30 Sep 2003

NORSKE SKOG LAUNCHES 12 AND 30 YEAR U.S. BOND OFFERING

Norske Skogindustrier ASA announced today that it has priced, in the United States, an offering of an aggregate amount of US$ 400,000,000. The amount consists of two tranches: US$ 200,000,000 of 6 1/8 % Notes due 2015, and US$ 200,000,000 of 7 1/8 % Notes due 2033. The Company will use the net proceeds of the offering to further improve its debt maturity schedule, and for general corporate purposes. The offering is part of Norske Skog's strategy of replacing part of the bank financing with longterm loans in the international bond market.
 
- We are very satisfied with the large interest for this transaction, says Mr Jan Kildal, CFO of Norske Skog. - This is one of very few 30 year bond loans ever being raised by a Norwegian company. It secures our financial flexibility and should reduce our debt repayments in the years 2003-2007 by more than US$ 300 million.
 
The Notes will be listed on the Luxembourg Stock Exchange. The rating agencies Standard & Poor's and Moody's have confirmed that their ratings of BBB (Negative outlook) and Baa3 (Stable outlook) will be maintained.
 
The joint lead underwriters and bookrunners for the offering are Deutsche Bank Securities and JP Morgan, and with BNP Paribas, Citigroup and HSBC as co-managers.

Oxen°en, September 30, 2003

NORSKE SKOG
Corporate Communication

For further information please contact:
Odd-Geir Lyngstad, Corporate Funding, tel. +47 6759 9274 or +47 9767 2806
Jarle Langfjaran, Investor Relations, tel. +47 6759 9338 or +47 9097 8434
Rune Gjessing, Investor Relations, tel. +47 6759 9073 or +47 9015 2614


The information contained herein is not for publication or distribution in or into the United States of America. The materials do not constitute an offer of securities for sale in the United States, nor may the securities be offered or sold in the United States absent registration or an exemption from registration as provided in the Securities Act of 1933, as amended, and the rules and regulations thereunder. There is no intention to register any portion of the offering in the United States of America or to conduct a public offering of Securities in the United States of America.
The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption of registration or qualification under the securities laws of any such jurisdiction.