Subject: Changes in the Supervisory Board of Arctic Paper S.A.

General legal basis:

Offering Act, article 56 clause 1 item 2 - current and periodicinformation

Contents:

The Management Board of Arctic Paper S.A. ("Company, Issuer"), herebyinforms that on May 28, 2019, the Ordinary Shareholders Meeting of theCompany has concluded a resolution regarding the dismissal of Mr. MaciejGeorg from the position of Member of the Supervisory Board. In addition,the Ordinary Shareholders Meeting has adopted a resolution regarding theappointment of Ms. Dorota Raben as a Member of the Supervisory Board.

Ms. Dorota Raben has stated:

⦁ that she meets the criteria of independence of members of thesupervisory board within the meaning of Annex II to the Recommendationof the European Commission of February 15, 2005 on the role ofnon-executive directors or supervisory board members of listed companiesand committees of the (supervisory) board. Rules II.Z.5. "Best Practicesof Companies Listed on the Warsaw Stock Exchange 2016" and the criteriaof independence indicated in the Art.13 clause 3 of the Act on statutoryauditors, auditing companies and public supervision (Journal of Laws2017, item 1089);

⦁ that she does not run a business competitive to Arctic Paper S.A.;

⦁ that she does not participate in a competitive company, as a partnerin a civil-law partnership, as a member of a body of a joint-stockcompany or in another competitive legal entity, as a member of its body;

⦁ that she is not registered in the Register of Insolvent Debtors.

Curriculum vitae of Ms. Dorota Raben of a Member of the SupervisoryBoard of Arctic Paper S.A. is an attachment no. 1 to this current report11/2019 dated May 28, 2019.

Legal basis for publishing of the report:

Minister of Finance directive of March 29, 2018 on current and periodicinformation provided by issuers of securities, and on conditions ofequivalence of information required to be provided under non-MemberState law, §5, clause 4 and 5.