Current report number 2/2022

Date: February 10th 2022

Subject: Joint investment of Arctic Paper and Rottneros - the next stageof implementation of the provisions of the letter of intent

General legal basis:

Art. 17 sec. 1 of MAR - inside information

Content:

In reference to the current report no. 29/2021 dated October 22nd 2021,the Management Board of Arctic Paper S.A. (_quot;Company_quot;, _quot;Issuer_quot;) informsthat on February 10th, 2022, the Supervisory Board of the Company hasexpressed its positive opinion on the actions taken by the Company toconclude a joint venture agreement with Rottneros AB (the _quot;Agreement_quot;),the purpose of which will be to build a moulded cellulose fiberpackaging factory.

At the same time, the Supervisory Board of the Company authorized theManagement Board to define all terms and conditions of the Agreement.

The start-up of the new factory in Kostrzyn nad Odrą in Poland isplanned for the end of 2023. The investment is expected to amount to EUR12-15 million (approx. PLN 55-70 million), including the Issuer's shareof 50%. The production capacity of the new factory is estimated at 60-80million trays per year. According to the Issuer's estimates, theinvestment will generate an annual revenue of 9-11 MEUR (approx. MPLN40-50).

The new investment will benefit from long-term experience of RottnerosPackaging AB in the production of cellulose packaging and the advantagesof a favourable location, ensuring easy access to the most importantmarkets.

The investment is an important element of the implementation of theArctic Paper 4P strategy, which includes broadening the Arctic Paperoffer with new, rapidly developing segments (packaging production,production and energy trading).

The Issuer will inform about the method of financing the investment andthe conclusion of the Agreement and its terms in separate currentreports.

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.