Disclosure of large shareholdings

2017-08-18

In connection with Norske Skogindustrier ASA's Extraordinary General Meeting on 24 August 2017, Ole Anders Engebretsen, has per date received proxies without voting instructions representing 7.6% of the share capital. Engebretsen alone will represent the following companies: Astrup Fearnley A/S, Fearnleys Pensjonskasse, Stiftelsen Thomas Fearnley, Gironde AS and Investerings Aksjeselskapet Onega. This information is subject of the disclosure requirements pursuant to section 4-3 of the Norwegian Securities Trading Act.

Oslo, 18 August 2017 Norske Skog Communication and Corporate affairs

For further information:

Media: Vice President Corporate Communication Carsten Dybevig Mob: (+47) 917 63 117

Financial markets: Vice President Investor Relations Tom Rogn Mob: (+47) 948 55 659

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The election- and remuneration committee of Norske Skog

2017-08-18

Reference is made to the press release and the notice of the extraordinary general meeting of Norske Skogindustrier ASA on 24 August, which were published on 3 August 2017. It was announced that the election and renumeration committee's recommendation, regarding agenda item 5 below, would be published as soon as it was ready.

5. Election of members and stipulation of remuneration of the board of directors a. Election of board members b. Remuneration of the board of directors

Statement by the election- and remuneration committee: Due to major changes among the stockholders in recent weeks, the election- and remuneration committee needs more time allowing for dialogue between the largest shareholders. The election- and remuneration committee will utilize the time until the extraordinary general meeting to review current and proposed board candidates, and will present its final recommendation for members and stipulation of remuneration of the board of directors at the extraordinary general meeting on 24 August.

Overview of governing bodies before the extraordinary general meeting:

Board of directors: Henrik A. Christensen (chair) Eilif Due Joanne Owen Mimi K. Berdal Nils Ingemund Hoff

Election- and remuneration committee: Olav Veum (chair) Marianne E. Johnsen Svein Erik Nikolaysen

Accreditation of the press will take place no later than 23 August at 15.00 on written request to carsten.dybevig@norskeskog.com. This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Oslo, 18 August 2017

Communications and Public Affairs For further information:

Norske Skog media: Vice President Corporate Communication Carsten Dybevig Mob: +47 917 63 117 Norske Skog financial markets: Vice President Investor Relations Tom Rogn Mob: +47 948 55 659

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Norske Skogindustrier ASA - Mandatory notification of trade and disclosure of shareholding

2017-08-14

Funds under the management of GSO Capital Partners LP (together, "GSO"), a limited partnership controlled by The Blackstone Group L.P. have on 14 August 2017 sold 23,969,076 shares of Norske Skogindustrier ASA (the "Company" or "Norske Skog") at a net price of NOK 0.40 per share.

After the transaction, GSO owns no shares in Norske Skog.

This notification is made pursuant to Section 4-2 of the Norwegian Securities Trading Act. GSO is represented on the board of directors of Norske Skog.

For further information, please contact:

Andrew Dowler Blackstone +44 207 451 4275

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Update on recapitalization process

2017-08-11

Norske Skog has received a well-developed recapitalization proposal from a substantial number of the secured holders of the SSN (EUR 290m, 2019) bond and the NSF (EUR 100m, 2020) loan, as detailed in the 28 July 2017 stock exchange release. Certain unsecured bondholders have further provided an alternative proposal. To further secure the financial situation of the operating business, Norske Skog is in the process of receiving a commitment letter for a EUR 16 million liquidity facility from a substantial number of the holders of the SSN and NSF.

"We are very pleased that key stakeholders are willing to support the business operations of Norske Skog through liquidity facilities like the offered loans. Our paper mills are highly competitive business units with a prosperous future irrespective of the final solution to the group's capital structure. We have now secured the operating business by both relief on interest payments and this new financing, and there should be no reason to question the stability of our operating business through the refinancing" said Lars P.S. Sperre, President and CEO of Norske Skog.

