Arctic Paper SA Capital Group Half-Year Report for the 6 Month Period Ended 30th June 2014

Regulatory News:

Arctic Paper (STO:ARP):

The Management Board of Arctic Paper S.A. (hereinafter "Company”) herewith published the Arctic Paper SA Capital Group half-year report for the 6 month period ended 30th June 2014 together with Independent Auditors’ Review Report on the Interim Condensed Consolidated Financial Statements for the 6 month period ended 30th June 2014 and Independent Auditors’ Review Report on the Interim Condensed Financial Statements for the 6 month period ended 30th June 2014.

http://mb.cision.com/Main/5162/9635845/280815.pdf

Selected consolidated financial data

* Items of the income and cash flow statement are converted at the exchange rate which is the arithmetic mean of average rates announced by the NBP in the given reporting period.

** Items of balance sheet and book value per share were converted at the average exchange rate announced by the NBP and prevailing at the balance sheet date.

Selected standalone financial data

* Items of the income and cash flow statement are converted at the exchange rate which is the arithmetic mean of average rates announced by the NBP in the given reporting period.

** Items of balance sheet and book value per share were converted at the average exchange rate announced by the NBP and prevailing at the balance sheet date.

Independent Auditors’ Review Report on the Interim Condensed Consolidated Financial Statements for the 6 month period ended 30 June 2014

To the Supervisory Board of Arctic Paper S.A.

1. We have reviewed the accompanying interim condensed consolidated financial statements of Arctic Paper S.A. Capital Group (‘the Group’) where Arctic Paper S.A. is the dominant entity (‘the Company’), and is located at at Jana Henryka Dabrowskiego 334A in Poznan, including the interim condensed consolidated balance sheet as at 30 June 2014, the interim condensed consolidated income statement, the interim condensed consolidated statement of comprehensive income, the interim condensed consolidated statement of changes in equity, the interim condensed consolidated cash flow statement for the period from 1 January 2014 to 30 June 2014 and other explanatory notes (‘the interim condensed consolidated financial statements’).

2. The Company’s Management Board is responsible for the compliance of the interim condensed consolidated financial statements’ with International Financial Reporting Standard IAS 34 "Interim financial reporting” as adopted by the European Union (‘IAS 34’). Our responsibility was to issue a report on these consolidated financial statements based, on our review.

3. We conducted our review in accordance with the provisions of the law binding in Poland and national auditing standards issued by the National Council of Statutory Auditors in Poland. These standards require that we plan and perform our review to obtain moderate assurance as to whether the consolidated financial statements are free of material misstatement. The review was mainly based on applying analytical procedures to the financial data, inspection of accounting records and discussions with the management of the Company as well as its employees. The scope of a review differs significantly from an audit of financial statements, the objective of which is to express an opinion on whether financial statements comply with the required applicable accounting policies, and on the truth and fairness of these financial statements. Consequently, the review does not enable us to obtain sufficient assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

4. Based on our review nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not in accordance, in all material respects, with IAS 34.

on behalf of
Ernst & Young Audyt Polska spólka z
ograniczona odpowiedzialnoscia sp. k.
(formerly: Ernst & Young Audit sp. z o.o.)
Rondo ONZ 1, 00-124 Warsaw
Reg. No 130

Key Certified
Auditor Robert Klimacki
certified auditor
No. 90055

Warsaw, 1 September 2014

Independent Auditors’ Review Report on the Interim Condensed Financial Statements

for the 6 month period ended 30 June 2014

To the Supervisory Board of Arctic Paper S.A.

1. We have reviewed the accompanying interim condensed financial statements of Arctic Paper S.A. (‘the Company’) located at Jana Henryka Dabrowskiego 334A in Poznan, including the interim condensed balance sheet as at 30 June 2014, the interim condensed income statement, the interim condensed statement of comprehensive income, the interim condensed statement of changes in equity, the interim condensed cash flow statement for the period from 1 January 2014 to 30 June 2014 and other explanatory notes (‘the interim condensed financial statements’).

2. The Company’s Management Board is responsible for the compliance of the accompanying interim condensed financial statements with International Financial Reporting Standard IAS 34 "Interim financial reporting” as adopted by the European Union (‘IAS 34’). Our responsibility was to issue a report on these financial statements, based on our review.

3. We conducted our review in accordance with the provisions of the law binding in Poland and national auditing standards issued by the National Council of Statutory Auditors in Poland. These standards require that we plan and perform our review to obtain moderate assurance as to whether the financial statements are free of material misstatement. The review was mainly based on applying analytical procedures to the financial data, inspection of accounting records and discussions with the management of the Company as well as its employees. The scope of a review differs significantly from an audit of financial statements, the objective of which is to express an opinion on whether financial statements comply with the required applicable accounting policies, and on the truth and fairness of these financial statements. Consequently, the review does not enable us to obtain sufficient assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

4. Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements are not in accordance, in all material respects, with IAS 34.

on behalf of
Ernst & Young Audyt Polska spólka z
ograniczona odpowiedzialnoscia sp. k.
(formerly: Ernst & Young Audit sp. z o.o.)
Rondo ONZ 1, 00-124 Warsaw
Reg. No 130

Key Certified Auditor
Robert Klimacki
certified auditor
No. 90055

Warsaw, 1 September 2014

This information is disclosed pursuant to the § 82 section 2 and § 83 section 3 of the Minister of Finance Regulation of 19 February 2009 on current and periodic 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, and was submitted for publication on 1st September 2014 at 8:00 am CET, in reference to Arctic Paper’s Capital Group half-year report for the 6 month period ended in the 30th June 2014 filed with the Warsaw Stock Exchange.

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