Arctic Paper S.A.

Report Publication Announcement • May 28, 2019

Current report no 10/2019

Dated: 28.05.2019

Subject: Shareholders holding no less than 5% of number of votes at theOrdinary Shareholders Meeting of Arctic Paper S.A.

General legal basis:

Article 70 section 3 of Public Offering Act

Contents:

The Management Board of Arctic Paper S.A. ("the Company") makes publicthe information regarding the list of shareholders holding no less than5% of number of votes at the Ordinary Shareholders Meeting ("OSM") from28 May 2019.

No 1Shareholder: NEMUS HOLDING AB

Number of votes registered at OSM: 40 111 000Number of votes fromshares registered at OSM: 40 111 000

Share in number of votes at OSM: 96,90%

Share in total number of votes at OSM: 57,89%

Legal basis for publishing of the report:

Article 70 section 3 of Public Offering Act