Arctic Paper S.A.

Share Issue/Capital Change • Jun 27, 2016

Hitherto wording of joint stock company ARCTIC PAPER SPÓŁKA AKCYJNA Articles of Association together with registered amendments – attachment no. 1 to current report 14/2016 from 27th of June 2016

1. Hitherto wording of section 5.5 of Article 5

5.5. The nominal value of the conditional increase of the Company's share capital amounts to no more than PLN 1,500,000 (one million five hundred thousand zloty) and shall be divided into 1,500,000 (one million five hundred thousand) ordinary series D bearer's shares with a nominal value of PLN 1.00 (one zloty) each share.

Registered wording of section 5.5 of Article 5

5.5. (repealed)

2. Hitherto wording of section 5.6 of Article 5

5.6. The purpose of the conditional increase of the Company's share capital is to grant the right to subscribe for series D shares to the holders of series A subscription warrants, issued by the Company pursuant to resolution no. 4 of the Extraordinary Shareholders Meeting of July 30, 2009 and the resolution of the Ordinary Shareholders Meeting of June 8, 2010, amended by way of resolution no. 30 of the Ordinary Shareholders Meeting of June 28, 2012.

Registered wording of section 5.6 of Article 5

5.6. (repealed)

3. Hitherto wording of section 5.7 of Article 5

5.7. The right to subscribe for series D shares can be effected until December 31, 2013.

Registered wording of section 5.7 of Article 5

5.7.(repealed)

4. Hitherto wording of section 5.8 of Article 5

Strona 1

5.8. Series D shares shall be delivered in return for cash contributions.

Registered wording of section 5.8 of Article 5

5.8. (repealed)

Strona 2