Current report no. 06/2023

Date: 9th May 2023

Subject: Changes in the Management Board of Arctic Paper SA andappointment of the Company's Management Board for the next term of office

General legal basis:

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

The Management Board of Arctic Paper S.A. ("the Company") herewithinforms that on 9th of May 2023, a Member of the Management Board Mr.Göran Eklund resigned from the position of Member of the Company'sManagement Board and the Company's Financial Director with effect as of29th of May 2023. The reason for resignation is retirement.

In appreciation of his service, the Supervisory Board and President ofthe Management Board would like to thank Mr. Göran Eklund for steeringArctic Paper through major changes and his strong contribution to thepositive development for the Arctic Paper capital group.

At the same time the Management Board of Arctic Paper S.A. informs thatthe Supervisory Board by resolution dated 9th of May 2023 appointed witheffect as of 29th of May 2023, Mrs. Katarzyna Wojtkowiak as Member ofthe Management Board of the Company. She will also hold the position ofChief Financial Officer.

The Supervisory Board, in reference to the expiry of term of office ofcurrent Management Board as of 29th of May 2023 has passed a resolutionregarding the appointment of the Management Board for the new threeyears term of office effective as of 29th of May 2023, in followingcomposition:

- Mr. Michał Jarczyński - President of the Management Board

- Mrs. Katarzyna Wojtkowiak - Member of the Management Board

Mr. Michał Jarczyński was appointed as the Company's President of theManagement Board on 1st of February 2019. Mr. Michał Jarczyński wasgranted a title of mechanical engineer at the University of Technologyin Poznań and he graduated from postgraduate education related tofinance and controlling at the Academy of Economics in Poznań. Mr.Michał Jarczyński has performed several leading positions in Polishindustry, most recently as Chief Executive Officer of Radpol S.A., astock-listed Polish technology company. From 2008-2013 he worked asChief Executive Officer of Arctic Paper S.A. Mr. Michal Jarczyński hasover 15 years of experience in the paper industry.

Mr. Michał Jarczyński is not involved in any activities competitivetowards Arctic Paper S.A., is not a partner in any competitive companyor undertaking, a member of governing bodies of any capital company orany other legal entity in competition with Arctic Paper S.A. Mr. MichałJarczyński is not entered in the National Register of Debtors keptpursuant to the Act of 6th of December 2018 on the National Register ofDebtors.

Mrs. Katarzyna Wojtkowiak has many years of experience in positions infinancial departments. She has been associated with the Arctic PaperGroup for 11 years, where she was the Chief Accountant and GroupTreasury. Ms. Katarzyna Wojtkowiak graduated from the Poznań Universityof Economics with a specialization in Capital Investments and CorporateFinancial Strategies. She is also a certified auditor and a member ofthe Association of Chartered Certified Accountants (ACCA).

Mrs. Katarzyna Wojtkowiak is not involved in any activities competitivetowards Arctic Paper S.A., is not a partner in any competitive companyor undertaking, a member of governing bodies of any capital company orany other legal entity in competition with Arctic Paper S.A. Mrs.Katarzyna Wojtkowiak is not entered in the National Register of Debtorskept pursuant to the Act of 6th of December 2018 on the NationalRegister of Debtors.

Specific legal basis:

§ 5 item 4 and 5 of the Regulation of the Minister of Finance of 29March 2018 concerning current and periodical information published byissuers of securities and terms of recognizing as equivalent informationrequired by laws of a non-Member State (Journal of Laws 2018 item 757).