Amendment to a material agreement

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| Source: Arctic Paper AB
In reference to the current report no. 19/2012 dated November 6, 2012, in which
the Management Board of Arctic Paper S.A. (the “Company”) informed about the
conclusion of a material agreement, we hereby inform that on December 20, 2013
the Company and its subsidiaries, i.e. Arctic Paper Kostrzyn S.A (“APK”), Arctic
Paper Investment GmbH and Arctic Paper Mochenwangen GmbH, executed an amendment
agreement (“Amendment Agreement”) to the Facility Agreement with the consortium
of banks composed of: Bank Polska Kasa Opieki S.A., BRE Bank S.A. and Bank
Zachodni WBK S.A. (“Facility Agreement”)

The Amendment Agreement comes into effect on 23 December 2013.

The disbursement of the Amendment Agreement shall be contingent upon conditions
precedent having been satisfied by APK, Arctic Paper Investment GmbH and Arctic
Paper Mochenwangen GmbH, which conditions shall include: submission of the
corporate documents of the Company as well as of the APK, Arctic Paper
Investment GmbH and Arctic Paper Mochenwangen GmbH.

The Amendment Agreement established the following:

- new levels of covenants for APK and Arctic Paper SA Capital Group, which has
been agreed upon with the Company’s Management Board;

- commitment to increase the share capital of the Company with the amount
payable of no less than PLN 50,000,000 until 30.09.2014;

- commitment of the Company’s Group to allocate the proceeds from the share
capital increase and sales of assets to reinvestment within the Group, up to the
amount of PLN 60,000,000;

- allocation of the excess amount of proceeds from the share capital increase
and sales of assets above PLN 60,000,000 as prepayment of liabilities arising
from the Facility Agreement;

- the maximum yearly amount of management fee payable by APK to the Company of
PLN 3,500,000;

- commitment of APK not to declare and not to pay out any dividends.

The collateral established for the Facilities repayment has not been changed.

The Company as well as the Borrower shall be jointly and severally liable for
the obligations under the Facility Agreement, whereas Arctic Paper Investment
GmbH and Arctic Paper Mochenwangen GmbH have each guaranteed the repayment of
liabilities arising from the Facility Agreement.
For additional information, please contact:

Wolfgang Luebbert, Acting CEO, tel. +49 40 51485310

This information is disclosed pursuant to Minister of Finance directive of
February 19, 2009 on current and periodic information provided by issuers of
securities, and on conditions of equivalence of information required to be
provided under non-Member State law, §5, clause 1 item 3, and was submitted for
publication on 20 December 2013 at 8:30 pm CET, in reference to Arctic Paper’s
current report no. 44/2013 filed with the Warsaw Stock Exchange.