Wolfgang Lübbert, CEO Arctic Paper

Małgorzata Majewska-Śliwa, CFO Arctic Paper

Arctic Paper GroupResults for the Q3 2015

Arctic Paper

DisclaimerPlease read the information below carefully

This presentation (the ‘Presentation’) was prepared by Arctic Paper S.A. (the ‘Company’) for information purposes only for use by investors, banks and the Company’scustomers as well as market analysts and under no circumstances may it be treated as a part of an invitation or offer to purchase securities, an invitation to make investmentsor conduct transactions regarding securities, an inducement to make purchase offers or a recommendation to conclude any transactions, in particular transactions regarding theCompany's securities.

The information contained in the Presentation was taken from publicly available sources which the Company believes to be reliable. However, the Company cannot guarantee itsreliability or completeness, except for the information on the Company and its Group. The Company shall not be held liable for the consequences of decisions made on the basisof or in reliance on the information contained in this Presentation. The information contained in the Presentation has not been independently verified and may be subject tochange at any time. The publication of the data contained in the Presentation by the Company does not constitute a breach of the provisions of the law which apply tocompanies whose shares are listed on the regulated market, in particular the regulated market operated by the Warsaw Stock Exchange in Poland and NASDAQ OMX Stockholmin Sweden. The information contained herein has been published by the Company in its current and periodic reports, or constitutes a supplement thereto which is not required tobe published by the Company in order to comply with the Company’s reporting requirements as a listed company.

Under no circumstances should information contained in this Presentation be construed as the explicit or implicit submission of a representation or warranty of any type by theCompany or by persons acting on its behalf. Furthermore, neither the Company nor any person acting on its behalf shall be held liable in any respect for any damage which mayarise as a result of negligence or for any other cause as a result of the use of this Presentation or any information contained in it, or for damage which may otherwise arise inconnection with information constituting a part of this Presentation.

The Company is not obliged to publish updates and amendments to the information, data and representations contained in this Presentation as a result of a change of theCompany’s strategy or intentions or the appearance of unexpected facts or circumstances which affect such strategy or intentions of the Company, unless such an obligationarises from the provisions of law.

This Presentation contains information on the paper industry. With the exception of information indicated as originating from a specified source, the market information referredto above has been prepared on the basis of data received from third parties who are named in this Presentation and contains estimates, assessments, corrections and opinionsbased on the Company's experience and knowledge of the sector in which it conducts business. Because the market information referred to above may have been partiallyprepared with the use of estimates, assessments, corrections and opinions and has not been verified by independent entities, to a certain extent, this information is of asubjective nature, with the exception of the information which has been indicated as information originating from third parties from a specified source. It is presumed thatestimates, assessments, corrections and opinions are based on reasonable grounds and that the market information which has been prepared duly reflects the situation of theindustry on the markets on which the Company conducts business. However, there is no certainty that the estimates, assessments, corrections and opinions are the mostappropriate basis for drawing conclusions on the market information or that market information taken from other sources may not differ significantly from the marketinformation contained in this Presentation.

The Company would like to point out to the readers of this Presentation that the only reliable source of data on Arctic Paper's financial results, forecasts and events, as well asthe Company’s indicators, is the current and periodic reports submitted by the Company in compliance with reporting requirements under Polish and Swedish law.

This Presentation should be read together with the 2014 consolidated and standalone annual report as well as the report for the Q3 of 2015.

Page 2

Arctic Paper

Agenda

Market environmentOperating and financial resultsSummary for the Q3 2015

Page 3

Arctic Paper

Page 4

Market environment

Arctic Paper

8 7618 629 (-1,5)

2 795 2 8612 792 (-2,4)

0

1 000

2 000

3 000

4 000

5 000

2014 2015 Q3 14 Q2 15 Q3 15

990

948

882

963

546 524480 486

444 424 401

478

200

450

700

950

1 200

Fine papers Uncoated woodfree Coated woodfree

Deliveries of fine paper

Q3 2015 vs. Q2 2015 –2,4%

Uncoated woodfree down -6,5%

Coated woodfree up +2,8%

Arctic Paper volume up +5,0%

Q3 2015 vs. Q3 2014 -0,1%

Uncoated woodfree up +3,5%

Coated woodfree down -4,0%

Arctic Paper volume down -2,7%

Page 5

Arctic Paper YTD 2015 volume structure

VOLUME568 t TONS

UWF75%

CWF25%

Monthly deliveries of fine paper in Europe

Quarterly deliveries of fine paper in Europe

Source: Arctic Paper based on EuroGraph data.

thou

sand

met

ric

tons

Source: Arctic Paper based on EuroGraph data.

