Arctic Paper Group Profit Improvement Program 2015/2016 – update of information

In reference to the current report no. 10/2015 dated 28th July 2015 the
Management Board of Arctic Paper SA (“Company”) informs that on 15th November
2015, the Management Board of its subsidiary Arctic Paper Mochenwangen GmbH
(“APMW”) has finalized the negotiations with the Work Council. The negotiations
regarded among others severance payments to the APMW employees in reference to
cease of production in the mill in December 2015.

In the same time, the Management Board of the Company informs that the sale
process of APMW mill is still on going.

In reference to the above, the Management Board of the Company estimates costs
of cease of production in the APMW mill and will create a provision for these
costs in Q4 amounting approximately 9,3 MEUR (ca. 39 MPLN). The provision will
be reported as discontinued operations.
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 Offering Act, article 56, clause 5 –
update of insider information, and was submitted for publication on 16 November
2015 at 8:00 am CET, in reference to Arctic Paper’s current report no. 13/2015
filed with the Warsaw Stock Exchange