Registration of amendments to the Articles of Association of Arctic Paper S.A.

The Management board of Arctic Paper S.A. (“Company”, “Issuer”) herewith
announces that on 26thof October 2016, based on information corresponding to the
current excerpt from the Register of Entrepreneurs, downloaded under Article
4.4aa of the Polish Act on the National Court Register of 20thAugust 1997, which
presents the situation as at 26thof October 2016, the Company was informed about
the registration of amendments to the Articles of Association of the Company
passed by the Extraordinary Shareholders Meeting of Arctic Paper S.A. on 14thof
October 2016 by means of the resolution no. 4/2016 presented in the current
report no.21/2016 published on 14thof October 2016. The Company has reported
about the adoption of the unified text of Company’s Articles of Association by
the Extraordinary Shareholders Meeting by means of the resolution no.5/2016 in
the current report no.21/2016 published on 14thof October 2016

The Issuer hereby encloses the unified text of the Company’s Articles of
Association.
For additional information, please contact:

Per Skoglund, acting President of the Management Board of Arctic Paper, tel.
+46 733 21 70 09

This information is disclosed pursuant to Regulation of the Minister of Finance
of February 19, 2009  on current and periodic information submitted by issuers
of securities and conditions of recognizing information required by law of a non
-EU state as equivalent § 38 section 1 item 2 and was submitted for publication
on 26 October 2016 at 9:00 pm CET, in reference to Arctic Paper’s current report
no. 27/2016 filed with the Warsaw Stock Exchange