Current report no. 2/2024

Dated: February 15th 2024

Subject: Preliminary financial results of Arctic Paper S.A. and ArcticPaper Group for the Q4 of 2023 and 2023 and recommendation on dividendpayment

General legal basis:

Art. 17 sec. 1 of MAR - Inside information

Content:

Management Board of Arctic Paper S.A.("Company", "Issuer") in referencewith obtaining today an information about the value of preliminaryselected financial data, herewith announces selected preliminaryfinancial results of the Arctic Paper S.A. Group (the _quot;Group_quot;) and theIssuer for the Q4 of 2023 and annual 2023:

Financial Results of Q4 2023:

Arctic Paper S.A. Group:

- Consolidated estimated sales revenues 825.9 mln PLN,

- Consolidated estimated net profit 35.6 mln PLN,

Arctic Paper S.A.

- Standalone estimated sales revenues 4.1 mln PLN,

- Standalone estimated net profit 79.2 mln PLN,

Financial Results of 2023:

Arctic Paper S.A. Group:

- Consolidated estimated sales revenues 3,549.2 mln PLN,

- Consolidated estimated net profit 272.4 mln PLN,

Arctic Paper S.A.

- Standalone estimated sales revenues 196.5 mln PLN,

- Standalone estimated net profit 251.2 mln PLN.

Detailed selected preliminary consolidated results of the Arctic PaperS.A. Group are presented in the attachment to this report.

The estimated results achieved by the Group and the Company in 2023,which was characterized by difficult market conditions, are very good.The high level of estimated consolidated profit results from marginmaximization and achieved cost efficiencies, including the Group'sbalanced energy and raw materials policy. It is worth emphasizing thestrong balance sheet, which creates opportunities to continueimplementing the 4P strategy.

On the other hand, a significant impact on the standalone net result hadthe reversal of the impairment loss on shares in Arctic Paper InvestmentAB (the company being the sole shareholder of Arctic Paper Grycksbo AB)of the amount of PLN 80,2 million.

The amount of impairment allowance in the consolidated financialstatement has not changed due to the differences in the accountingtreatment of the value of assets of this entity on consolidation levelin relation to their book value on standalone level.

The above financial results are estimates obtained during thepreparation of the financial statements for 2023. The final standaloneand consolidated results will be published in the annual report and may,to a limited extent, differ from the amounts presented above.

Publication of the Company's standalone annual report of 2023 andconsolidated annual report of the Arctic Paper S.A. Group of 2023,together with the auditor's opinions, will take place on April 4th, 2024.

Taking into account the preliminary financial results of the Company andthe Arctic Paper S.A. Group of 2024, the Management Board of the Companydecided to recommend to the Annual General Meeting of the Company thepayment of dividend from the Company's net profit of 2023 in the amountof PLN 1.00 gross per share.

The final recommendation regarding the distribution of the net profit of2022 will be presented by the Management Board to the Annual GeneralMeeting after the publication of the Company's annual report of 2023,which will take place on March April 4th, 2024. The Management Board'srecommendation will be a subject of the opinion of the Company'sSupervisory Board.

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.