Execution of an annex to material agreement by Arctic Paper S.A. and its subsidiaries

The Management Board of Arctic Paper S.A. (the “Issuer”) informs that on 15
October 2014 the Issuer and its subsidiaries, i.e.  Arctic Paper Kostrzyn S.A.,
Arctic Paper Mochenwangen GmbH and Arctic Paper Investment GmbH, executed with a
consortium of banks composed of: Bank Polska Kasa Opieki S.A., mBank S.A. and
Bank Zachodni WBK S.A. (the “Financing Banks”), annex (the “Annex”) to the loan
facility agreement executed between those parties on 6 November 2012 (the
“Facility Agreement”).

The Issuer reported the execution of the Facility Agreement and its changes in
the current reports no 19/2012 of 6 November 2012 and 44/2013 dated 20 December
2013.

Under the Annex:

 1. The Financing Banks waived the condition involving the Issuer’s share
capital increase by the amount of no less than PLN 50,000,000 PLN concurrently
giving their consent to the Issuer borrowing from the indirect majority
shareholder Mr. Thomas Onstad (via the Issuer’s subsidiary), a subordinated loan
in approximate amount of PLN 42,000,000 (EUR 10,000,000) (the “Subordinated
Loan”). The parties agreed that the funds from the Subordinated Loan will be
paid to the Issuer by 30 October 2014 at the latest;
 2. The obligation to allocate the funds obtained from the Subordinated Loan and
sale of assets, in the amount of up to PLN 60,000,000, to the re-investments in
the Issuer’s group, was maintained;
 3. The Issuer’s obligation to allocate the funds obtained from the Subordinated
Loan and sale of assets, in the amount of above PLN 60,000,000 to the early
payment of liabilities arising out of the Facility Agreement was maintained;
 4. The Financing Banks expressed their consent to Arctic Paper Kostrzyn S.A.
distributing to the Issuer the dividend amounting to 75% of net profit generated
by Arctic Paper Kostrzyn S.A. in the financial year preceding the distribution
of dividend, provided that the funds so obtained will be allocated by the Issuer
to the repayment of liabilities under the loan agreement taken up by the Issuer
from Arctic Paper Kostrzyn S.A.

The other material financing terms and conditions stipulated In the Facility
Agreement were not changed.

The collateral established in the Facility Agreement were not changed.

The Annex does not provide for contractual penalties.

The criterion for recognizing the Facility Agreement to be a material agreement
is the amount of the Issuer and its subsidiaries’ liabilities arising out of
this Agreement.
For additional information, please contact:

Wolfgang Lübbert, President of the Management Board of Arctic Paper, tel.
+49 405 148 5310

This information is disclosed pursuant to the regulation of the Minister of
Finance Regulation of 19 February 2009 on current and periodical information
provided by the securities issuers and conditions on which information required
under law applicable in a state not being a member state may be recognised as
equivalent (Journal of Laws of 2009, No. 33, item 259, as amended), § 5 section
1 point 3 and was submitted for publication on 16 October 2014 at 12:00 am CET,
in reference to Arctic Paper’s current report no. 24/2014 filed with the Warsaw
Stock Exchange.