Current Report No. 41/2012

Subject: Execution of material agreements. Redemption of bonds.

General legal basis:

article 56 section 1 item 2 – current and periodical information
Contents:
The Management Board of Arctic Paper S.A. (the “Company”) informs that on 20
December 2012 the Company received the following agreements executed with BRE
Bank S.A. (the “Bank”) on 19 December 2012:

 1. Agreement for the sale of notes SCTRSC1235400259/BON-564358 (“Agreement 1”)
and
 2. Agreement for the sale of notes SCTRSC1235400260/BON-564357 (“Agreement 2”
jointly with Agreement 1 referred to as the “Agreements”).

The Agreements were executed in connection with the earlier redemption of the
Company’s bonds planned by the Company in respect of the bonds, which were
issued in accordance with the issuance agreement dated 11 February 2010 (as
amended). The Company informed about the issue of bonds in current reports nos.
6/2010, 7/2010, 3/2011 and 4/2011.

Agreement 1 was executed by the Company as the buyer and BRE Bank SA as the
seller. The agreement concerns the acquisition by the Company of 577 Company’s
bonds for the total amount of PLN 59,401,215.26. Agreement 1 does not provide
for any conditions other than arm’s length conditions specific for such type of
agreements or any contractual penalty provisions. Agreement 1 does not provide
for any condition or date, no security interests were established under
Agreement 1, either.

Agreement 2 was executed by the Company as the buyer and BRE Bank SA as the
seller. The agreement concerns the acquisition by the Company of 704 Company’s
bonds for the total amount of PLN 72,525,543.52 PLN. Agreement 2 does not
provide for any conditions other than arm’s length conditions specific for such
type of agreements or any contractual penalty provisions. Agreement 2 does not
provide for any condition or date, no security interests were established under
Agreement 2, either.

Accordingly, the Company informs that the bonds concerned by the Agreements were
redeemed today, and the Agreements were totally settled.

The Agreements were deemed material due to the fact that the amount of Agreement
2 and the total amount of the Agreements exceed 10% of the Company’s equity.

Specific legal basis:
§ 5 section 1 item 3 of the Minister of Finance Regulation of 19 February 2009
on current and periodical information provided by the securities issuers and
conditions on which information required under law applicable in a state not
being a member state may be recognised as equivalent.