Arctic Paper S.A.

Capital/Financing Update • Oct 23, 2019

Current report no. 27/2019

Date of preparation: 22nd October 2019

Subject: Revolving Credit Facility Extension

General legal basis:

Art. 17 sec. 1 MAR - inside information

Contents:

The Management Board of Arctic Paper S.A. ("Company", "Issuer") inreference to the current report no.20/2016 dated September 9th, 2016regarding the conclusion between Arctic Paper S.A. and BNP Paribas BankPolska S.A., Santander Bank Polska S.A. and the European Bank forReconstruction and Development (the "Lender") of significant agreementsrelated to the refinancing process of the Company and its subsidiaries("Credit Agreement") and to the current report no. 19/2019 of August 30,2019 about the technical extension of the validity period of therevolving loan ("Revolving Facility"), informs that today Lenders haveextended the availability of the Revolving Facility to the Company untilOctober 31st, 2020.

The Revolving Facility was granted to the Company for a total value ofEUR 19,800,000 and PLN 20,000,000 and was made available for the purposeof refinancing of intra-group liabilities of the Company or financing ofintra-group loans.

Other provisions of the Credit Facility, including the interest rate,security of the Bank's receivables under the Credit Facility, have notchanged and do not differ from the provisions commonly used for thistype of agreement.

Specific legal basis:

Art. 17 sec. 1 of Regulation (EU) No. 596/2014 of the EuropeanParliament and of the Council of 16 April 2014 on market abuse (marketabuse regulation) and repealing Directive 2003/6/EC of the EuropeanParliament and of the Council and Commission Directives 2003/124/EC,2003/125/EC and 2004/72/EC.