Current report number 28/2021

Date: October 4th 2021

Subject: Adoption of the Strategy of the Arctic Paper Capital Group for2022-2030

General legal basis:

Art. 17 sec. 1 of MAR - inside information

Content:

The Management Board of Arctic Paper S.A. ("Company", "Issuer") informsthat on October 4th, 2021 the Supervisory Board of the Company approvedthe "Strategy of the Arctic Paper Group for the years 2022-2030"("Strategy") presented by the Company's Management Board on the same day.

With the new group strategy for 2030, Arctic Paper accelerates thetransition to becoming a more versatile company with synergies andcompetencies from its existing operations.

The strategic directions of the Company are reflected in 4 pillars:

1. Packaging

2. Power

3. Graphical paper

4. Pulp

With a stronghold as a premium paper producer and owner of strong brandsin graphic paper and pulp, the four-pillar (4P) strategy means that thegroup will invest in two new areas where sustainability and renewableresources play a key role - packaging and power.

The main strategic goals of the Group in the 2030 perspective are:

- revenues increase by 25 percent,

- EBITDA increase by approx. 70 percent,

- EBITDA margin increase to 15 percent.

Total investments in all four pillars are planned at over 1.5 bn PLN forthe period 2022-2030, of which the new assets account for around 40percent.

The Group will reach carbon neutrality at the latest 2035.

The assumptions and goals of the Strategy do not constitute a forecastor estimate of the results and relate only to the intended directions ofthe Group's activities in 2022-2030.

Attached to this report, the Company provides document of the Strategy.

Specific legal basis:

Art. 17 sec. 1 of Regulation (EU) No. 596/2014 of the EuropeanParliament and of the Council of 16 April 2014 on market abuse (marketabuse regulation) and repealing Directive 2003/6/EC of the EuropeanParliament and of the Council and Commission Directives 2003/124/EC,2003/125/EC and 2004/72/EC.