Current report no 11/2017

Dated: 11.06.2017

Subject: Shareholders holding no less than 5% of number of votes at theOrdinary Shareholders Meeting of Arctic Paper S.A.

General legal basis:

Article 70 section 3 of Public Offering Act

Contents:

The Management Board of Arctic Paper S.A. ("the Company") makes publicthe information regarding the list of shareholders holding no less than5% of number of votes at the Ordinary Shareholders Meeting ("ESM") from9 June 2017.

Shareholder NEMUS HOLDING ABNumber of votes registered at OSM 39 961000Number of votes from shares registered at OSM 39 961 000Sharein number of votes at OSM 94,69%Share in total number of votes atOSM 57,67%

Legal basis for publishing of the report:

Article 70 section 3 of Public Offering Act