Arctic Paper will instead propose and vote in favor of a resolution

that Rottneros’ entire accumulated earnings be carried forward.

According to Arctic Paper. It is currently neither justifiable from a

sound commercial perspective nor consistent with any appropriate

dividend policy that Rottneros declares any dividend.Arctic Paper notes that during the financial year 2012, and in

particular during the fourth quarter, there was a significant increase

in Rottneros’ indebtedness. This warrants a significant level of

prudence as regards the assessment of Rottneros’ dividend capacity.

In Arctic Paper’s opinion, considering the financial results and the

profitability level of Rottneros, the proposed dividend payment is not

justifiable.Arctic Paper owns approximately 54 percent of the outstanding shares and votes in its subsidiary Rottneros which is listed on NASDAQ OMX Stockholm.