To facilitate ongoing discussions with stakeholders and finalization of revised transaction documentation, the deadlines for the existing exchange offers and consent solicitations and the forbearance provided pursuant to the existing short-term standstill agreements with certain creditors, have been extended to 18 August 2017. Both the exchange offers and consent solicitations and the short-term standstill agreements were due to expire on 11 August 2017. The short-term standstill agreements, entered into with certain holders of the SSN and the NSF, provide forbearance in respect of the non-payment of interest payments due in relation to the SSN and NSF, in order to preserve liquidity for the groups' operating business. The forbearance provided pursuant to these short-term standstill agreements has now been extended to 18 August 2017, by which time it is expected that longer term standstill agreements will be entered into.

A strong interest in supporting the group's operating business has also been expressed by both senior secured creditors and unsecured creditors, with certain members of both groups offering liquidity financing of around EUR 16 million to Norske Skog AS. Following discussions and considerations of key terms presented for such financing the group is in the process of receiving a commitment letter from certain of its senior secured creditors.

Norske Skog will continue to facilitate concluding stakeholder discussions for the launch of a revised transaction proposal next week.

- "After months of bondholder discussions, it is envisaged that next week we will be able to launch a revised transaction proposal which achieves the main goals set for the recapitalization process, with support from substantial numbers of senior creditors, for due consideration by the other stakeholders of the group. Crucially, the operating businesses of Norske Skog should be well protected through the final stages of the recapitalization process by the provision of fresh liquidity" said Mr. Lars P.S. Sperre, President and CEO of Norske Skog.

As announced on 3 August 2017, Norske Skog will hold an extraordinary shareholder meeting on 24 August 2017 at 13:00 CET, in order to provide the shareholders with, amongst other things, an update on the financial situation of the group.

This information is not for distribution in the United States and is subject of the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Norske Skog Communications and Public Affairs

For further information:

Norske Skog media: Vice President Corporate Communication Carsten Dybevig Mob: +47 917 63 117 Twitter: @Norske_Skog Norske Skog financial markets: Vice President Investor Relations Tom Rogn Mob: +47 948 55 659

This press release may include projections and other "forward- looking" statements within the meaning of applicable securities laws. Any such projections or statements reflect the current views of Norske Skogindustrier ASA or its subsidiaries ("Norske Skog") about further events and financial performance. Although Norske Skog believes that these views and assumptions are reasonable, the statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. No assurances can be given that such events or performance will occur as projected and actual results may differ materially from these projections.

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities in the Unites States, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. Nothing herein shall be taken as constituting the giving of investment advice and this press release is not intended to provide, and must not be taken as, the basis of any decision and should not be considered as a recommendation to acquire any securities of Norske Skog. The securities have not been and will not be registered under the Securities Act of 1933 (the "Securities Act"). The securities may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from registration requirements. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer and that will contain detailed information about the company and management, as well as financial statements. This press release is being issued pursuant to and in accordance with Rule 135e under the Securities Act.

In member states of the European Economic Area, this press release (and any offer of the securities referred to herein if made subsequently) is only addressed to and directed at persons who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive.

This press release is directed only at (i) persons who are outside the United Kingdom or (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order or (iv) persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000 (the "FSMA")) in connection with the issue or sale of any notes may otherwise be lawfully communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). Any investment activity to which this communication relates will only be available to and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

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Norske Skogindustrier ASA - Mandatory notification of trade and disclosure of shareholding

2017-08-11

Funds under the management of GSO Capital Partners LP (together, "GSO"), a limited partnership controlled by The Blackstone Group L.P. have on 10 August 2017 sold 1,384,478 shares of Norske Skogindustrier ASA (the "Company" or "Norske Skog") at a net price of NOK 0.35 per share.

After the transaction, GSO owns 23,969,076 shares, equivalent to 8.591% of the issued share capital and voting rights in Norske Skog.

This notification is made pursuant to Section 4-2 of the Norwegian Securities Trading Act. GSO is represented on the board of directors of Norske Skog.

For further information, please contact:

Andrew Dowler Blackstone +44 207 451 4275

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Business Units

Mail

Norske Skogindustrier ASA
PB 294 Skøyen
0213 Oslo
Norway
info@norskeskog.com

Phone: +47 22 51 20 20
Main fax: +47 22 51 20 21
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Visitors

Norske Skogindustrier ASA
Karenslyst allé 49
0278 Oslo

Norske Skogindustrier ASA, PB 294 Skøyen, 0213 Oslo, Norway

Phone: +47 22 51 20 20 - Main fax: +47 22 51 20 21