Evaluation_SVB_2023

Kostrzyn nad Odra, April 4th 2024

EVALUATION BY THE SUPERVISORY BOARD OF ARCTIC PAPER S.A. OF THE FINANCIAL STATEMENTS

OF ARCTIC PAPER S.A. AND CONSOLIDATED FINANCIAL STATEMENTS OF ARCTIC PAPER GROUP

FOR THE FINANCIAL YEAR 2023 AND MANAGEMENT BOARD REPORT ON THE ACTIVITIES OF THE

ARCTIC PAPER GROUP AND ARCTIC PAPER S.A. IN 2023.

Legal basis:

Article 70.1.14 and article 71.1.12 of the Regulation of the Minister of Finance of 29 March 2018 on

current and periodic information provided by issuers of securities and on conditions under which

information required by legal regulations of a third country may be recognised as equivalent(Dz. U. z

2018 r. pos. 757).

The Supervisory Board of Arctic Paper S.A. ("the Company") after review of the financial statements

of Arctic Paper S.A. for the financial year ended December 31, 2023, as well as with the report of an

independent certified auditor on the audit of the Company's annual standalone financial statements

for the financial year ended December 31, 2023, prepared by PricewaterhouseCoopers Polska Spółka

z ograniczoną odpowiedzialnością Audyt Sp.k., states that the financial statements presented by the

Management Board have been prepared correctly in terms of substance and form, in accordance

with the books and documents, as well as with the facts, and accurately reflects the financial result

and assets of the Company in the financial year 2023.

The Supervisory Board of Arctic Paper S.A. after review of the consolidated financial statements of

the Arctic Paper Group for the financial year ended December 31, 2023, as well as with the report of

an independent auditor on the audit of the annual consolidated financial statements for the financial

year ended December 31, 2023, prepared by PricewaterhouseCoopers Polska Spółka z ograniczoną

odpowiedzialnością Audyt Sp.k., states that the consolidated financial statements of Arctic Paper

Group has been prepared correctly in terms of substance and form, in accordance with the books

and documents, as well as with the facts, and accurately reflects the financial result and assets of the

Arctic Paper Group in the financial year 2023.

The Supervisory Board of Arctic Paper S.A., after review of the reports of the Management Board of

Arctic Paper S.A. on the activities of the Arctic Paper Group and the Company for 2023, states that

reports have been prepared in accordance with the relevant applicable regulations regarding the

reports on the activities and is in accordance with the books, documents and the actual state.

The above evaluation of the Supervisory Board of Arctic Paper S.A. was issued based on the

recommendation of the Audit Committee of Arctic Paper S.A. expressed in Resolution No.

01/03/2024 of March 28th, 2024.

Chairman of the Supervisory Board of Arctic Paper S.A.

Per Lundeen