thou

sand

met

ric

tons

Current period Compared period

Arctic Paper

Minimumprice

Averageprice

Maximumprice

Minimumprice

Averageprice

Maximumprice

UWF 2,8% 2,6% 2,4% 5,5% 5,3% 5,0%

CWF 2,3% 2,5% 2,6% 1,4% 1,7% 1,7%

09 15 vs . 09 1409 15 vs . 06 15

600

700

800

900

1000

UWF 80g Sheets UWF 80g Reels CWF 90g Sheets CWF 90g Reels

Fine paper prices

Sep 2015 vs. Jun 2015

UWF segment average price change 2,6%(Arctic Paper: +4,0%)

CWF segment average price change 2,5% (Arctic Paper: -1,6%)

Sep 2015 vs. Sep 2014

UWF segment average price change 5,3%

(Arctic Paper: +3,7%)

CWF segment average price change 1,7% (Arctic Paper: -3,6%)

Page 6

Graphic fine paper prices - German market

Change in price for graphic paper in EUR - Western Europe

Source: Arctic Paper based on RISI data.

EUR /

ton

Source: Arctic Paper based on RISI data.

Arctic Paper

781 804728

804

+2,9 +10,4

AverageQ2 15

AverageQ3 15

AverageQ3 14

AverageQ3 15

855 846928

845

-1,1 -8,9

AverageQ2 15

AverageQ3 15

AverageQ3 14

AverageQ3 15

0

100

200

300

NBSK vs. BHKP

762

810837

861 871

922 926 932

880853 839

752775

801821

774 765742 743

759797 810

700

900

1 100

Pulp prices

Average price Q3 2015 compared to Q2 2015

NBSK (long fibre) 1,1% lower

BHKP (short fibre) 2,9% higher

Arctic Paper costs 2,1% higher (measured in PLN)

Average price Q3 2015 compared to Q3 2014

NBSK (long fibre) 8,9% lower

BHKP (short fibre) 10,4% higher

Arctic Paper costs 18,5% higher (measured in PLN)

Page 7

Arctic Paper YTD SEP 2015 Structure of pulp consumption

CONSUMPTION554 t TONS

BHKP68%

NBSK21%

Pulp PIX Indexes Europe

USD

/ t

on

Source: Arctic Paper based on Foex data.

NBSK vs. BHKP NBSK PIX USD BHKP PIX USDCTMP7%

GROUNDWOOD4%

Arctic Paper

0,6

0,9

1,2

1,5

2012 2013 2014 2015

6,0

7,5

9,0

2012 2013 2014 2015

3,0

3,5

4,0

4,5

2012 2013 2014 2015

Currency exposure

Average exch. rate Q3 2015 compared to Q2 2015

EUR/PLN +2,4%

EUR/SEK +1,4%

EUR/USD +0,7%

Average exch. rate Q3 2015 compared to Q3 2014

EUR/PLN +0,3%

EUR/SEK +2,4%

EUR/USD -16,1%

Page 8

Arctic Paper YTD SEP 2015 Revenue and Costs Structure

REVENUE1 618 mln

PLN

PLN11%

EUR65%

EUR/PLN changes

GBP8%

SEK6%

COSTS1 564 mln

PLN

EUR/SEK changes

EUR/USD changes

30/094,24

30/099,39

30/091,12

EUR29%

USD39%

SEK17%

PLN13%

Arctic Paper

Page 9

Operating and financial results

Arctic Paper

192 187203

191206

190204

183 188 182197 185 192 186

202

178187

0

60

120

180

240

202 191 199 182 185 189 188 184 197 186 194171 189

97%94%

98%

91% 90%93% 93% 93% 94% 93% 95%

87% 89%

40%

60%

80%

100%

0

150

300

450

Production capacity and sales volume

Q3 2015 average use of production capacity: 89%

2,6% higher than Q2 2015

4,5% lower than Q3 2014

Q3 2015 total production volume 189’ tons

10,4% higher than Q2 2015

4,1% lower than Q3 2014

Page 10

Production and use of production capacity for all paper mills*

Prod

uction

in t

hous

and

tons

Paper sales volume*

% o

f no

min

alca

paci

ty

Thou

sand

tons

* in Q3 2013 one paper machine at Arctic Paper Mochenwangen with the yearly capacity of 20.000 tonswas closed

