Arctic Paper S.A. opposes dividend in its subsidiary Rottneros AB

Arctic Paper S.A. (“Arctic Paper”), the second-largest European producer of
bulky book paper in terms of production volume and one of Europe’s leading
producers of fine graphic paper, hereby announces its intentions in respect of
the voting at the forthcoming Annual General Meeting of Rottneros AB
(“Rottneros”).

The current Board of Directors of Rottneros has proposed that the Annual General
Meeting of Rottneros to be held on March 22, 2013, resolves on a dividend of SEK
0.10 per share in Rottneros, corresponding to in aggregate SEK 15.3 million.

The dividend policy of Rottneros stipulates, among other things, that
consideration should be taken to Rottneros dividend capacity over a business
cycle. Rottneros was loss-making in 2012 and has been loss-making for a vast
majority of the recent financial years. In Arctic Paper’s opinion, considering
the financial results and the profitability level of Rottneros, the proposed
dividend payment is not justifiable. Furthermore, Arctic Paper notes that during
the financial year 2012, and in particular during the fourth quarter, there was
a significant increase in Rottneros’ indebtedness. This warrants a significant
level of prudence as regards the assessment of Rottneros’ dividend capacity. In
Arctic Paper’s opinion, it is currently neither justifiable from a sound
commercial perspective nor consistent with any appropriate dividend policy that
Rottneros declares any dividend.

Arctic Paper opposes the dividend proposal made by the current Board of
Directors of Rottneros and will vote against such proposal at the Annual General
Meeting of Rottneros to be held on March 22, 2013. Arctic Paper will instead
propose and vote in favor of a resolution that Rottneros’ entire accumulated
earnings be carried forward.

Arctic Paper owns approximately 54 percent of the outstanding shares and votes
in its subsidiary Rottneros which is listed on NASDAQ OMX Stockholm.

Arctic Paper S.A.

For additional information, please contact:

Michał Jarczyński, President of the Management Board of Arctic Paper, tel.
+48 61 62 62 000

This information is disclosed pursuant to the Swedish Securities Market Act and
was submitted for publication on 12 March 2013 at 8:30 am CET.