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 16thFebruary 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 16thFebruary 2016, the Company was informed about
the decision of the District Court in Poznań, VIII Commercial Division of the
National Court Register, on registering amendments to the Articles of
Association of the Company on 15th of February 2016, passed by the Extraordinary
Shareholders Meeting of Arctic Paper S.A. on 21st of December 2015 by means of
the resolution no. 3/2015 presented in the current report no.16/2015 of 21st of
December 2015.

The Company’s Management Board hereby encloses the hitherto wording of the
Company’s Articles of Association and the approved amendments.
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 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 16 February 2016 at 10:00 pm CET, in reference to Arctic Paper’s current
report no. 5/2016 filed with the Warsaw Stock Exchange.