Arctic Paper

592 604

680632

673614 641

574603 576

617576 592 589

644

554604

0

200

400

600

800

3,35 3,32 3,27 3,24 3,223,13 3,13 3,17 3,13 3,11 3,08

3,17 3,183,11

3,23

2,0

2,5

3,0

3,5

4,0

Paper sales revenue and revenue per ton

Q3 2015 (PLN 604m) up 9,1% compared to Q2 2015

Q3 2015 up 2,1% compared to Q3 2014

Page 11

Paper sales revenue

Mill

ions

PLN

Paper sales revenue per ton

Thou

sand

PLN

Q3 2015 (PLN 3,23k) increase by 3,8% compared to Q2 2015

Q3 2015 increase by 4,9% compared to Q3 2014

Arctic Paper

(PLN thousands)Q3

2015Q2

2015Q3

2014YTD Q32015*

YTD Q32014

Paper sales volume (000' tonnes) 167 159 172 507 512Pulp sales volume (000' tonnes) 95 94 89 281 266Revenues 730 700 688 249 728 242 2 190 052 2 164 304Gross profit on sales 111 566 80 220 131 092 323 725 328 314% margin 15,3 11,7 18,0 14,8 15,2EBITDA 70 463 38 899 87 191 187 361 189 753% margin 9,6 5,7 12,0 8,6 8,8EBIT 43 038 11 865 59 107 105 862 105 364% margin 5,9 1,7 8,1 4,8 4,9Net result 12 926 13 098 34 382 38 870 56 765% margin 1,8 1,9 4,7 1,8 2,6Net result from continuing operations 22 721 25 200 39 993 74 611 64 171% margin 3,1 3,7 5,5 3,4 3,0Net result from discontinued operations -9 795 -12 102 -5 612 -35 741 -7 406% margin -1,3 -1,8 -0,8 -1,6 -0,3

Net operating cash flow 55 236 17 912 117 661 111 126 178 983Capital expenditures 22 749 31 300 15 377 66 943 50 033Cash and equivalents 196 012 184 698 137 908 196 012 184 698

Total assets 1 808 457 1 832 862 1 766 464 1 808 457 1 766 464Capital employed 1 181 853 1 183 451 1 107 816 1 181 853 1 107 816Total equity 741 916 737 378 719 740 741 916 719 740Net debt 243 447 261 828 265 637 243 447 265 637

Eearnings per share (PLN) 0,19 0,19 0,50 0,56 0,82Equity / assets ratio (%) 41 40 41 41 41Net debt / equity ratio (%) 33 36 37 33 37Net debt / EBITDA (times) 0,97x 0,98x 1,35x 0,97x 1,35x* - included one-off transactions related to reserve for outstandinginvoices to PaperlinX UK in amount of 12,9m PLN

Key consolidated figuresPage 12

YTD2015 EBITDA on the level of PLN 187,3m, Net result of 38,9m PLN.

Cash on the level of 196,0m PLN.

Net debt on the level of 243,4m PLN.

YTD 2015 Results impacted by reserve for outstanding invoices to PaperlinX UK in amount of 12,9m PLN.

YTD2015 Net result from discountinuedoperation of -35,7m PLN.

Arctic Paper

56

28

2028

32 33

56

39

26

0

28

Q3 2015 Operating result and EBITDA (excluding Rottneros)

Operating result for the Q3 2015 8,9m PLN

+28,0m PLN higher than Q2 2015

-26,4m PLN lower than Q3 2014

Q3 2015 EBITDA 28,0m PLN

+27,9m PLN higher than Q2 2015

-28,2m PLN lower than Q3 2014

Page 13

Q3 Operating result bridge

EBITDA evolution

Mili

onPL

NM

ilion

PLN

Arctic Paper

87

7024

14

4854

87

63

78

39

70

Q3 2015 Consolidated operating result and EBITDA (including Rottneros)

Operating result for the Q3 2015 43,0m PLN

+31,2 m PLN higher than Q2 2015

-16,1 m PLN lower than Q3 2014

Q3 2015 EBITDA 70,5m PLN

+31,6m PLN higher than Q2 2015

-16,7m PLN lower than Q3 2014

Page 14

Q3 Operating result bridge

EBITDA evolution

Mili

onPL

NM

ilion

PLN

Arctic Paper

Page 15

Summary for the Q3 2015

Arctic Paper

Q3 2015 in brief

Market environment:

Still unfavourable level of EUR against USD, if compared to Q2 2015 no significant change +0,7% but if compared to Q32014 the change by – 16,1%;

Graphical paper prices in Europe during Q3 2015 slightly up for UWF +2,6% for CWF +2,5%;

Deliveries of high quality paper in Europe lower compared to Q2 2015 for UWF segment - 6,1% and for CWF + 2,8%;

Further unfavourable pulp prices changes (BHKP, short fibre +2,9% and NBSK, long fibre –1,1%, in USD).

Arctic Paper Group:

Negative impact on pulp costs due to strong USD especially if compared to Q3 2014;

Results in the paper segment were adversely affected by an increase pulp purchasing costs by 18.5% (measured in PLN)if compared year-on-year;

Q3 2015 EBIDTA of the Arctic Paper Group was PLN 70,5m, for Arctic Paper without Rottneros EBITDA was PLN 28,0m;

Higher sales prices achieved by Arctic Paper due to price increases in UWF segment.

Page 16

Wolfgang Lübbert, CEO Arctic Paper

Małgorzata Majewska-Śliwa, CFO Arctic Paper

Thank you!