Notification from the shareholders about changes in shareholding of Arctic Paper S.A.

Regulatory News:

The Management Board of Arctic Paper S.A. ("Company”) hereby notifies that on June 5, 2014, the Company has received the notifications about changes in shareholding from Nemus Holding AB and from Mr. Thomas Onstad, member of the Company’s Supervisory Board, being indirectly the shareholder of the Company (through the Swedish law companies – Nemus Holding AB with its registered office in Göteborg, Sweden, and Trebruk AB with its registered office in Göteborg, Sweden), notification on transactions on shares in the Company. The changes occurred as an effect of the sales agreement dated June 2, 2014, in which Nemus Holding AB sold 5,848,658 shares of the Company to Mr. Thomas Onstad.

In reference to the above Nemus Holding AB currently holds 0.02% in the total number of votes of the Company and Mr. Thomas Onstad holds 8.44% in the total number of votes on the Company’s General Meeting. Before the agreement Mr. Thomas Onstad did not hold directly any shares of the Company.

The notification constitutes the appendix to this current report.

This information is disclosed pursuant to the Art. 70 and art. 70a of the Offering Act and was submitted for publication on 5 June 2014 at 3:30 pm CET, in reference to Arctic Paper’s current report no. 11/2014 filed with the Warsaw Stock Exchange.

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